Using an economic model that includes both a typical firm/farm in a perfectly competitive market and market supply and demand curves, explain what will happen to the equilibrium price for pork and economic profits of firms/farms in the short run and in the long run

INSTRUCTIONS

1) Use a supply and demand model to explain the impact of the recent drought in Australia has had on the market for feed grains. (150 words, 2 marks)

2) What impact does the federal government’s subsidy of 38 cents per litre on ethanol production have on the market for ethanol in Australia? Will the producers of ethanol necessarily be 38 cents per litre better off because of the subsidy? (250 words, 4
marks)

3) Ethanol or alcohol is a substitute fuel for petrol, and it has been added to petrol supplies by some retailers. What might have motivated the government to grant a subsidy to ethanol producers? In your opinion, does the subsidy have any economic merit? (200 words, 4 marks)

4) Using an economic model that includes both a typical firm/farm operating in a perfectly competitive market and market supply and demand curves, explain what will happen to the equilibrium price for feed grain and profits of firms/farms in the short run and in the long run. (250 words, 5 marks)

5) Using an economic model that includes both a typical firm/farm in a perfectly competitive market and market supply and demand curves, explain what will happen to the equilibrium price for pork and economic profits of firms/farms in the short run and in the long run. (400 words, 5 marks)

For custom-written answers, place your order now!

What We Offer
• On-time delivery guarantee
• PhD-level professionals
• Automatic plagiarism check
• 100% money-back guarantee
• 100% Privacy and Confidentiality
• High Quality custom-written papers

find the cost of your paper
Order now to get your homework done

Clarify the role of each legally mandated attendee on the Individualized Education Program team

This discussion assesses your ability to clarify the role of each legally mandated attendee on the Individualized Education Program team. This assessment also supports your achievement of Course Learning Outcome….