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asst4 - AGEC 217 Assignment 4 RWTaylor Due Friday Name Seat...

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AGEC 217 Assignment 4 RWTaylor Due: Friday, 2/2/07 Name __________________________ Seat No. _____________ See pages 195-207 in the Mini Text on our website. Use the procedure on page 207 to do the following problems. Note that the mini text contains diagrams, explanations and examples of each kind of problem listed below. For each of the following market situations show clearly what the effect will be on the market just as is modeled in class and in the mini text. 1. Chicken market: The price of corn, the key feed for chicken, doubles. 2. Indiana farm land market: The price of farm commodities increases substantially. 3. The labor market: The minimum wage is increased to keep pace with inflation. 4. Cotton market: The price supports that have been on cotton are removed.
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5. Auto workers market: The United Auto Workers union won a significant wage increase. 6. Wool market: Sheep production and numbers decline. 7. Steel market: The US government puts tariffs on incoming steel 8. Ramen Noodles market: Incomes in the country increase significantly.
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