Assignment Ten 5.2.08

Assignment Ten 5.2.08 - 2. (28 pts) Historically High Grain...

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Assignment Ten. AGEC 505. Agricultural Market Structures. Spring 2008. Due: 11:30 AM, Friday, May 2, 2008. Turn in TYPED hard copy before class. Assignments turned in after 11:30 AM will be marked 10 percent off. This late policy will be strictly enforced . Assignments turned in after the deadline will be marked 10 percent off each day that they are late (for example, an assignment due on Friday that is turned in on Monday will be marked 40 percent off). Exceptions will be granted in advance by the instructor. Assignments must be typed. Fifty percent off for untyped work. READ : Chapter 14 1. (4 pts) Input Choices (a. 1 pt) Define the term, “derived demand.” (b. 1pt) Define the term, “marginal revenue product.” (c. 1 pt) Carefully explain the economic intuition behind the profit-maximizing condition for hiring labor by a agribusiness firm. (d. 1 pt) Draw a graph of the profit-maximizing condition for hiring labor by a agribusiness firm.
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Unformatted text preview: 2. (28 pts) Historically High Grain Prices Grain prices are at historically high levels. (a. 10 pts) Use supply and demand to demonstrate the cause and impact of the high grain prices. Be sure to explain the graph carefully, and identify all components of the graph. (b. 4 pts) What are the implications of the high grain prices for huger and low-income nations? (c. 10 pts) Use a supply and demand graph of each of five inputs (labor, chemicals, fertilizer, machinery, and land) to demonstrate the impact of high grain prices on each input market. (d. 4 pts) What are the environmental impacts of the high grain prices? How does this relate to your answer in (a) above? 3. (8 pts) Market Structures Last Essay (!) Write an solid, carefully thought-out, high-quality essay on the most important thing that you have learned in this class. Be sure to carefully explain why it is important to you, and how it will affect your future....
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This note was uploaded on 04/29/2008 for the course AGEC 505 taught by Professor Barkley during the Spring '08 term at Kansas State University.

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