91407 - demand for more goods Fish Article There was market...

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Econ Notes 9/14/07 Milk Price Article: sometimes when prices change, it is for reasons you don’t expect: change in price of corn due to increased ethanol demand makes higher price of corn, change in supply b/c cows eat corn, milk supply decreases. bovine growth hormone causes change in supply: cows more productive. population increase around the world makes number of consumers increase demand increase. rest of the world is growing economically. higher incomes
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Unformatted text preview: demand for more goods. Fish Article: There was market failure pre-97 because fisherman didn’t know where to go. LAST PARAGRAPH: about the power of the market. “I hauled ass out of Birmingham as quickly as I could.” Government Intervention: Price Floor: legal minimum price price floor above eq’m is binding. below is non-binding. price ceiling: legal maximum price...
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91407 - demand for more goods Fish Article There was market...

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