Doncouse_Jeremy_Week8

Doncouse_Jeremy_Week8 - Jeremy Doncouse ECON202 Key...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Jeremy Doncouse ECON202 Key Questions Chapter 31 11/22/2008 1) Because of the inelasticity of demand for farm products, a relatively small change in farm output will cause a relatively large change in agricultural prices. Because of the highly inelastic demand for farm products, a small shift in demand for farm products can drastically alter agricultural prices and farm income, given a fixed level of production. Exports increase the instability of demand for farm products because of international politics and changes in the international value of the dollar. 3) a. A relatively small change in farm output will cause a relatively large change in agricultural prices. b. The supply of farm products has increased rapidly because of technological progress. The demand for farm products has increased slowly, because it is inelastic with respect to income. c. In the long run, increases in the demand for U.S. farm products have not kept pace with the increases in supply resulting from technological advances.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern