An Introduction to Economics for Students of Agriculture by B. Hill

By B. Hill

The second one version of this introductory textual content, for college students of agriculture, has been completely up to date. The addition of a bankruptcy on govt coverage and agriculture acquaints scholars with the facets of the coverage strategy which has made such an influence during this sector. The balanced textual content describes common monetary ideas illustrated essentially by way of examples drawn from farming and the meals undefined. on the finish of every bankruptcy is an workout employing the previous fabric, and final touch of those workouts kinds an essential component of the educating functionality of this article. prolonged solutions to the questions posed within the routines, a listing of essay questions, and instructed additional studying are given on the finish of the booklet

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12 has increased Price Effect 30 An Introduction to Economics for Students of Agriculture keep the consumer's income and the price of milk constant by drawing a number of budget lines corresponding with a range of prices of beer, we could construct a table showing the quantities of beer which the rational consumer would buy per week at different prices. Such a table is called a demand schedule. If the price of beer is plotted against the quantity that is bought per week, with price on the vertical axis, the result is a demand curve.

Low price-elasticity is also at the root of the long-run decline which can be observed in the prices of agricultural products and plays an important role in the cyles of low and high prices which characterise certain commodities such as pigmeat; both of these phenomena will be re-examined later in detail. Returning to our potato example, if increasing output reduces the agricultural industry's revenue from potatoes, the logical way for farmers acting together to raise their revenue is to reduce production, forcing the supply curve back to the left, pushing up prices more than proportionally.

These examples are of stable equilibrium because the forces called into play by disturbing the stable state act to restore the stable state. An example of an unstable equilibrium is a coin balanced on its edge; undisturbed it will stand on its end for ever, but a push will upset its balance and it will fall over because no forces exist which tend to restore the initial position. Economics is closely concerned with equilibria. Possibly the most important example is the equilibrium which results when the demand for goods and services meets the supply of these goods and services.

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