In the United States we are fortunate to have an abundant supply of food, and much of this is due to our agricultural technology. However, there are many concerns about our food source including genetically modified crops, the use of more chemicals, and climate change just name a few.
Give examples of how humans have increased their food supply and what effects these methods have on the environment overall.
Discuss concerns you have about the overall safety of the food you eat?© BrainMass Inc. brainmass.com October 25, 2018, 4:25 am ad1c9bdddf
The first thing that comes to mind is cattle. The huge waste of land use for the raising, and slaughtering of animals that throughout the evolution of the planet has never taken place before. It is not natural for the land OR the animals. It's all they know but between the excessive use of corn and therefore growing of the product in mass scale and large animals, especially, as beef, we are really altering the geography and ecosystem of our planet.
Corn use is very prevalently used in many cultures, and in so many ways that most people do not realize (corn syrup, in so much food most people buy, to name one). For this reason, with the high demand, comes a need to produce a huge supply.
According to MICHAEL POLLAN, (Industrial Corn-Destroying, Our Health & Environment, When a Crop Becomes King, NY Times, 7-18-02), corn hybrids are the greediest of plants, using more nitrogen fertilizer than any other crop. It requires more pesticide than any other food ...
Wasted land use, animal slaughtering, population rise and decline are some of the topics discussed with regard to US food supply.
ECO212 Supply and Demand and Elasticity
1. If a 20% decrease in the price of long distance phone calls leads to a 35% increase in the quantity of calls demanded, we can conclude that the demand for phone calls is:
c. unit elastic.
d. stretchy elastic.
2. Which of the following pairs are examples of substitutes?
a. Popcorn & Pepsi
b. Automobiles & Bicycles
c. Boats & Fishing Tackle
d. Wine & Cheese
3. When we say that a price in a competitive market is "too high to clear the market" we usually mean that (given upward-sloping supply curves).
a. no producer can cover the costs of production at that price
b. quantity supplied exceeds quantity demanded at that price
c. producers are leaving the industry
d. consumers are willing to buy all the units produced at that price
4. Which of the following statements is incorrect? Assume upward-sloping supply curves.
a. If the supply curve shifts left and the demand remains constant, equilibrium price will rise.
b. If the demand curve shifts left and the supply increase, equilibrium price will rise.
c. If the supply curve shifts right and the demand curve shifts left, equilibrium price will fall.
d. If the demand curve shifts right and the supply curve shifts left, price will rise.
Section Two: Short Answer (250 words or less)
1.Define "Elasticity of Demand". Give an example.
2.Define the "Law of diminishing Marginal utility". Give an example.
3.Demonstrate, using supply and demand analysis, the impact on the equilibrium price and quantity of new Hybrid automobiles when the following occurs. Using graphs as we did in the notes we worked with in Week 1, describe the change in the equilibrium price and quantity, and explain your answer. Is the equilibrium price higher, lower, or is the change indeterminate? Is the equilibrium quantity higher, lower, or is the change indeterminate?
b.Interest rates decrease
c.The price of batteries used in the production of these vehicles decreases.
d.The price of gasoline decreases
4.Determine if the demand for the following products is price elastic or price inelastic, and explain your answer.
a.Box of cereal sold in a grocery store
b.Gasoline as a commodity
c.Gasoline sold at a local gasoline station
d.Fast food sold at a restaurant
e.Hotel rooms for people planning a vacation
f.Hotel rooms for people on business to meet an important client
g.Clothes sold in a discount retailer
5.Name three types of market systems and give an example of each.
6.Define the "Law of Demand" and the "Law of Supply". Give an example for each.View Full Posting Details