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- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/09%3A_Signals_and_Advertising/9.06%3A_Section_6-Economists have long held that advertising has been a means of influencing consumer preferences in a manner that makes demand less elastic and gives further discretion in price setting. Its sole purpo...Economists have long held that advertising has been a means of influencing consumer preferences in a manner that makes demand less elastic and gives further discretion in price setting. Its sole purpose would be to transfer wealth from buyers to sellers and would probably worsen welfare losses that result from resource misallocation problems observed in models of imperfectly competitive behavior.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/02%3A_Market_Supply/2.7%3A_Concluding_CommentsFinally, you were introduced to the idea of producer surplus as a measure of the economic welfare of participants on the supply side of the market. Chapter 1 presented an argument that the principles ...Finally, you were introduced to the idea of producer surplus as a measure of the economic welfare of participants on the supply side of the market. Chapter 1 presented an argument that the principles you learned about the demand side of the market related directly to the fourth question. As to the second question, the profit maximizing condition (P=MC) for a price-taking firm indicates that firms will place more on the market at higher prices and less on the market at lower prices.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/04%3A_Market_Equilibrium_and_Equilibrium_Modeling/4.03%3A_Section_3-The last confirmed case of HMD in the United States was 1929, but HMD is endemic in parts of the world and there is always a risk that it could again become a problem in the United States as well (USD...The last confirmed case of HMD in the United States was 1929, but HMD is endemic in parts of the world and there is always a risk that it could again become a problem in the United States as well (USDA-APHIS 2013a). The point to be made here is that in many settings, such as a possible HMD outbreak, modelers may be able to come up with reasonable estimates for supply and demand shocks that can be used for %ΔS and/or %ΔD and then assess the effect on an equilibrium.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/05%3A_Consumer_Theory_and_Models/5.06%3A_Section_6-Becker, G. 1965. “A Theory of the Allocation of Time.” Economic Journal 75:493-517. Lancaster, K. 1966. “A New Approach to Consumer Theory.” Journal of Political Economy 74:132-157. Senauer, B., E. As...Becker, G. 1965. “A Theory of the Allocation of Time.” Economic Journal 75:493-517. Lancaster, K. 1966. “A New Approach to Consumer Theory.” Journal of Political Economy 74:132-157. Senauer, B., E. Asp, and J. Kinsey. 1991. Food Trends and the Changing Consumer. Paul, MN: Eagan Press. 1992. Microeconomic Analysis 3rd Ed. Varian, H. 1993. Intermediate Microeconomics: A Modern Approach. 3rd Ed. New York, NY: W.W. Norton & Co.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/08%3A_Price_Discrimination/8.06%3A_Section_6-The content of this chapter is a natural extension to the material presented in Chapter 7 and represents extensions wherein discriminatory pricing strategies may bring about outcomes that are superior...The content of this chapter is a natural extension to the material presented in Chapter 7 and represents extensions wherein discriminatory pricing strategies may bring about outcomes that are superior, from the firms perspective, to monopoly pricing. In particular, if a firm is able to perfectly price discriminate, all consumer surplus is converted to profit, but the allocation of resources is efficient and the economy avoids the dead-weight loss to occurs under monopoly pricing.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/09%3A_Signals_and_Advertising/9.03%3A_Section_3-Assuming that labeling regulations are effective and adequately enforced, the consumer can look at the box to determine how many ounces it contains, the ingredients that were used in the manufacture o...Assuming that labeling regulations are effective and adequately enforced, the consumer can look at the box to determine how many ounces it contains, the ingredients that were used in the manufacture of the product, a date that provides information about the product’s freshness, and the nutrients that the product will provide.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/07%3A_Imperfect_Competition_and_Strategic_Interactions/7.7%3A_ReferencesBaumol, W. J., J. Panzar, and R. Willig. 1982. Contestable Markets and the Theory of Industry Structure. New York: Harcourt Brace Jovanovich. Hayenga, M. and R. Wisner. 2000. Cargill’s Acquisition of ...Baumol, W. J., J. Panzar, and R. Willig. 1982. Contestable Markets and the Theory of Industry Structure. New York: Harcourt Brace Jovanovich. Hayenga, M. and R. Wisner. 2000. Cargill’s Acquisition of Continental Grain’s Grain Merchandising Business. Review of Agricultural Economics 22:252-266 Connor, J. 1997. The Global Lysine Price-Fixing Conspiracy of 1992-1995. Review of Agricultural Economics 19:412-427
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/01%3A_Market_Demand/1.03%3A_The_Demand_ScheduleIn this equation, QA is the quantity of good A in thousands of units, Pop is population in millions of persons, M is disposable income in dollars, PB is the price of good B in do...In this equation, QA is the quantity of good A in thousands of units, Pop is population in millions of persons, M is disposable income in dollars, PB is the price of good B in dollars, and PA is the price of good A in dollars. The coefficient associated with the price of good A is a negative number showing an inverse relationship between the quantity of good A and the price of good A.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/01%3A_Market_Demand/1.05%3A_Concluding_CommentsA consumer with a dollar to spend will use it in the market that provides him or her with the most surplus, and you have already seen that surplus depends on the price. This helps to ensure that produ...A consumer with a dollar to spend will use it in the market that provides him or her with the most surplus, and you have already seen that surplus depends on the price. This helps to ensure that products and services are allocated to those consumers who value them most and as you will see in the coming chapters, value them sufficiently to justify the production costs.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/08%3A_Price_Discrimination/8.02%3A_Section_2-If, on the other hand, quantity is set so that marginal revenue from each consumer equals marginal cost (the monopolist’s solution), the monopolist gets economic profits of $2 from each consumer, $1 i...If, on the other hand, quantity is set so that marginal revenue from each consumer equals marginal cost (the monopolist’s solution), the monopolist gets economic profits of $2 from each consumer, $1 is left for each consumer as surplus, and $1 is lost because of the resource distortion inherent in the monopoly solution. The bundle price would equal to the consumer’s maximum willingness to pay for the four units, which is the entire area under the demand curve as we move from zero to four units.
- https://socialsci.libretexts.org/Bookshelves/Economics/An_Interactive_Text_for_Food_and_Agricultural_Marketing_(Thomsen)/06%3A_Prices_Over_TimeWhat constitutes a point in time can vary depending on the question being asked and the product and geographic context of the market. Look at the series carefully and you will see that the price is hi...What constitutes a point in time can vary depending on the question being asked and the product and geographic context of the market. Look at the series carefully and you will see that the price is highest in the first quarter of the year and is lowest in the third quarter. The overall aim of this chapter to provide you with some basic tools to work with and make sense of information contained in a price series.
