By Berkeley Hill
This booklet offers an easy yet powerful advent to economics. totally up-to-date and revised, this fourth version accommodates the hot alterations that experience taken position within the atmosphere within which agriculture operates. protecting the affects of the european enlargement to twenty-eight Member States, significant alterations to monetary help of agriculture, monetary crises, monetary recession and, in lots of international locations, excessive degrees of unemployment, it presents a rounded and up to date advent to the topic. The inclusion of chapter-focused workouts, essay questions and additional examining feedback make this textbook a useful studying device for college students of agriculture, economics and similar sectors.
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Additional info for An Introduction to Economics for Students of Agriculture
B) How Demand for a Commodity Varies with the Income of Consumers D A = f (Y, all other variables constant) If a household receives a 10% increase in its income it will increase the quantity of goods and services it buys, but it will not increase its expenditure on all commodities equally. Very little extra bread will be bought, maybe 21 loaves per month instead of 20 (a 5% increase), but three times as many bottles of wine might be purchased. Changes in the quantity are related to changes in income by the Income Elasticity of Demand.
An example is butter and margarine. When the price of butter rises, consumers will buy more margarine. Fig. 9 shows that a rise in the price of a competi- Demand and Supply 59 FIG. e. the curve showing quantities of margarine demanded at different prices of margarine) to the right. 23 The ^Όχ of competitive goods is positive, since a rise in price of one will cause more of the other to be bought. (ii) Complementary goods: Complementary goods are those which are usually used together. An example is oil and petrol for cars.
Although farming benefits through higher incomes the consumer has to pay higher prices. Demand and Supply 51 FIG. 5 Demand Curve for the Crop (Potatoes) of an Individual Farmer (hypothetical data) Effect of a technological advance o "o Price does not fall when the technological advance is adopted D (Infinitely elastic) Quantity demanded and supplied per time period Attempts by the whole industry to restrict output and raise prices will require that individual farmers are prevented from taking advantage of the higher prices by expanding, thereby undermining the collective restriction on output.