By Berkeley Hill
This publication offers an easy yet potent advent to economics. totally up-to-date and revised, this fourth variation accommodates the hot alterations that experience taken position within the atmosphere during which agriculture operates. protecting the affects of the ecu enlargement to twenty-eight Member States, significant alterations to monetary aid of agriculture, monetary crises, monetary recession and, in lots of nations, excessive degrees of unemployment, it offers a rounded and updated advent to the topic. The inclusion of chapter-focused routines, essay questions and extra analyzing feedback make this textbook a useful studying device for college students of agriculture, economics and comparable sectors.
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Extra resources for An Introduction to Economics for Students of Agriculture
2 2 0 2 4 6 8 No. of units of X consumed 10 4 6 8 10 No. B. 8 4 "o I 2 CL IO 20 30 Quantity of Y demanded per time period 60 CHAPTER 3 Demand and Supply—the price mechanism in a market economy Introduction to Demand and Supply THE study of the demand and supply of goods and services, and the way they interact, forms a fundamental part of economics. Indeed, the majority of economic problems we come across in everyday life can be explained, although perhaps not solved, by a careful examination of the demand and supply of goods or services.
2. 3. 4. Explaining the behaviour of individuals 27 FIG. 11 Income Effect A rise in income moves the consumer's budget line to the right ond upwords. The new and old lines ore parallel New (£15) budget line Beer, litres Old (£10) budget line The optimum way in which the consumer can spend his income can be illustrated by superimposing on to the indifference curve map a line called the budget line or iso-expenditure line. The budget line shows all the combinations of beer and milk that could be purchased by the con sumer at a given level of income and prices.
Well-established habits can make consumers' buying patterns insensi tive to increases. Indeed, the tax on tobacco takes advantage of this. If putting a tax on cigarettes cut the number sold dramatically, little revenue would be raised. When examined closely many of our purchases are habitual. SIGNIFICANCE OF PRICE ELASTICITY OF DEMAND ( E D P) TO AGRICULTURE Food in its various forms is agriculture's main product. Foodstuffs taken together have no substitute and are essential to life. On these counts alone we would expect the demand for food to be insensitive to price, giving rise to a steeply down-sloping demand curve and a Price Elasticity of Demand coefficient close to zero.