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AGEC 4603 Lecture : Ag Commodity Price Article- Lecture Notes

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azuremammoth471
15 Mar 2019
School
LSU
Department
Agricultural Economics
Course
AGEC 4603
Professor
All

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Document Summary

the rapid increase in crop prices between 2006 and mid-2008, while unprecedent- ed in magnitude, was not unique. Two other periods of major rapid runups in prices occurred in 1971-74 and 1994-96. each price surge resulted from a combination of factors, including depreciation of the u. s. dollar, strong worldwide demand for agricultural products, supply shocks, and policy responses by major trading countries. in the past, market adjustments eventually brought prices back down. Similarly, the high prices seen in 2008 have dropped; however, these adjustments are occurring in a more volatile environment. 2006 through the first half of 2008 caught the world"s attention and raised concerns that permanent changes in the agricultur- al market environment were occurring. However, this recent dramatic rise in prices also has many features reminiscent of the past. A number of factors combined to cause the 2006-08 runup in prices (see. It remains uncertain how market par- ticipants will finally adjust this time around.

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Related Questions

20. At the point on the demand curve where Q = 16 and P = 40, the elasticity of demand, expressed as a positive number, is: A)0 B) 1 C) 1/5 D) 5 E) 1/7 F) 7 G) 5/7 H) 7/5 1) 35 J) 1/35 K) 10/7 L) 7/10 M) 40 N) 1/40 O) 12/7 P) 7/12 Q) 12/5 R) 5/12 S) 2/5 T) 5/2 U) 2 V) 1/2 W) 2/25 X) 25/2 Y) none of the above

13. If the price of X is set at $24.00 per unit, the number of units of X purchased by this consumer each month will be: A) 1 B) 2 C) 3 D) 4 E) 5 F) 6 G) 7 H)8 1) 9 J) 10 K) 12 L) 14 M) 16 N) 18 0) 20 P) 22 Q) 24 R) 26 S) 28 T) 30 U) 36 V) 40 W) 44 X) 52 Y) 56 Z) none of the above

19. At the point on the demand curve where Q = 10 and P=70, the elasticity of demand, expressed as a positive number, is: A) O B) 1 C) 1/5 D) 5 E) 1/7 F) 7 G) 5/7 H) 715 1) 35 J) 1/35 K) 10/7 L) 7/10 M) 40 N) 1/40 0) 12/7 P) 7/12 Q) 12/5 R) 5/12 S) 2/5 T) 5/2 U) 2 V) 1/2 W) 2/25 X) 25/2 Y) none of the above