Read The Following Article And Answers The Questions Lean Times For US Pig Farmers
read the following article and answers the questions Lean times for US pig farmers have led to an unforeseen spike in pork prices. Sweltering under record-setting summer temperatures, pigs that have sweated off the pounds and are now considered underweight. In the spring, America’s giant pig herd – the largest number since 1943 – became overweight from a winter scoffing down relatively cheap feed. Farmers reacted by aggressively selling off their herds, dropping prices to their lowest in a decade. Now prices are rebounding. “Producers are no longer desperate to try to move hogs,” reported the Steiner Consulting Group, noting that prices are 22% higher than they were a year ago. Hog prices had been expected to hinge on the US-China trade war and an outbreak of African swine fever in China that has spread to Vietnam, Cambodia, Laos and eastern Europe and has shrunk production by 30%. Part of the reason the US hog herd grew so large is that producers had been expecting additional demand from China. That failed to materialize and now the combination of low production and low weights has pushed prices higher. But which way prices will go next is hard to predict. Given the global trade tensions and the weather, analysts concede that market trends have become harder to read. “This year has been much more difficult in trying to assess these seasonal supply effects,” the report said. The swings are likely to continue into final months of the year. Herd numbers are expected to soar again, leaving US producers swamped with even more excess protein. Noted Steiner: “The downside risk in this market is that we end up choking up domestic demand too much while waiting for big export orders to materialize. This is where negotiations with China are critical. “Either we need to see much more dramatic price increases in China to stoke up even more import demand or a more level tariff playing field.” questions： a) Draw a clearly-labelled diagram to help explain the impact of high temperatures on pork prices in the USA. Be sure to explain which curve has shifted and why and the likely impact on price and quantity. (3 marks) b) Now step back in time to the spring when pig feed was cheap. On a new diagram, explain which curve shifted, in which direction, and what the impact on equilibrium price and quantity was in the spring. (2 marks) c) Use a further diagram, to help explain what US pig farmers had been expecting to happen in the market for their products as a result of the outbreak of swine fever described in the article. (3 marks) d) Use your answers from a) to c) and other factors in the article to explain the statement “analysts concede that market trends have become harder to read”. (2 marks)
4. A Graphical Comparison Of Tariffs And Quotas Borzia And Ardon Are Small Countries
4. A graphical comparison of tariffs and quotas Borzia and Ardon are small countries that protect their economic growth from rapidly advancing globalization by limiting the import of rugs to 40 million. To this end, each country imposes a different type of trade barrier when the world price (PWPW) is $3,000. In Borzia, the government decides to impose a tariff of $1,000 per rug; in Ardon, the government implements a quota of 40 million rugs. Assume that Borzia and Ardon have identical domestic demand (D0D0) and supply (SS) curves for rugs as shown on the following graph. Under these conditions, the price of rugs is $4,000 per rug in each country. 0102030405060708090100100009000800070006000500040003000200010000PRICE (Dollars per rug)QUANTITY (Millions of rugs)D0D1SPWY-Intercept: 3000 Suppose that in both countries, demand for rugs rises from D0D0 to D1D1. Assuming Borzia keeps the tariff at $1,000 per rug, complete the first row of the following table by calculating each of the values given this increase in demand. Assuming Ardon maintains a quota of 40 million rugs, complete the second row of the table by calculating each of the values given this increase in demand. Country Price Quantity Demanded at New Price Imports (Dollars) (Millions of rugs) (Millions of rugs) Borzia (tariff = $1,000) Ardon (quota = 40 million rugs) True or False: The increase in demand helps both domestic producers and consumers in Ardon. True False Which of the following explain why a tariff is a more restrictive trade barrier than an equivalent quota. Check all that apply. An exporter can try to cut costs or slash profit margins. A tariff prevents domestic consumers from buying imports even if they are willing to pay a higher price. Importers who are able to pay the tariff duty will get the product.
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