Question 3: From 2021 Midterm 1 24. The figure below shows the fertilizer response to wheat in India. For questions 24-29, think about the response you expect to see in fertilizer use in India over the next 1-3 years after on increase in the price of wheat. What is the curve labeled A and what does it show? (4 pts) Yield (wheat) B А Fertilizer 25. What is the curve labeled B (in the figure from q24) and what does it show? (4 pts) 26. Over the short term, which curve(s) should move if the price of wheat increases? (3 pts) (a) curve A; (b) curve B; (c) both curves A and B; (d) neither curves A or B.
27. Describe how the curve(s) you selected in 26 should move (be precise about the direction of the movement and explain your answer) (3 pts) 28. Based on your response to 926 and 227, what is the effect on fertilizer use for wheat in India of an increase in the wheat price floor? (3 pts) (a) increase in fertilizer use for wheat; (b) decrease in fertilizer use for wheat; (c) no change in fertilizer use for wheat; 29. Briefly explain why you responded the way you did in 928. (3 pts) 30. Suppose the Indian government makes a new announcement that it will keep high wheat prices in place for at least 10 years. For questions 30-31, consider this announcement. Provide one specific way that the Indian agricultural research system (e.g. crop breeders and agronomists) might respond to the announcement about long term wheat price plans. Explain your prediction. (4 pts) 31. Provide one specific way that a private seed company in India might respond to the announcement about long term wheat price plans. Explain your prediction. (4 pts)
Question 3: From 2021 Midterm 1 24. The figure below shows the fertilizer response to wheat in India. For questions 24-2
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