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{"ops":[{"insert":"1\uff0e "},{"attributes":{"bold":true},"insert":"Draw the figure"},{"insert":" of the market equilibrium for the wheat market. Show what will happen if pesticide cost increases.\n\n2. Consider a consumer who has $"},{"attributes":{"bold":true},"insert":"100"},{"insert":". The price for "},{"attributes":{"bold":true},"insert":"food"},{"insert":" is $"},{"attributes":{"bold":true},"insert":"1 \/unit"},{"insert":". The price for "},{"attributes":{"bold":true},"insert":"clothing is $2 \/unit"},{"insert":". Draw the budget line for this consumer. And draw a new budget line when the consumer\u2019s wealth "},{"attributes":{"bold":true},"insert":"increased to $200 "},{"insert":"and the price of "},{"attributes":{"bold":true},"insert":"clothing increased to $4 \/unit."},{"insert":"\n\n3. The "},{"attributes":{"bold":true},"insert":"demand curve is p=10-q"},{"insert":". Calculate the consumer surplus and the total expenditure if the "},{"attributes":{"bold":true},"insert":"market price is 6"},{"insert":". Calculate the consumer surplus again if the market price is 4.\n\n\n"}]}

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