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Essay / Research Paper Abstract
This 5-page economics paper discusses the impact of government-sanctioned price ceilings on Sri Lankan rice. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: AS43_MTeconsril.doc
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Unformatted sample text from the term paper:
listed below. Citation styles constantly change, and these examples may not contain the most recent updates. ECONOMIC MODELS AND RICE Research Compiled for
, Inc. by 9/2010 Please The following
questions are in response to the article "Sri Lanka puts cap on rice prices," which was published on the BBCs website on April 17, 2008. The main points of the
story were that price limits were being placed on rice prices, impacting both consumers and manufacturers of the product. While limits tend to benefit consumers (as they arent paying as
much), the rice producers suffer - according to the article, some wholesale shops in Colombo were closed as a result, with traders pointing out that the limits "made their business
uneconomic" (Sri Lanka puts cap on rice prices 2008). One trader quoted commented that the rice had been bought at a higher price, meaning the government-sanctioned price meant the traders
were losing money (Sri Lanka puts cap on rice prices 2008). On top of this, supply has been questionable; the civil war has
lead to restrictions on the product movement, which also adds to the scarcity of the product (Sri Lanka puts cap on rice prices 2008).
Lets examine this now from an economic perspective. Assuming a competitive market, explain
with the aid of a market model how the price and quantity of rice is established. If we examine rice in a market with perfect competition (i.e., no government or
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