Let the Demand and Supply for Two Linked Products, Say

question 14

Multiple Choice

Let the demand and supply for two linked products, say corn and soy, be the following: Q_c^d= 12 - 2p_c + p_s; Q_c^s = 4+p_c; Q_s^d = 6-4p_s + p_c; Q_s^s = 4 + p_s. The superscript refers to "demand" (d) or "supply" (s) and the subscript refers to corn (c) or soy (s) . What are the equilibrium prices of corn and soy?

• A) p_c = 2; p_s = 2
• B) p_c = 1; p_s = 3
• C) p_c = 3; p_s = 1
• D) p_c = 1; p_s = 1

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Definitions:

Self-Serving Tactics

Behaviors individuals engage in to advance their own interests at the expense of others or the group.

Separate Interests

Interests that are unrelated or not shared between parties, which can sometimes lead to conflict due to differing goals or priorities.

Evidence-Based Management

Evidence-Based Management is the systematic use of the best available evidence to improve management practices and decision-making.

Mental Blinders

Limitations in perception or thought processes that prevent individuals from seeing the full scope of solutions to a problem.