If the government agreed to purchase the surplus output and introduced a guaranteed price floor of $40, then most likely the government <span>'s total support payments to producers would be $4000 per week. We have a 180 quantity demanded and we have 280 quantity supplied, we will get the surplus by subtracting the supply by demand. So, 280 - 180 = 100 x price of 40 = 4000.</span>
The reason could be that they want a higher education. 4 year degree is more rewarding than a 2 year degree. they want a higher education so they can get a better job that pays them even more. thats my opinion. remember this has to do more with money. the more you prepare yourself the more money you are able to get.
Answer: Her income elasticity of demand for cottage cheese is <em><u>0.3333</u></em> making it a <em><u>normal and necessary</u></em> good.
The income elasticity of demand is given by :

The percentage change in income is given as 60%. We calculate the percentage change in quantity demanded as follows:



Substituting the value above in the income elasticity demand formula we get,

<u>YED = 0.33333</u>
Since the income elasticity is positive, and since Shawna buys more cottage cheese after an increase in income, we can classify this good as a normal good.
Since the income elasticity is between 0 and 1 we can also conclude that cottage cheese is also a essential good or a necessity.
C. expected profit margins
the mission statement provides information about the company as to who, why and how they plan to operate