By Bailey Norwood, Jayson Lusk
As fresh as its tone is the cutting edge method this book takes to monetary idea and agricultural advertising options. This booklet deals versatility via protecting a variety of themes that come with either conventional fiscal conception and organizational economics. amateur readers will gravitate to the inviting writing type and colourful examples. All in one resource, readers will locate modern remedy of economics and value research, agricultural costs and markets, agribusiness advertising options and more!
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Additional info for Agricultural Marketing and Price Analysis
If the value was more than $10,000, people would not take the risky job. This value of a statistical life is widely used by government. The Environmental Protection Agency uses it to estimate the value of lowering carcinogens in food (which can cause cancer and death) and the Department of Transportation uses it to determine how speed limits should be set. Currently, the value of a statistical life used is somewhere between $3–$7 million, depending on the government agency (Brannon 2005). Our nation regulates food production extensively to ensure that food is safe but is also not too expensive.
A discount rate is the rate of return on money that makes one indifferent between money today and money tomorrow. It is best interpreted as the opportunity cost of money. Suppose that I give you the choice of $1,000 today or $1,050 next year and you choose $1,000 today. QXD 32 9/29/07 12:23 PM Page 32 Chapter One give you the choice of $1,000 today or $1,100 next year, and you say you do not care— you are indifferent. Finally, given the choice of $1,000 today and $1,101 next year, you prefer the money next year.
A desire for more exports than imports confuses dollars with toys, and it is toys that make people happy. Nation leaders often buy into this export-driven strategy. China is a good example. S. dollars. China could use those dollars to import goods from the United States but instead locks away some of those dollars to limit imports and ensure that their exports exceed imports. China as a whole does not benefit by this. S. currency they deny themselves American products and their number of toys is fewer than it could be.
Agricultural Marketing and Price Analysis by Bailey Norwood, Jayson Lusk