ECO401 Economics GDB Fall 2019 Solution & Discussion
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Governments get involved in agricultural output markets to stabilize prices of agricultural goods so that producers get reasonable prices. Pakistan’s agriculture sector recorded a slow growth rate of 0.85 percent during the last fiscal year (2018-19). It’s very important to enhance agricultural production to increase farmers’ income, imports reduction and to expand export base of the country. The National Agriculture Emergency Program plans to spend Rs.290 billion in the next five years to boost the sector. The program will be implemented with the coordination of all provinces to improve productivity of major crops i.e. wheat, sugarcane, cotton, rice etc.
Being student of economics identify appropriate price policy measure which government can opt to motivate the farmers and increase agricultural productivity. Logically discuss how the identified price policy will boost the agricultural production.
ECO401 GDB Solution Fall 2019
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ECO401 GDB Solution Fall 2019
Four types of market structure
In our case there is a perfect competition because so many sellers having identical or same products. Which are characteristics of perfect competition.
Pure or perfect competition is a theoretical market structure in which the following criteria are met: all firms sell an identical product (the product is a "commodity" or "homogeneous"); all firms are price takers (they cannot influence the market price of their product); market share has no influence on price; buyers have complete or "perfect" information – in the past, present and future – about the product being sold and the prices charged by each firm; resources such a labor are perfectly mobile; and firms can enter or exit the market without cost.
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isn't buffer stocks or price floor policy?
Eco401 Gdb 1 Idea SOLUTION
Pricing is the most important part of any industry as it determines that how successful your venture is. Appropriate price policy should be implemented by taking into consideration both the consumer and producer.
In our situation Govt. have to opt a strategy that makes the profit to the producers without impacting too much to its consumers. Govt's strategy should be to provide the maximum reliefs to the production industry.
Govt. should lower the prices of the materials that are used in the production of the major crops like fertilizers, seeds and insects killing sprays. Govt. should make the process of bringing the produced crops to the markets very easy and affordable and buy those crops from the markets on a suitable price which proves to be fruitful for the producers for their hard work.
And if the prices of goods feel a bit too much for the buyers, it should be subsidized. This will provide relief to consumers, and they will not be affected.
This will boost the agriculture industry and more investors will opt agriculture industry.
By using this strategy, Govt. can motivate people to get in the agriculture industry and they can make profits in this industry.