5.7 Suppose that you own Lauderdale Aerial Spraying, a large Texas crop-dusting company. Drones are able to
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5.7 Suppose that you own Lauderdale Aerial Spraying, a large Texas crop-dusting company.
Drones are able to spray crops at lower cost than manned planes. Currently, Federal Aviation Administration (FAA) regulations prohibit the use of drones for crop dusting or other precision agricultural use.
a. If the FAA eliminates these regulations, what will happen to the price and quantity of crop spraying? Explain your answer using a demand and supply figure.
b. If the FAA eliminates these regulations, what will happen to the price and quantity of soybeans, which require regular spraying?
Explain your answer using a demand and supply figure.
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