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You have enough land to grow one tree. The height of your tree (in feet) equals 100*(square root of age of the tree) ! The cost of cutting down the tree is $0. The interest rate is 4%, and the price of one foot of the tree is $16. a. What is your optimal cutting strategy? Your goal is to maximize the PDV of profits. b. Ecotourists from Berkeley are willing to pay you $X dollars each year to look at your tree. Write out an equation for X so that you are indifferent between: 1) having the ecotourists visit and 2) harvesting the tree and sacrificing the ecotourism payment.
If the elasticity of demand coefficient for a good is 4(in absolute term), we know: a: that for every 1%increase in quantity, there will be a 4% increase in price b: that for every 1% increase in quantity, there will be a 4% decrease in price c: that..
a. Does the MPL for both countries graph as you would expect? b. Say that country A originally had 1 unit of labor and country B had the rest. Then, migration is allowed. By how much does welfare improve?
If you invest $10,000 in this certificate at the beginning of year one and do not add or withdraw any money for five years what is the value of the certificate at the end of the fifth year?
The book explains a rational consumer as one who will attempt to obtain the most utility for the money. If a consumer derives 12 units of utility from a $2 hamburger, 5 units of utility from a $.50 candy bar, and 22 units of utility from $7.50 movie ..
Consider an organic chili pepper farm in New Mexico. They can grow a combination of jalapenos, habaneros, and poblanos. For inputs, they use land, labor, and organic fertilizer of which they have endowments of 350 acres, 500 hours, and 300 bags, r..
"If you are the curator of a museum that charges a fee to enter and your boss wants you to increase revenue, what price change do you make?"
But as between the latter baskets, he would rather have the 2x - Do the fact stated indicates the axiom of transitive and comparison?
Explain the profit maximizing, or loss minimizing level of output - Are normal profits being earned in this example? Are economic profits present for this firm in this example? Explain your answers.
Compute the beta coefficient for each stock
Define the terms “individualism,” “associationalism” and “corporatism” as approaches to the political activity of business compare and contrast.
When war broke out in the Middle East, many markets were affected. Most of the worls's oil production takes place in this region and what happens in the market for oil; and (ii) what happens in the market for sports utility vehicles as a result of ..
Discuss the effect the credit market crisis in the United States in 2008 had in the market for existing single-family homes. Assuming the demand for existing single-family homes is relatively inelastic, what is likely to happen to the total revenues ..
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