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Suppose a freeze in Florida destroys part of the Florida orange crop.
a. Explain what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze.
Can you say what happens to the demand for orange pickers? Why or why not?
b. Suppose the price of oranges doubles and the marginal product falls by 30 percent. What happens to the equilibrium wage of orange pickers?
c. Suppose the price of oranges rises by 30 percent and the marginal product falls by 50 percent. What happens to the equilibrium wage of orange pickers?
Calculate the point cross price elasticity of demand with respect to the price of competing television sets (P C ) at the values represented in question six and calculate the point income elasticity of demand for HD televisions at the values represen..
The total variable cost of unit 3 is $165.00 while that of unit 6 is $522.50;The average total cost of unit 5 is $99.00, while the average variable cost of unit 4 is $55.00; The total cost of unit 1 is $247.50 while the total cost of unit 2 is $308.0..
How would population growth effect the dynamically efficient allocation, given the model in the second period has a higher demand for the depletable resource. What effect would the addition of population growth have on the efficient allocation.
1) Whether an asset is "liquid" often depends on what situation you are in. For each of the pairs of assets below, which is more liquid in the particular setting? You want to buy a sofa: A savings account or currency You want to trade for a bolo..
Arkansas has one of the highest numbers of STLs in the United States. In an effort to recoup the costs of dealing with the meth epidemic, twenty countries in Arkansas filed a suit in a federal district court against Pfizer, Inc., and other compani..
What is true about the relationship between marginal revenue and marginal costs when profit is the greatest?
If the economy is operating on the upward sloping portion of the short-run aggregate supply, SAS, curve; show that an increase in aggregate demand, AD, from expansionary fiscal policy will result in an increase in both real income, Y, and the gene..
You are on the board of directors of a nonprofit art museum supported bydonations from wealthy members of the community
Others meter water use and charge according to the quantity of water customers use. Compare the way the two systems would affect the cost of water use at the margin and the use of water by rational consumers.
Draw the impact of this illness on the equilibrium de?ned in exercise 5. How will it change his equilibrium allocation of earnings and labor-leisure?
The widget industry in Springfield is competitive, with numerous buyers and sellers. Consumers don't differentiate among the various brands of widgets (no product differentiation). The industry demand curve is given by: Qd = 998 - 5Pw + 4 Y - 6Pg
Subsequent pounds are worth $0.30, how many pounds of potatoes will she purchase? What if she only had $3.00 to spend?
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