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Consider a rancher-farmer economy. Assume that the rancher has no choice over how many cows to raise but either the farmer or the rancher (or both) can build a fence to eliminate the crop damage of $150. However, the costs of installing the fence are different: $200 for the rancher and $100 for the farmer. Without the fence, the rancher’s profit is $1,000 and the farmer’s profit is $350 (after subtracting the crop damage of $150).
Suppose the court decides to protect the farmer’s entitlement with a liability rule, so that without a fence, the rancher must compensate the farmer for the crop damage. Assume that the court can perfectly and costless estimate the amount of crop damage. Also assume that the cost of the fence is born by the installing party and is not reimbursed by anyone else. What are each parties profits?
increase because the total amount of human capital in the country will increase as the new owners learn how to farm.
one laborer can only produce either 5 unots of necessity per month or 10 units of luxury per month. On a graph draw the ppf. where does the ppf intersect on thy axis and where does the ppf intersect on the x aaxis.
Assume that the income elasticity of demand for tickets is +2.5. Also assume that the average household in the community makes $20,000 per year and that about 6000 tickets are sold per year. Now let the average household income go up to about $22,000..
You are required to analyse the strategy of a firm of your choice. You need to pick a firm and identify the strategy that the firm uses to compete with its rivals. It is important that you conduct an industrial or environmental analysis, before you u..
Elucidate what impact will this change have on the price level, output, and employment in the short run in the United States.
Compute and indicate the area of profits on your graph. In light of your answer above, does it make sense that this firm is "maximizing profits".
argue the relationship among the marginal cost also the average variable cost also among marginal cost also average cost.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope.
Is the industry or industries in which the firm operates conducive to abnormally high rates of return.
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
q. suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs
In what ways may a corporation’s structure and culture be internal strengths or weaknesses? Look at your organization, and analyze its structural and cultural strengths and weaknesses. How can the weaknesses be improved?
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