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Set up the general form of the LP model for the following word problem.A cash grain farmer in Central Iowa has 600 acres of cropland available on which she plans to grow corn and soybeans in the spring of 2011. She has made some budgets, which take into account corn (x) and soybeans (y). The gross margin for corn is $40 per acre and for soybeans is $45 per acre. She has a maximum of 750 hours of tractor time available in the last half of May at the peak planting periods for both crops. It takes 1 hour per acre for field operations for corn (x) and 1.5 hours per acre for soybeans (y). The maximum acreage she can use for corn is 400 acres. Her sole objective is to select a cropping plan that will maximize net returns for this set of conditions in 2011.
The following utility function is equal to the maximum of the amount of good x or four time the amount of good y: Draw the indifference curve for this utility function.
what would be the effect of each of the following on the supply of salsa in the united states? in each case identify
Some of the Tennessee Valley Authority’s electricity generating plants are powered by coal purchased via a separate TVA procurement division. Power plant managers often complain that the coal is below grade and causes problems with plant maintenance ..
Explain the role of incentives in the market and discuss the government’s use of incentives.
In 2011, the government of a nation established a price support for wheat. The government’s support price has been above the equilibrium price each year since, and the government has purchased all wheat over and above the amounts that consumers have ..
Draw the correct relative wage curve describing the economy. Mark any stable equi¬librium with filled circles and unstable equilibrium with an open circle. What is the dispersion force in this model
If De Beers charges the monopoly price, how large is the individual consumer surplus that each buyer experiences? Calculate total consumer surplus by summing the individual consumer surpluses. How large is producer surplus?
Describe the public health initiative you selected to be the focus of your Scholar-Practitioner Project. Include a brief overview of the initiative and your rationale for selecting the initiative.
An appliance manufacturer produces two models of microwave ovens: H and W. Both models require fabrication and assembly work; each H uses four hours of fabrication and two hours of assembly, and each W uses two hours of fabrication and six hours of a..
You borrowed $20,000 to finance the education expenses for your senior year of college at the beginning of your senior year. The loan will be paid off over five years and the first instalment will be due a year later. The loan carriers and interest r..
ssume you are a policymaker in washington dc. lobbyists for the preschoolers of america have put pressure on their
The problem belongs to Economics, mainly to Microeconomics and it is about writing an essay discussing the concept of elasticity being inherently associated with price.
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