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Question: You are the manager of a small farm. Your yearly revenue is $300,000. You work in your farm. You could work somewhere else for $50,000 a year. However, if you work elsewhere the lack of supervision hurts performance and farm revenues will decrease by $20,000 as a result. You pay other workers $140,000 a year. The land is yours, and could be rented for a different purpose or to a different farmer for $50,000 a year. Every year, you get a farming license for $50,000. You buy it January 1st and it is good for one whole year. The yearly cost of seed, water and fertilizer is $40,000. It is now March
a. Calculate your yearly economic profits
b. Calculate your yearly accounting profits.
c. Should you keep operating until the end of the year?
d. Should you keep operating next year? You may assume all the numbers from this year stay the same and there is no uncertainty.
The chief decides to require a fishing license for reef 1 which would require each fisher who fishes there to pay the chief x fish. Find the Nash equilibrium of the resulting location choice game between the fishers. IS there a value of x such that ..
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If big cups of sugary drinks are banned at restaurants, theatres, and stadiums: (i) How will the price of an ounce of sugary drink change?
Suppose the Fed buys $100 million worth of Euros with U.S. currency and, at the same time, sells $100 million of U.S. government securities for U.S. currency in a domestic open market operation. What is the net effect on the monetary base? How has..
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