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Suppose that you work for a nonprofit that promotes locally sourced agriculture. Your boss has tasked you with determining the equation for the market demand for broccoli. He or she states that you may assume that both the demand and supply curves are linear. Your boss also provides the following information: a) in 2011, the equilibrium price of broccoli was $1.50 per pound, and 2 billion pounds were purchases; b) in 2012, the equilibrium price of broccoli was $1.60 per pound, and 1.9 billion pounds were purchased. What should your response be? (Tip: A graph or two could help make your answer easier to explain.)
Technological advance improves productivity in a purely competitive industry. This change will result in a shift: a.) down of the individual firm's MC curve, causing the market supply curve to shift to the left b.) down of the individual firm's MC cu..
Suppose you are to specify a short-run total variable cost function for a nursing home. Explain the variables you would include in the function.
To what extent do you think normative economic analysis, as opposed to positive economic analysis, determines our country's economic public rule decisions made by the government?
Determine the profit maximizing price and quantity and socially efficient price and quantity and If the company is offered the contract, should it build the bridge? Why or why not?
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to..
Corporations such as McDonalds may be partially responsible for health issues such as obesity, but how much of the responsibility goes to the US Dept. of Agriculture, which has subsidized the production of cheap and nutritionally empty foods
What two kinds of changes in the capital stock can improve labor productivity How can each type be illustrated with a per-worker production function What determines the slope of the per-worker production function
should owners use market research when making decisions about starting or expanding a business POLICY MAKER 1.Government policymakers may be elected politicians or appointed experts. Describe some of the specific decisions made by policymakers that..
You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y.
There're 10 auto firms in this problem each showing their market share percentage (US auto industry). The proposed merger involves Ford 22% and BMW 1%.
Suppose you were the manager of a bank that raised most of its funds from short- term variable-rate deposits and used these funds to make fixed-rate mortgage loans. Should you be more concerned about rises or falls in short-term interest rates? ..
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