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The prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle andhorses can step in, and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demandfor prairie dogs as pets. In some areas, prairie dogs can sell for as high as $150 each. Cattlemen are now fencing offprairie dog towns on their land so these towns will not be disturbed by their cattle.We learned about the production possibility frontier, which shows all possible combinations of two goods a countrycan produce with given technology and inputs, if it fully utilizes all its resources. Now use the concept of a PPF todraw a rancher's production possibilities frontier showing increasing opportunity cost of cattle production in termsof prairie dog production. Using a separate graph for each situation, show what would happen to the initialproduction possibilities frontier in each of the following situations:a. The outcome is efficient, with ranchers choosing to produce equal numbers of cattle andprairie dogs.b. As a protest against the government introducing the gray wolf back into the wild in their state,ranchers decide to withhold 25 percent of the available grassland for grazing.c. The price of prairie dogs increases to $200 each, so ranchers decide to allot additional land forprairie dogs.d. The government grants new leases to ranchers, giving them 10,000 new acres of grasslandeach for grazing.e. A drought destroys most of the available grass for grazing of cattle, but not for prairie dogssince they also eat plant roots.
A firm’s Marginal Revenue curve (in class we called this also Marginal Value) is given by w=1200-2L, where w stands for the wage and L for the quantity of labor. The labor supply curve is given as w=L.
During the oil crisis in the 1970s, long lines at gas stations disappeared soon after price controls were removed and gas prices were permitted to rise. Should this even be interpreted as evidence that the oil companies have monopoly power Why or..
Are legalized forms of gambling, such as state-operated lotteries, consistent with a continuing public policy against the enforcement of gambling contracts? Why or why not? Please discuss and support your comments using legal reasoning and terminolog..
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
1).Why is the depreciation of capital good a cost of society? In what ways does a person's health depreciate? 2).Why might older people's health care expenditures increase in the Grossman model even though their desired health stocks may be lower?
1. suppose a banks balance sheet looks as followsnbspnbspnbspnbspassetsliabilitiesreservesnbspnbsp
Assume a country has a life expectancy of 51.5, an adult literarcy rate of 62.6 percent, a combined gross enrollement ratio of 45 percent, and GDP per capita PPP of $853.
in a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse a colleague says we
After reading about the Solow growth model, which concludes that continued economic growth requires continual innovation, and Schumpeter’s dynamic growth model, does the combination of these two models provide an adequate model of technological chang..
Calculate the profit each firm earns in equilibrium.You are a manager for Herman Miller—a major manufacturer of office furniture. You recently hired an economist to work with engineering and operations experts
describe developing countries and how they differ from industrial market economies. how can international trade aid
economists believe that when two countries specialize and trade , each will be able to buy goods in which the other specializes at a lower cost than it would take to produce these goods itself.
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