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Hildegard, an intelligent and charming Holstein cow,grazes in a very large, mostly barren pasture with a few patches of lush grass. When she finds a new grassy area, the amount of grass she gets from it is equal to the square root of the number of hours, h, that she spends grazing there. Finding a new patch of grass on which to graze takes her 1 hour. Since Hildegard does not have pockets, the currency in which her costs are measured is time.
What is the total cost to Hildegard of finding a new plot of grass and getting y units of grass from it? Find an expression for her marginal costs and her average cost per patch of grass as a function of the
amount of grass she gets from each patch.c. How much time would she spend in each plot if she wanted to maximize her food intake? (Hint: Minimize average costs per unit of grass eaten
Use Appendix A at the back of the text to show the compound annual rate of growth in earnings (n=4).
In terms of the shareholder wealth maximization model, if the expected future profits of a firm are cut in half, what should happen to the share price?
How many bushels will each of the farmer’s five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre?
HoosierMaker expects to garner revenue of $9.5 million each year and spend $1.3 million a year in costs, over the next 7 years. What is the future worth of this investment if the companies' rate of return is 16% per year?
Elucidate how an economist could use the slope of the yield curve to analyze the probability that a recession will occur and why the spread may matter.
One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. Depends on the costs and revenues above, which should you do. Elucidate and show any relevant calculations.
Suppose a unit of quota rights allows the producer to sell a unit of output each year indefinitely into the future. Illustrate what increase in consumer prices will occur.
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium.
An agency is having problems with personal phone calls made during working hours.
Elucidate how free market features could be introduced to help improve the problem. As your answer also include a discussion of the risks of introducing market mechanisms.
Estimate cost elasticity of demand for education at this university. Is cost elasticity of demand for university tuition elastic or inelastic according to answer in part (i) Why.
Illustrate at what price can the firm sell the level of output found in the previous question.
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