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1. Based on what you have learned in the chapter explain the following statement. "When there is an exceptionally large crop it causes farmers' incomes to fall."
Could someone please explain this? I think it means that because of the large crop, farmers' incomes will fall because of the increase supply per farmer. Prices would then have to be competitively low to sell due to the high supply and as such the income of the farmers will fall.
2. Based on utility maximization, explain the following: "It is irrational for an individual to take the time to be completely rational in economic decision making."
Suppose equilibrium GDP is less than full-employment output and the economy is in a recession. What are the appropriate fiscal policies that would take the economy to full employment level?
Using the given table, find out the quantity where MC = ATC. Find out the quantity where ATC is at its minimum. Find out the quantity that is the most efficient operating point for the firm.
Assuming you could not get the Pink ticket for free what is your (net) opportunity cost of your seeing Lady Gaga?
A stem cell research project requires expensive specialized laboratory equipment. For this purpose, three pieces of equipment and their associated cash flows (listed below) are under consideration. One piece of equipment must be selected.
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
What output maximizes the White Company's profit and what is the White Company's economics profit? Should the White Company continue in business or shut down in the short-run? Why?
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?
Case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points
What are the effects of labor unions on wages and productivity? what are the Right-to-work laws in individual states?
alternative methods for dealing with market failures that include direct regulation, incentive programs such as tax incentive programs and market incentive programs, and voluntary reductions. At issue, is whether government can successfully addres..
The price of good 1 (nuts) is $2 and the price of good 2 (berries) is $1. How many units of nuts will Anthony demand?
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