What is a prisoners dilemma, Microeconomics

1. Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubled her workers to 2, and grew 4,500 pounds of herbs. She sells her rare, organic herbs for $50 a pound. She pays her a worker $25,000 a year and rents her land for $100 per square foot for a year. These are her only costs.

a.  What was Ayanna's total cost last year and this year?

b.  What was Ayanna's average total cost last year and this year?

c.  Did Ayanna experience economies or diseconomies of scale?

2. a. What is a prisoner's dilemma?

b. Why would a firm in a monopolistically competitive industry advertise?

 

Posted Date: 4/5/2013 6:01:02 AM | Location : United States







Related Discussions:- What is a prisoners dilemma, Assignment Help, Ask Question on What is a prisoners dilemma, Get Answer, Expert's Help, What is a prisoners dilemma Discussions

Write discussion on What is a prisoners dilemma
Your posts are moderated
Related Questions
a. Suppose the demand for saline solution is perfectly inelastic for contact lens wearers. If the government imposes a tax on saline solution, what occurs? Be sure to tell what hap


Create a Document that displays information about cars. First, create a select with an id="make". It will not have any makes in the options until the page finishing loading. When t

Suppose that the price of schooling is $20 per year of schooling and it suddenly rises to $40. Compute the point price elasticity of demand at the initial price level and at the fi

If a 10% increase in the price of computers leads to a 20% reduction in the quantity demanded, what is the coefficient of demand elasticity? 2. A local government wants to increase


what are the uses of cross elasticity quantity in demand/

why constant return to scale is important

when the demand function is 2Q-24+3P=0,find the marginal revenue when Q=3.

What are the differences between the IS-LM model and the Keynesian model?  The 'simple' Keynesian model is a simplified model to exemplify Keynes's idea about the equilibrium i