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1. If the output from a land source brings revenue of $400, transport costs of shipping this output to market are $55 and the land used in production is 4 acres, what will the rent for this land be? If you can’t solve this problem, state why it is not possible.
2. Suppose from the question above that you also know that non-land payments are $45. Now can you find what the rent for this land will be?
3. At any point immediately adjacent to the market in the von Thunen Model what can you say about the prevailing rent for that land?
ellen and may can produce two goods in a day breakfast bars and frog food pellets. in a single day may can make 10
You see an advertisement for a book which claims to show how you can make $1,000,000 in investment profits in a year, with no initial investment required and no risk of any loss. The book costs $500. Would you buy it? Why or why not?
In July, the Department of Justice opened an investigation related to possible collusion and price fixing. What created the suspicion of collusion? Also research this case and share some details. What is currently happening? The Airline industry is n..
During a business cycle, typically output can be below the level consistent with the secular growth trend: A. only at the peak (top) of the cycle. B. only at the trough (bottom) of the cycle. C. whether the economy is expanding or contracting. D. at ..
Assuming $5 to be the equilibrium price for this market, please shade in Consumer Surplus (CS), Producer Surplus (PS), and Total Surplus (TS). Assume Felix is willing to pay $8 for a pizza cutter. Tim also wants one, but would only be willing to pay ..
How are products to be produced? Who is to decide what and how much to produce? Who is to receive the output of the system? The term "consumer sovereignty" means that: "How is the product to be distributed among people when commodities and services a..
Why or why not? More generally, are pricing strategies such as odd pricing, price discrimination, cost-plus pricing, and two-part tariffs valid, ethical economic strategies? Why or why not?
What are government's fiscal policy options for ending severe demand-pull inflation? Which of these fiscal options do you think might be favored by a person who wants to preserve the size of government? A person who thinks the public sector is too la..
Consider two hypothetical countries. In Country A, 20 percent of the labor force is unemployed for half the year and employed for the other half; the remaining 80 percent of the labor force is never unemployed. Discuss which of these countries seems ..
If stakeholders are wrestling with implementing a price increase for some or all of their products in the healthcare industry. What are some factors they should consider? How is this related to healthcare price elasticity?
Juan’s demand function for ice cream cones is QdJuan = 20−5P at prices below $4, and zero at prices above $4. Emily’s demand function is QdEmily = 6 − 2P at prices below $3, and zero at prices above $3.Graph the market supply curves when there are 50..
Suppose there are two types of people who need health insurance; high-risk and low-risk consumers. High-risk consumers have a relatively high probability of needing expensive medical care and on average incur $2,000 of medical expenses per year.
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