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Florida Citrus Mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to the price and output of Florida oranges under the conditions below. What are your predictions? For each part, sketch a graph showing the appropriate demand and supply analysis.
Suppose an economy’s real GDP is $46,000 in year 1 and $49,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?
What is being held constant when the supply curve is constructed for a specific good like pizza or automobiles? Explain why the supply curve for a good slopes upward to the right
Illustrate what is the marginal cost of a string. Calculate marginal revenue and marginal cost for each quantity.
This will mean replacing one of the weekly passenger flights with a freight flight
Public health information can be broadcast at a cost of $100. Public health information is a pure public good, in that many people can use the information simultaneously and preventing people from using the information is very difficult. One group of..
In the following cases, explain what happens to demand or quantity demanded and how the change would be shown on a graph of the demand schedule. Assuming that tickets to an NFL game are normal goods, what is the effect of an increase in the incomes ..
Is it unethical for the American government to engage in global trade with countries that degrade women, imprison political dissidents, censor information, and the like?
Keynesian economists think that _________the key determinant of consumption and spending. Classical economists think that the higher the_______ , the more people will save, which means that they will consume less. A person's _______about how much inc..
Do the following variables have a positive, negative, or roughly zero correlation in a cross- section of countries: GDP per capita and the number of books published (hard copy + electronically) per capita?
Draw their budget set (the combination of housing and other goods that they can afford) in housing-other goods space
Consider the following scenario: The city council has just approved the construction of a water park in your town. You are responsible for studying the impact of the new water park on the local economy and the surrounding community.
A primary cause of inefficiency in government is that. According to the survey reported in the text, most people believe that health related goods and services should be allocated by the ___ allocation mechanism. An illegal drug dealer will maximize ..
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