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Q. A farmer has 20 acres of land which can be planted in corn. All of the land is equally fertile. With normal weather also existing production technology (the ability also effort of the farmer; type of seed, fertilizer also pest also weed control methods; tractors also harvesters; also so on), the land can produce 150 bushels of corn per acre.
Pick a point on the horizontal axis to demonstrate the maximum amount of corn which can be grown using the existing production technology. For the next several troubles, ignore the vertical axis. All of the measurements of corn can be represented as points on the horizontal axis, so you will want to select a point located there.
Specify whether you agree or disagree with the statement as it appears on the topic survey.
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Four students from your economics class are sitting in a local restaurant Talk about the marketplace for coffee.
Using the midpoint method the price elasticity of Demand for a good is computed to be approximately
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The rate that does aggregate output, aggregate investment, aggregate consumption as well as per- capita income grow in this steady state.
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The government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially before multiplier effects.
Write down the profit maximization problem of the representative firm. What is the new short run equilibrium price and production.
Illustrate what would happen if too more labor is hired without an addition to capital. Elucidate using economic terms.
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