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1. Explain the following terms: subsistence farming, shifting cultivation, Latifundios and minifundios.
2. How would you define ‘land Gini'? Explain why land Gini is so much higher in Latin America, compared to Asia.
3. Distinguish between a tenant farmer and a sharecropper. Whose exposure to risk is greater and why?
4. The graph, drawn above, shows the average product of labor and the marginal product of labor applied on a fixed resource, like land. Explain why the resource is overused (Lc labor units are applied on the resource), if it is a common property but it is properly used (L* labor units are applied on the resource), if it is privately owned.
Given the above information, in this hypothetical economy what is the equilibrium price level and the equilibrium level of real output? Using Excel, graph both the aggregate demand and aggregate supply curves. Can there be equilibrium level of out..
Explain the role of incentives in the market and discuss the government’s use of incentives.
What was the equilibrium price in market before the tax and what is the amount of the tax and how much will the buyer pay for the product after the tax is imposed?
Provide a brief synopsis of the issues - Discuss the relevance of economic / financial theories and concepts to the issue(s) presented in the article.
Consider a firm in a perfectly competitive industry with the following cost structure: VC (Q) = 10 Q2 + 50 Q, FC = 4000 and MC (Q) = 50 + 20 Q. If the market price is Pm = 40, in the short-run this firm will produce
The technology of a company making high end, solid gold bracelets in Soho (NYC) is explained through the production function;
What must occur to Aggregate Demand and Aggregate Supply in order for the U.S. economy to experience an increase in Real GDP,and at the same time, not experience a significant increase in the price level
Explain how one of the components of the GDP would help you to predict the amount of inventory to keep in stock if you were the owner of a retail store and were placing a merchandise order for the next few months.
When the average total cost curve is rising, then the marginal cost curve will be?:
What is the efficiency paradox, and how does this Catch 22-create winners and losers when operating budgets are reduced?
Economists argue that appropriate corrective taxes or tradable pollution rights will result in efficient pollution reduction. how do these approaches target the firms that should undertake bigger reductions
if the u.s dollar were to appreciate substantially what steps could a domestic manufacture like cummins engine co. of
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