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1.Wheat can only be sold at a central market place M. All producers that do not produce it at M need to haul it there in 11order to sell it and will incur transportation cost. People are willing to pay $222 per ton of wheat; its marginal production cost equals $10 per ton. Freight cost per ton and mile is given by T=2x0.5, where x denotes the distance from M in miles. (a) Calculate the maximum distance to the east of M at which the good will be produced. (b) Do the transportation cost exhibit increasing, decreasing or constant economies to distance?
2. Refer to the one-directional (just to the east) von-Thünen Model and assume that the willingness-to-pay for wheat is $42.50 per bushel. Marginal cost production equals $7.50 per bushel and fixed production cost is $10. a) We find that the marginal wheat fields (i.e., those with the maximum distance from the market place) are located 5 miles from the market place. Assuming constant marginal transportation cost, what is t? b) What is the land rent at x=0
3. Assume the distance between the resource (R ) and the market (M) is 10 miles. A firm’s procurement cost is given by PC=20+9x, where x is the distance from the resource measured in miles. The firm’s distribution cost is given by DC=(10-x)3. Again, x is the distance from the resource. (a) What is the Total Freight Cost at x=10, x=5, x=0. Where should the firm locate? (b) How does your answer to all parts under (a) distribution cost also includes a fixed (i.e., distance-independent) cost of 20?
Illustrate what kind of gap-inflationary or recessionary-will economy face after shock and illustrate what type of fiscal policies would help move economy back to potential output.
Suppose a young couple with an 8-year old son attempt to save for their son’s college expenses in advance. Assuming that he enters college 10 years from the present, they estimate that an amount of $12,000 per year in terms of today’s dollars will be..
A risk neutral monopoly must set output before it knows for sure the market price. There is a 50% chance the firm’s demand curve will be P=20-Q and there is a 50% chance it will be P=40-Q. The marginal cost of the firm is MC=Q. The expected profit-ma..
What are the strength of the neoclassical models of labor supply and labor demand. What are the weakness of the neoclassical models of labor supply and labor demand.
Answer the question below by assuming that the following conditions prevail in the banking system: Reserve requirements equal to %10 on demand deposits accounts. Currency in circulation amount to $40 billion - Savings and Time deposits amount to $400..
q1. consider an income guarantee program with an income guarantee of 6000 and a benefit reduction rate of 50. a person
What is the average time period for the introduction of a new drug into market? Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)? Which one of the following basic findings about for-profits is no..
1. Based on research, summarize the economic booms that India and China enjoyed within the past few decades. What economic policies do they have in common?
Provide examples of different tools businesses use to identify the elasticity of their different customers. Also elucidate how the financial aid department determines student elasticity.
assume that the low-calorie frozen microwavable food company from assignments 1 and 2 wants to expand and has to make
Assume there is a Worker who has a utility function over money income m and leisure l is u(m,l)=(m*l)^1/2. This worker choose how many hours to supply to the labor market where h=16-l subject to the market hourly wage w.
Suppose that Congress is successful in passing a large tax increase that actually be enacted this year. Using three separate aggregate supply and aggregate demand graphs,
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