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A farmer has 5,000 acres of land, 1,000 hours of labor, and 2,000 hours of tractor time to grow two crops: corn and wheat. He expects that he can earn $250 per acre for corn and $200 per acre for wheat. It takes 0.25 hours per acre in labor to grow corn and 0.15 hours per acre in labor to grow wheat. Finally, it takes 0.30 hours per acre of trac- tor time to grow corn and 0.15 hours per acre of tractor time to grow wheat. The farmer's objective is to maximize total net income, given his production constraints. State the dual to this problem intuitively (without equations). Think of the dual prob- lem from a buyer's perspective, someone who wants to buy the resources to the farm. Give enough detail to fully explain the economic interpretation of the dual problem using only words.
the owner of a restaurant is considering lowering menu prices to draw in more customers. he is debating between
What is the break-even revenue?
consider a market characterized by the following inverse demand and supply functions px 50 - 4qx and px 10 2qx.
What will happen within market - What may happen in the market for sunglasses? Please draw and explain the change in the graph.
When the late Francois Mitter and was the president of France, he instituted a number of programs designed to appeal to his “blue-collar” constituency. He raised the income tax rate applicable to the rich and expanded the free, government-provided so..
Calculate the two error measures that you used in other model analysis and comment on the acceptability of the size of the measure.
A major employer has just added health insurance coverage for its employees. Consequently, 5,000 of your patients will pay a $30 copayment rather than the list price of $100 per visit. These patients average 2.2 visits per year.
What impact will the policy in part A have on the market? Illustrate this with a diagram. Use the market for skimmed milk as a guide. Assume the equilibrium price is €1,000 per ton.
Oye and Maxwell's terminology is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
1.the following table reports the consumer price index for the los angeles area on a monthly basis from january 1998 to
Type your question here ON THE BASIS OF TRENDS IN BANK BRANCHES, DOES THE PUBLIC APPEAR TO HAVE MORE OR LESS ACCESS TO BANKING FACILITIES (BRANCHES AND OFFICES) IN THE LAST 20 YEARS?
What impact do natural resources have on economic growth? Will it be possible for a country with few natural resources to grow rapidly? Why or why not.
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