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Changes in the Break-Even Price. Consider a switchgrass farmer whose initial break-even price is $76 = $36 explicit cost + $40 opportunity cost for land. For each of the following changes, explain the effects on the farmers production cost and break-even price. (Related to Application 1 on page 523.)
a. The cost of fertilizer increases.
b. The market price of alfalfa increases
w=10, r=25. The price of output is constant at $50. The production function is f(L,K) = L^.5K^.5.If the current capital stock is fixed at 1600 units, what is L* in the short run How much profit will the firm earn
In a competitive industry, the market-determined price is $12. For a firm currently producing 50 units of output, short-run marginal cost is $15, average total cost is $14, and average variable cost is $7. a. Is this firm making the profit-maximiz..
Suppose the store's loading dock faces the entrance of a campus building and the discarded boxes and paper (till they are cleaned out at a particular time of the day) generates a negative externality on the students. The marginal cost due to exter..
Assume the demand function for basketballs is given by QD = 150 - 3P + 0.1I, where P = price of a basketball and I = average income of consumers. Also, assume the supply of basketballs is given by QS =2P. If the market for basketballs is perfectly..
Suppose the market demand curve for a product is given by: Qd = 500 - 15P + 20I and the market supply schedule is: Qd = -25 + 10P + 10K. The initial values are I = 10, K = 5. a) What are the equilibrium price and quantity in this market
Home Depot and Lowes can hire a gardener to maintain a common area for $110 for each of the three summer months (June, July, August). Each month that the common area is maintained, Home Depot expects to gain $100 more profit and Lowes $50 more pro..
your company asks you to analyze two mutually exclusive projects for the coming year. project a will have an initial
Estimate the regression equation - Provide an interpretation of the coefficients on each independent variable in the estimated regression equation.
ASM International, an Australian steel company, claims that a savings of 40% of the cost of stainless steel threaded bar can be achieved by replacing machine threads with precision weld depositions. A U.S. manufacturer of rock bolts and grout-in f..
The estimated cost per flight is $2,000. It expects to fly full flights (100 passengers), so marginal cost (on a per passenger basis) is $20.. The airline's estimated demand curve is P = 120 - 0.1Q,
Explain the viewpoints of classical and Keynesian economists.
The government of Micronia finances its purchases of goods and services with what type of revenue?
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