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Suppose a freeze in Florida destroys part of the Florida orange crop.
a. Explain what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze.
Can you say what happens to the demand for orange pickers? Why or why not?
b. Suppose the price of oranges doubles and the marginal product falls by 30 percent. What happens to the equilibrium wage of orange pickers?
c. Suppose the price of oranges rises by 30 percent and the marginal product falls by 50 percent. What happens to the equilibrium wage of orange pickers?
government introduced an earned income tax credit. This reform has been considered controversial. a. Analyse the likely effects of the tax credit. b. What are the arguments in favour of the tax credit
The average total cost of operating a clinic is $800 per patient if the volume is one hundred patients, and $790 each patient if the volume is 110 patients. Find the total cost at each of these two volumes?
Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service. Discuss how price plays a role in short-run and the long-run decisions and how managers are likely to respond in each..
Discuss and indicate the importance of the major components of population growth from 1800 to the present. Give socio-economic explanations for the major changes in each component.
The company selling the good x starts an advertisement campagin that has the following effect on the consumer he makes decisions as if maximizing a decision utility function.
Doesn't the labor theory of value imply that people should write the labor content of their commodities on the price signs instead of amount of money? How would you answer your friend?
The purpose of advertising & other forms of non-price competition by a firm is to shift the Demand curve to the Right or Left.
What policy did the Fed and other central banks around the world use to try to stabilize the economy during the financial crisis ?
Discuss how time costs affect health care demand, and speculate on this and possible other reasons for the lower observed per capita demand for health care in the western United States. Suppose a household does not carry health insurance. Can we co..
How much quantity does each individual firm produce? Using your answers from a) and b), determine if an individual firm is making a profit or loss and calculate this amount.
Recently, there has been a lot of press about high lead content in toys made in China. This negative press can affect the foreign exchange rate in the United States dollar and Chinese yuan.
The budget deficit is of tremendous concern and all law makers agree that some measures should be taken to reduce it. However, The Republicans see the issue as a spending problem, while the Democrats see it as a revenue problem.
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