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Let's explore the business of Farmer Ted. The farmer has two fixed inputs that he owns: A tractor, which Ted can rent out for $24000 per year if he doesn't use it on his farm at all in the year, and land which is currently valued at 1 million dollars. The only variable input is labor. The output of the farm per year depends on the quantity of labor hired per year in the following way: L Q L Q 1 10,000 6 90,000 2 25,000 7 100,000 3 45,000 8 106,000 4 63,000 9 108,000 5 78,000 10 107,000 a) Calculate the Marginal Product and find at what level of labor diminishing returns sets in (1 point) Ted is currently producing 100,000 bushels of hops per year for which he receives a price of $2 per bushel. Ted pays $10,000 per worker per year. Currently Ted does no work on the farm. He instead works as a stockbroker earning $50,000 per year. Being a stockbroker, he is aware of opportunities that would allow him to invest his money safely and earn 10%. b) Find the economic profit per year for Ted's farm at current production levels. How will this number look different than the accounting profit described by Ted's bookkeeper? (2 points) c) Ted is worrying that the farm is not as profitable as he would like. He is decides to do some of the farm work he is currently paying for. He would no longer have time to do his work as a stockbroker but would still be aware of the same investment opportunities. If Ted has the same farming skills as a person he hires and wants to keep the same level of production, show what would happen to his accounting and economic profit with this decision Is this a good idea? Would it be a good idea if Ted was as productive as two workers?
Revitalize the Housing Market
Use the following outline to make a 6-8 page paper on Israel'seconomy from a cross cultural prospective.make it astraightthrough essay it does not need to beusing the outline titles for each section
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
Solve for the optimal bundle using Lagrangian optimiation, and simplify as much as you can. Don't forget to consider both interior and corner solutions.
a software producer has fixed costs of 30000 per month and her total variable costs tvc as a function of output q are
Suppose the equation for the LM curve is Y=13500+100r. Use this equation to explain the level of income at which there is a zero lower bound on the federal funds rate, the interest rate that the Fed controls.
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some fields have large enough quantities of both oil and natural gas that coordination must be achieved for the
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Describe the competitive environment within the industry. Is there a dominant firm? Are the other firms follow or actively compete? How do they compete? (For example, by using price, advertising, quality or some other variable.)
Research in developing countries indicate that the incidence of child labor actually rose in some countries as incomes (and wages) of poor families increased. This is difficult to understand since many people assume that as incomes rose, the inci..
Industry structure is often measured through calculating the Four-Firm Concentration Ratio. Assume you've an industry with 20 firms and the CR is 30%. How would you describe this industry?
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