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Represent the situation as a game and find the optimal strategy for each player. State your final answer in the terms of the original question. A farmer grows apples on her 500-acre farm and must cope with occasional infestations of worms. If she refrains from using pesticides, she can get a premium for "organically grown" produce and her profits per acre increase by $500 if there is no infestation, but they decrease by $100 if there is. If she does use pesticides and there is an infestation, her crop is saved and the resulting apple shortage (since other farms are decimated) raises her profits by $200 per acre. Otherwise, her profits remain at their usual levels. No worms Worms No pesticides Pesticides r1 = r2 = c1 = c2 = v = How should she divide her farm into a "pesticide-free" zone and a "pesticide-use" zone? (Round your answers to two decimal places.) The farmer should set aside acres for pesticide-free apples and use pesticide on the other acres. What will be her expected increase in profits per acre with this strategy? This strategy will increase her expected profits by $ per acre.
Explain the concept of a reference price and how it relates to the psychology of the consumer. Further, explain and discuss how firms can more easily integrate efficient economic pricing practices without facing a backlash from consumers. use theory ..
A firm’s production function is given by: f(L,k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)
The 2001 recession ended in November 2001, but the perception of "bad economic times" lingered into 2002 and 2003. What evidence do these graphs provide concerning the lingering perception of a recession.
The Chicago Board of Trade voted to create a private market for right to emit sulfer dioxide. The Clean Air Act of 1990 established a limit, beginning in 1995, on total emmissions of sulfer dixoxide from 110 power plants. Given that firms can exceed ..
For each of the following, use the concept of revealed preferences to rank the two bundles of goods. If you cannot rank them, explain why. The price of 3 Brooks Brothers suits is $3000. The price of one Anderson and Sheppard suit is $5000. Bruce choo..
Comparative statics in Solow's Model. Explain how the following events affect output, capital and consumption per unit of labor in the long run and along the transition according to Solow's Model:
You purchase a 20-year bond today with a $10,000 face value that makes annual coupon payments at a 5% coupon rate. If the yield to maturity on 20 year bonds at the time of purchase was 4%, how much did you pay for the 20 year bond? After holding the ..
Given a firm’s revenue and cost functions: Construct a profit function, determine the level of Q that maximizes profits, and prove that it is a maximum by invoking the second-derivative test
Between Q1, 2014 and Q1, 2015 measured Output in the non - farm business sector increased by 3.2%. During this time period the unemployment rate fell from 6.6% to 5.5% and total hours worked in the nonfarm business sector increased by 2.8%. What was ..
The agreement required the tobacco companies to pay the states $246 billion over twenty- five years. The tobacco companies are going to have raise prices to be able to pay the states.
Development economists consider the phenomenon of child labor as an example of ‘bad equilibrium’. Discuss briefly any two alternatives to a complete ban on child labor.
If international trade increases prices, employment, and wages among more competitive and efficient producers but has the opposite effects among less competitive and efficient producers, why should anyone listen to opponents of international trade? E..
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