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Your job is to predict the total revenue generated by the nation's corn crop. Last year's crop was 100 million bushels, and the price was $5 per bushel. This year's weather was favorable throughout the country, and this year's crop will be 110 million bushels, or 10 percent larger than last year's. The price elasticity of demand for corn is 0.50.a. Predict the effect of the bumper crop on the price or corn. Assume that the entire crop is sold this year, meaning that the price elasticity of supply is zero. Illustrate with a complete graph.b. Predict the total revenue from this year's corn crop.c. Did the favorable weather increase or decrease the total revenue from corn? Why?
Examine whether the introduction of the London Living Wage (LLW) has been good for London and for Londoners. Illustrate your answer using a case study focusing on one particular sector or industry.
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
ntroduction of the Verson Stamping Machine helped firms in the automobile industry: shift their AVC, ATC, and MC curves upward. achieve greater economies of scale. reach their minimum efficient scale at a lower level of production.
Compute the effective annual interest rate 10% nominal interest compounded semiannually, 10% nominal interest compounded quarterly, 10% nominal interest compounded weekely.
Explain the various major reasons why the quantity of education in a country would likely be less than the efficient amount in the absence of any government intervention. Include a carefully labeled and well-explained supply-demand diagram that sh..
you get your first w-2 tax form to file. your boss has been at the company for over 20 years and also has to file a tax
The ECON3305 company was considering a price increase and wished to determine the price elasticity of demand
It can produce 100 cars with 200 workers and 50 machines, or it can produce 166 cars with 300 workers and 75 machines. Would you describe the manufacturer production function as exhibiting decreasing, constant, or increasing returns to scale? Explain..
a pure monopolist determines that at the current level of output the marginal cost of production is 2 average variable
Suppose that in response to a foreign crisis, the government increases defense spending by $50 billion. How would the increase in defense affect the economy How would the effects differ depending on the size and sign of the output gap when the cri..
How does the federal reserve have a high degree of instrument independence? If it has a specific mandate from Congress to achieve "maximum employment and low, stable prices," then how does the Fed have goal independence?
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
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