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Suppose that a farmer has two very different 100-acre plots of land. Suited for growing rice than corn one is very wet as well as better. This land produces 40 bushels of rice per acre of land or 10 bushels of corn per acre. The other plot is dry and better suited for growing corn. It produces 10 bushels of rice per acre or 20 bushels of corn per acre.
The farmer considers four different plans for how he might use the land:
Plan 1: Plant both fields with rice. Plan 2: Plant the wet field with rice and the dry field with corn. Plan 3: Plant the wet field with corn and the dry field with rice. Plan 4: Plant both fields with corn.
Calculate the four combinations of outputs of corn and rice for these 4 plans. Plot them as points in this graph. (It does not matter what order you use to plot points. It'll not be connected by lines. Also, notice that this time, corn is on the vertical axis.)
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Show the balance sheets of Swede world only commercial bank after the initial deposits
Analyze a situation in which both parties entering into a contract could benefit, economically or otherwise, from slightly ambiguous language contained in the contract.
Semiconductor chips are used to store information in electronic products, such as personal computers. One of the early leaders in the production of these chips was Texas Instruments (TI).
Consider a small economy in which consumers buy only two goods pies and tarts. In order to compute the consumer price index for this economy for two or more consecutive years.
Suppose that in the 1990's, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll. Based on this information, discuss industry concentration.
She is considering quitting her job and going to university full time for four years.
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
Do protectionist policies benefit producers, consumers, workers, or the government
In a typical day the store sells some of each type of cola, which suggests that Major League Baseball has adopted FOA because it fears that regular binding arbitration is addictive.
The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
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