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Suppose Farmer Lane grows and sells cotton in a perfectly competitive industry. The market price of cotton is $1.60 per kilogram, and his marginal cost of production is $1.54 per kilogram, which increases with output. Assume Farmer Lane is currently earning a profit.
Can Farmer Lane do anything to increase his profit in the short run?
Farmer Lane
a. cannot do anything to increase his profit.
b. may or may not be able to increase his profit.
c. can increase his profit by raising his price.
d. can increase his profit by producing more output.
e. can increase his profit by shutting down.
Explain how Steve Jobs revolutionized 6 industries (personal computers, animated movies, music, phones, computing, digital publishing. Describe his marketing strategy.
Suppose that trade off between work N and leisure L for a constant level of utility of 200 is expressed as u(n, L) = NL or 200= NL the budget constraint is l =24-w/P)N for a wage rate of w/P=4 determine the number of our devoted to work and leisure
Compare and contrast the three different perspectives on sustainability.(weak substainability, Strong sustainability, ecological sustainability). What is your perspective and how would you classify it given the three general views of sustainability w..
The dominant factor affecting medical care delivery and finance in the 1990s was. What is the most important factor leading to rising health care costs in the United States since 1980? Pharmaceutical companies receive patents as an exclusive right to..
When the price level rises, the long-run aggregate supply curve ________.
Assume that the market for wheat is perfect competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q. W..
Your income has recently dropped from $60,000 per year to $45,000 per year. You have come to realize that you are only buying three bottles of wine a week now where as you used to buy six bottles of wine when you made $60,000 a year. Describe wine as..
Suppose we refused to sell goods to any country that reduced or halted its exports to us. Who would benefit and who would lose from such retaliation. What could you suggest alternative ways to ensure import supplies.
According to studies undertaken by the Department of Agriculture, the price elasticity of demand for cigarettes is approximately -0.3 and the income elasticity is approximately 0.5.
The maintenance costs are $1,000 per year for the first 20 years and $3,000 per year thereafter during an infinite life span. With interest at 8% per annum, how much is the present worth of the annual disbursements?
What should be the marginal cost of a monopoly firm selling textbooks to students in a small town and is currently maximizing profit by charging a price of $48 a book and the elasticity of demand is 3/2?
Suppose the price is currently $2. Illustrate what problem exists in the economy. What would you expect to happen to price.
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