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Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop.
Using a supply and demand diagram, show what happens to the equilibrium quantity and price of corn in the United States.
Explain why you are moving the curve(s) that you are?
Using a supply and demand diagram, show how the changes in the corn market would affect the market for wheat (a substitute for corn).
What are the major institutional changes that take place with economic development? Are these institutional changes causes or mere correlations of growth? Or is growth a cause of institutional change?
illustrate what proportion of the population would score higher than Bob.
Suppose that a firm’s production function is Q = min{K, L}. Currently, the wage is w = 8 and the cost of capital is r = 8. What is the minimum cost method of producing Q = 40 units of output? Suppose that wages fall to w = 4. Keeping total cost the s..
What situation gives rise to a surplus?
At his current consumption basket, his marginal utility for hot dogs is 5 and his marginal utility for sodas is 3.
Trace a copy of this diagram. Graphically depict the substitution and income effects. 2.2. Which effect is strongest? How can you tell?
Determinant of bordered Hessian matrix is 57,600. F. If income went up by $1.00, by how much would utility rise.
q1. clarify how immigration between two countries could be an equalizer of wages as well as economical for both sending
Explain how much would the combined production of pineapples increase for the two islands due to trade. How much would the combined production of pearls increase.
The United States is experiencing a recession and Congress decides to adopt an expansionary fiscal policy to stimulate the economy.
Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. When you arrive at the tailor shop, ..
These three empirical observations are explained by ‘Preferred Habitat theory'. First, completely explain Preferred Habitat theory. Next, explain how this theory explains all three empirical observations.
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