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A purely competitive wheat farmer can sell any wheat he grows for $10 per bushel. His five acres of land show diminishing returns, because some are better suited for wheat production than others. The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800, and so on. Draw a table with multiple columns to help you answer the following questions. How many bushels will each of the farmer's five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre? If the marginal cost of planting and harvesting an acre is $7,000 per acre for each of the five acres, how many acres should the farmer plant an harvest?
Wilpen Corporation, a price-setting company, manufactures nearly 80% of all tennis balls purchased in the United States.
what it is doing, given its high cost. You consider paying them some amount per period so that they would stop producing in this market. Based on (b) and (c), what is the highest amount you are willing to pay them per period, including any transac..
When the price of ham is $7 per pound, John buys 3 fish per week. When the price of ham rises to $13 per pound, John buys 7 fish per week. Find the cross-price elasticity of demand for fish for John.
A firm produces a product with a fully allocated average cost equal to $20. If the price elasticity of demand for the product is -5,what should the product price be set at
1. What is the consumption spending C at the equilibrium 2. The government is willing to consider an increase in public spending only if the multiplier is higher than 1.5. Base on your calculations will the government implement the increase in govern..
Many retirement funds charge and administrative fee equal to 0.25% on managed assets. Suppose that Alexx and Spenser each invest $5,000 in the same stock this year. Alexx invests directly and earns 5% a year. Spenser uses a retirement fund and ear..
The table below shows the total cost of cleaning classrooms at various outputs: 5. Classrooms cleaned per evening 0 3 4 7 8 12 13 16 17 Total cost $100 $200 $240 $300 $330 $400 $440 $500 $600 a) Calculate fixed and variable costs of cleaning 0, 3,..
If the ratio of currency to transaction deposits is 2, the ratio of nontransaction deposits to transaction deposits is 5, the ratio of retail money-market funds to transactions deposits is 1, the ratio of required reserves to transactions deposits..
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Suggest how fiscal and monetary policy can move those numbers to an acceptable..
Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys only 10 red apples. In year 2, red apples cost $2, green apple costs $1, and Abby buys only 10 green apples. a. Compute a consumer price index ..
If Wachovia bank receives a $10,000 deposit, and the required reserve ratio is 0.10 (= 10%), how much can the bank loan out? Assume that Wachovia keeps zero excess reserves and only keeps the required minimum reserves.
The price elasticity of demand for a firm's product is equal to -1.8. the firm currently sells 4,000 units per day at a price of $2. if the firm increases its product price by 10%, then how much can it approximately sell
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