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Consider the following graph, which depicts the cost curves of a perfectly competitive seller of potatoes. Potatoes currently sell for $3 per pound.
a. To maximize profit, how many pounds of potatoes should this seller produce?Suppose that the potato grower's bank ratchets up the interest rate applicable to the grower's adjustable-rate mortgage loan. This increases the size of the potato grower's monthly mortgage payment.
b. Illustrate the change in the mortgage payment by shifting the appropriate cost curves.
c. Which curves shift? Which do not? Why?
d. How does the change in interest rates affect the grower's decision on how many potatoes to produce?
e. What happens to the potato grower's profit as a result of the increased interest rate? f. How does the change in interest rates affect the shape and/or position of the grower's short-run supply curve?
Suppose that two firms compete in quantities (Cournot) in a market in which demand is described by P = 260 - 2Q. Each firm incurs no fixed costs but has a constant marginal cost of 20. Suppose that after the cartel is established, one firm decides ..
Cash Flow A B C Initial cost $15,000 $27,500 $22,500 O & M costs / year $ 1,600 $ 375 $ 1,100 Annual cost savings $ 7,000 $ 9,500 $ 9,000 Salvage value $ 3,000 $ 7,250 $ 4,500 Using incremental rate of return analysis, determine which alternative ..
Suppose Mr. Macleod likes to consume wine. He has the option to consume two different products, 1 liter of red wine (x) or 1.6 liters of white wine (y). x and y are perfect substitutes. Each liter of wine gives Mr Macleod 1 unit ofutility.(a) Write d..
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Briefly discuss the major theoretical explanations for group formation. Which explanation do you think is most relevant to the study of organizational behavior? Defend your choice.
You know that different types of consumers value your two products differently, but you are unable to identify these consumers individually at the time of the sale. in particular, you know there are three types of consumers ( 1,000 of each type) w..
Studies indicate that the price elasticity of demand for cigarettes is about -0.4.If a pack of cigarettes currently costs $2.0 and the government wants to reduce smoking by 20%, by how much should it increase the price
An investor purchased 100 shares of Omega common stock for 10,000. He held the stock for nine years. For the first four years he received annual end-of-year dividends of $1,000. For the next four years he received annual dividends
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