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A farmer grows either corn or wheat on her 1,057-acre farm. Initially, the prices of both are equal to $207 per acre harvested.
The farmer initially grows 1,057 acres of wheat and 0 acres of corn. Suppose the price of corn increases by $102 per acre harvested.
How much does the farmer's revenue change by if she continues to grow wheat even after the price of corn increases?
Discuss why the same types of problems may exist in government as well, where elected officials are the agents and voters are the principals.
Consider that demand elasticity is defined as the percentage change in quantity divided
If the prices of A, B, and C are $2, $3, and $1, respectively, and the consumer has $26 to spend on these three products, illustrate what combination of the three products should be purchased in order to maximize utility.
The airline has an average of 40 passengers paying an average of $200 for this flight. Do you think the airline should be flying between the two cities? Evaluate from a short-run and long-run perspective.
Assume you were doing lunch with your best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was,
You're the manager of a paper mill and have been subpoenaed to appear before a joint session of the Senate Consumer Affairs and the Senate Environmental subcommittees.
GDP only raise by three quarters of the expected amount. Illustrate what factors might be responsible for this situation.
Illustrate what is the likelihood of a second industrial revolution in underdeveloped countries today.
Explain why do you think macro-economics applies to your organization. Give at least two examples of macro-economic actions that could affect your organization.
Elucidate this point of language so that it is understandable to someone untrained in economics.
Using aggregate supply and aggregate demand examine, describe what effects, if any, the following changes have on each nation's Price Index and real GDP.
Do comparision with the economics of the two following service producing alternatives.
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