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"Between 1997 and 2001, many apple farmers switched from traditional to organic growing methods, increasing production of organically grown apples from 1.2 million boxes per year to more than 3 million boxes." If the market for organic apples is perfectly competitive, which is inconsistent with the statement above?
suppose that a researcher discovers that a measure of the total amount of debt in the U.S economy over the past 20 years was a better predictor of inflation and the business cycle than M1 or M2. does this discovery mean that we should define money..
The services of a certified psychologist cost $110 per hour, and an extended health plan covers 50 percent of that cost. Under the plan, the clients covered used 625 hours of this service in a typical three-month period. To save money, the extende..
Consider the short-run situation of a market with three identical firms producing homogeneous outputs. Each firm's total cost function is C(q) = (1/2)q2, where q 0 is a possible output. Market demand is given by Q(p) = 2-2P a. Find the best respon..
If Burton was driving trucks for one of the competing trucking firms, he would earn $5,000 per month. Burton is proud of the fact that he is generating a net cash flow of $7,000 ($25,000 - $18,000) per month, since he would be earning only $5,000 ..
You have decided to purchase a small tract of land for building a new home on the outskirts of town. You have some money available but need a loan of $18,000 to make the purchase. The land will be owner-financed over 4 years with end-of-year payme..
Last year, Maria's income was $1,800. Milk cost $1 per gallon. Bread, which is very expensive where Maria lives, cost $3 per loaf. This year, her income is $3,600. The price of milk increased to $2 per gallon, and the price of bread increased to $..
Computers are sold competitively. Each computer, such as a Dell or Compaq, contains an operating system, such as Windows, that is pre-loaded on the computer. Suppose that the price of computers is $2000, and the price of an operating system is $10..
How do you relate the most recent unemployment rate (Look for Jan, 2012 data on unemployment rate) to your conclusion of this question indicating if the US economy is in a state of full employment. Feb 2012 unemployment data will be announced on M..
Suppose that when a hotel charges $50 per night, 200 rooms are rented and when they charge $75 per room, 150 rooms are rented. Assuming a linear relationship between x, the number of rooms rented and y, the price charged per room.
Imagine a market setting with three firms. Firms 2 and 3 are already operating as monopolists in two different industries (they are not competitors). Firm 1 must decide whether to enter Firm 2's industry and compete with Firm 2, or enter Firm 3's ..
a. Determine the Equivalent Annual Costs of the two alternatives and recommend the economically superior system.b. Determine a Salvage Value for the Beta system such that the Beta system will have an Equivalent Uniform Annual Cost equal to the Alph..
In the early 1980s, Brazil and South Korea had similar saving rates ( around 17%) and similar levels of income per capita ( around $6,000 in 1996 dollars). In the 1980-2000 periods, the average Brazilian saving rate stayed around 17%, whereas the ..
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