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1. It would be reasonable for a typical purely competitive wheat farmer to lower his price per bushel in order to sell more. The higher sales level will cause average fixed cost to decrease and this will result in more profit for the individual farmer. True or false, and why?
2. In other situations it would be reasonable for a purely competitive wheat farmer to raise his price per bushel because he could reduce his variable costs by selling less at a higher price. True or false, and why?
3. Using the tableas a guide, can you make a reasonable guess as to what percentage of the US labor force is currently employed in agriculture? Hint: Look at the numbers for the developed or wealthy nations and use them as your guide.
4. Look at the graph. Is the market demand curve in this graph elastic or inelastic? Can you calculate the elasticity value in the $3 to $5 price range using the midpoints formula for elasticity? El = (Q1-Q2)/(Q1+Q2) divided by (P1-P2)/(P1+P2) For the purpose of this calculation, assume that Q1 = 3 and Q2 = 3.50. Hint: Your numerical result should be inelastic.
6. Suppose that a price support system for cotton requires the federal government to pay farmers $3,000 per acre to not plant cotton. How would you shift either the supply or demand curve for cotton to illustrate the effect of this action? In your answer describe only one shift.
Illustrate an advantage of each strategy and under what conditions you might use each. How do market prices differ between perfectly and imperfectly competitive markets.
Suppose two identical firms produce widgets and they are the only firms in the market. Find the Cournot-Nash equilibrium.
Use the following information to answer following questions, Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
Illustrate what happened to employment during the rest of 2008. What are some of the alternatives to a tax cut that might have been used.
You learn that the demand curve facing a monopolist can be written as P = 100 - 5Q, and the monopolist's marginal costs are constant at MC = 60. There are no fixed costs. Write down the equation of the marginal revenue curve for this monopolist.
The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers.
All stratified societies have groups of individuals that do not produce, but still receive a ‘cut' of the social surplus. How does Diamond (in his book) argue that these ‘privileged' individuals manage to convince productive members of society to ..
Discuss the appropriate discretionary fiscal policy that the government should adopt, given the above situation.
Elucidate price every ride must the public transportation authority charge to eliminate the deficit if it cannot reduce costs
Select a nation from the Index and bring in additional source material to explain its ranking and how it has changed over the last 5-10 years.
why might a parent company like McDonald s or Hilton choose to franchise its local outlets rather than own them and staff them with employees In many smaller cities all McDonald's outlets are owned by the same franchisee.
Illustrate what is the value of a two-month call option to buy Sony at $26. Illustrate what is the value of a two-month put option with an exercise price of $26.
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