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Irrigation improves the yield of strawberries per acre (measured in pints) according to the fucntion S= -(w-2)^2 + 50 where S is the number of pints of strawberries grown per acre and W is acre acre feet of water used. strawberries sell for $4 per pint and water costs $6 per acre foot.
A) given an intuitive explanation of the yield function.
B) graph the yield function
C) how much should the farmer irrigate in order to maximaize yield?
D)how much should the farmer irrigate in order to maximaize profits?
E) show that the second order conditions for maximum hold at this level of irrigation?
Select an economy that initially has a labor force of 2000 employees. Of these employees, 1900 are employed and each works forty hours per week. Ten units of output are produced by each hour of labor.
The unemployment rate is a deceptive indicator of the current and future state of the economy. How does the timing of lay off and hiring decisions made by companies describe the misleading characteristic of this indicator?
Describe what happens to price of a bond that pays a fixed percent of the face value every year when interest rates in the economy rise.
when walmart locates in a smaller town, often the local retailers hardware, clothing and appliance are unable to successfully compete and are driver out of business why does walmart have a cost advantage over its competitor and charge lower prices
Compute utility function that corresponds to a constant Arrow-Pratt measure of absolute risk-aversion.
Using the tools of analysis developed in this course, demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society economic welfare.
Compute the gain from trade but you should discuss how comparative advantage is used.
Most students will agree that sleeping in on a school/work day has opportunity costs. Are there opportunity costs in sleeping in on a weekend (assuming you don’t work or go to school on Saturday/Sunday)?
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
Suppose the simple spending multiplier equals 10. Estimate the size and direction of any shifts in the aggregate expenditure line, the level of real GDP demanded,
If a representative firm with long-run total cost given by TC = 50+2q+2q^2 operates in a competitive industry where the short-run market demand and supply curves are given by Qd = 1,410 - 40P and Qs = -390 +20P, its long-run profit maximizing leve..
Using definition of the production possibility curve, which line(Curve) is much preferred.The curve that shows underutilized resources,efficiency of resources or overutilized resources?WHY?
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