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Q. In class we discussed the idea that small farmers are sometimes price takers, i.e. the price of wheat are set in the global marketplace. Assume a small farm produces soybeans that sell at a market price of $6 a bushel. In addition, the farmer understands her cost structure for production; her total cost for producing "q" bushels is given by:
TC = .1q^2+ 2q + 100
a. Does this farm has increasing returns to scale, stable returns to scale, or else decreasing returns to scale? Explicate how you can tell.
b. Find the profit-maximizing choice of q for this miniature farm; also compute profits that will be earned at this choice of q.
c. Draw a graph illustrating this situation and labeling the choice of q.
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Use your knowledge of the problems associated with asymmetric information to elucidate why insurance companies often include deductibles as part of their policies.
Each can produce the next generation super computer for math (M) or for chip research. However, only one can successfully produce for both markets simultaneously. Find the Nash equilibrium (include the payoff in your answer), and elucidate why it i..
Assume there is a drought that destroys a large portion of the tobacco crop. Explain what happen in the marketplace for tobacco.
1. you are a commuter student at a local university. because of the steep rise in gasoline prices your parents decide
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q.gdp taxes di c i g cig1250 200 800 300 200 1500 200 1000 300 200 1750 200 1200 300 200 2000 200 1400 300 200 2250 200
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