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The agriculture techniques of many primitive cultures share a common feature. There are very few large plots of land; instead, each farmer owns several small plots scattered around the village. Anthropologists have long questioned the reasons for this scattering, because it is more efficient for a farmer to farm a plot of ground that is not scattered over many areas. Why is it rational for these farmers to own many disperse plots of land (and give up output because it is less efficient) instead of consolidating their holdings by trading land with other farmers? (Assume that it is costless to trade.)
This problem uses a utility function of the form U = 1 – exp(-0.002 X Income) where exp(z) means “ez”. The problem analyzes a gamble in which Income = 1,000 with probability 0.4 and Income = 3,000 with probability of 0.6. Calculate the expected incom..
A recent strike by the labor unions, in the U.S., led to a huge change in the working environment. As a result, not only were employees provided better working conditions and higher salary, but also guaranteed long term job security. Would this affec..
How might the firm deal with the problems that such a strategy poses?
The intercept of a compressed demand function is 10,000 and the coefficient of inverse demand function is – 0. 4. Calculate the following: demand curve ; total revenue curve ; profit maximizing price, when MC = $0.
Provide an interpretation for the budget constraint. Explain what the slope of the budget constraint is. Explain what sign cant about the point of tangency is between highest in difference curve and the budget constraint. At this point of tangency, w..
illustrate what do you think will characterize the goods which the EU exports to the United States also the goods which the United States exports to the EU.
If a firm decreases the price of its product and demand for the good is inelastic, its total revenue will decrease. If a firm decreases the price of its product and demand for the good is elastic, its total revenue will decrease. As the price of X fa..
Consider the AD/AS model of the economy built from the IS/LM, and assume that the SRAS is upward sloping. The economy is currently operating at the full employment level of output. What are the short-run effects of the decrease in the MPC? What are ..
Economists frequently point out that factor movements between two countries can be a substitute for goods movements between the countries in terms of the impact on relative factor prices in the countries. Explain why the two types of movements can be..
Milliken uses a digitally controlled “dyer” for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased for $400,000. Its market value will be $310,000 at the end of the first year and dro..
Using only.gov Websites report the current GDP, the current Federal deficit, the current Federal debt, the bottom line of the current (last) budget approved by Congress (surplus or shortage). Note that the fiscal year for the federal government is Oc..
Hospitals are facing unprecedented financial challenges from entrepreneurial physician initiatives that are establishing competitive, freestanding diagnostic and treatment centers, and specialty hospitals. In your opinion, what are the advantages and..
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