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The prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle andhorses can step in, and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demandfor prairie dogs as pets. In some areas, prairie dogs can sell for as high as $150 each. Cattlemen are now fencing offprairie dog towns on their land so these towns will not be disturbed by their cattle.We learned about the production possibility frontier, which shows all possible combinations of two goods a countrycan produce with given technology and inputs, if it fully utilizes all its resources. Now use the concept of a PPF todraw a rancher's production possibilities frontier showing increasing opportunity cost of cattle production in termsof prairie dog production. Using a separate graph for each situation, show what would happen to the initialproduction possibilities frontier in each of the following situations:a. The outcome is efficient, with ranchers choosing to produce equal numbers of cattle andprairie dogs.b. As a protest against the government introducing the gray wolf back into the wild in their state,ranchers decide to withhold 25 percent of the available grassland for grazing.c. The price of prairie dogs increases to $200 each, so ranchers decide to allot additional land forprairie dogs.d. The government grants new leases to ranchers, giving them 10,000 new acres of grasslandeach for grazing.e. A drought destroys most of the available grass for grazing of cattle, but not for prairie dogssince they also eat plant roots.
What are the current implications of high energy costs in the information sector and what is the potential significance of using cloud computing technologies to lower energy consumption?
Begin by explaining fiscal policy.
When te price of milk increases from $2.35 to $2.50 per gallon, the quanitity demanded falls from 100 gallons to 90 gallons. When the price of paperback books fall from $7.00 to $6.50, the quantity demanded rises from 100 to 150.When the rent on apar..
1. consider the production function y min x1 x2 a. is this production function strictly concave?b. does this
suppose you have just been appointed to a high level position in the economic analysis unit of the state department.
Is annual money income a good measure of economic status? Is a family with an $80,000 annual income able to purchase twice the quantity of goods and services as a family with $40,000 of annual income? Is the standard of living of the $80,000 family t..
Determine the market equilibrium conditions in this market for Wides and summarize your recommendations or advice to Barks concerning market conditions and production levels.
Explain what he has done wrong on each graph and what assumption of preferences is violated by each particular graph.
A light duty pickup truck has a manufacturer's suggested retail price (MSRP) of $14,000 on its window. After haggling with the salesperson for several days, the prospective buyer is offered the following deal:
Two centuries ago there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while the buffalo are virtually extinct. Why?
A perfectly competitive industry has an inverse demand for its output given by p Q = ? 100 , and its supply function is given by MC Q = + 30 . The process of making Q also generates pollution, g, in the amount g Q = ? 0.5, and the total external cost..
When the government mandates that firms supply a particular benefit, it is usually the case that . (We exclude the case that cost is less than valuation)
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