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1. What are the highest and lowest payments from the writer that the bookkeeper farmer team will accept for the 6th day? Assume that the farmer can dispose of $7 from the writer as she wishes, what range of payments will the beekeeper accept? Assuming that the beekeeper gets that amount, what range of payments will the farmer accept? Answer the same question for the 5th day.
2. Some fields have large enough quantities of both oil and natural gas that coordination must be achieved for the production of both, rather than oil alone as in our examples. Will fields with both oil and gas have greater difficulties in unitization than fields with oil or gas alone? Explain. 2. Why might a parent company like McDonalds 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. Why is (or isn't) this fact consistent with our discussion of specific investments?
3. Every so often, a disgruntled college graduate sues her school on grounds that her tuition payments did not land her the good job she was expecting when she started there. Courts invariably throw out cases like hers. They are, however, willing to entertain suits against trade schools by graduates who make the same claims about inability to qualify for jobs that use the skills they learned in them. Why the difference?
Assume that the banking system's nonborrowed reserves total $48.3 billion, with total legal reserves standing at $51.2 billion. What must lent reserves be?
How do you know that the firm represented in the graph above is a purely competitive firm and to maximize profits, this firm will produce at what output level and explain why this MR=MC position is the profit-maximizing position for any firm.
Explain the relationship between Cola Magic and Lemon Heaven Soda and explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
Explain the median housing price in a community
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
Increasing jet fuel values recently led most major United States airlines to raise fares by approximately 15%. Describe how this substantial increase in airfares would affect the following;
What is the initial effect of the tax reduction on aggregate demand? What additional effects follow this initial effect? What is the total effect of the tax cut on aggregate demand?
Does your answer to Question 16a Change if buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers?
Using the following equations Qs = 13,000P and Qd = 48,000-6,000P. Plot supply and demand curves (require a graph). Determine the equilibrium price?
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
Suppose the government cuts its purchases through $120 billion. As a result, budget deficit is decreased by $40 billion, private domestic saving reduced by $10 billion,
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