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A farmer has 120 acres on which to plan wheat or corn. Each acre of wheat requires $20 capital and 2 hours of labor. Each acre of corn requires $35 capital and 6 hours of labor. Labor costs are $8 per hour. The farmer has $2000 available for capital and $2400 available for labor. If the revenue is $50 from each acre of wheat and $120 from each acre of corn, what planting combination will produce the greatest total profit? What is the maximum profit?
During the real estate boom of the mid-1990s, the price of new and existing homes rose year after year, yet people purchased more homes year after year. Is this outcome best explained as an exception to the law of demand, or is a different explanatio..
Some politicians and financial/economists argue that the U.S. must embark upon an era of “financial repression” in which wealth must be kept from fleeing the country and must be taxed heavily within the country. What would be the rationale for financ..
Market that gives auctions, request for quote postings, and other features to firms that want to operate their own marketplace.
This discussion will require some thought. Reread the section on Nash Equilibrium. In all of the market structures except oligopoly, firms identified the level of output at which MR = MC, produced that level of output, and charged a price dictated by..
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently? Why or why not?
q1. suppose that people consume only three goods as shown in the table tennis balls golf balls bottle of gatorade2009
Why does the government intervene in the economy? Should they and what would the impact be if they did not?
q.you possess the following information about ipath. the price elasticity of demand for ipath is -2.5 the cross price
Compute the price, output, and profit contribution if the product is not certified.
Assume that the demand for ethanol, a corn-based alternative fuel, decreases. As a result, ethanol producers petition the Environmental Protection Agency (EPA) to raise the allowable amount of ethanol in gasoline blends from 10 percent to 15 percent...
Assuming that the price of fuel is $5.00/G and is increasing at a rate of 4%/year while the discount rate is 6% calculate the equivalent level zed price over 20 years
An economy adjust on its own to close a recessionary gap because there is
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