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Suppose that the demand curve for corn is given by the formula Q =100 - 2P.
a. What is the equilibrium price when the equilibrium quantity demanded in the market is 60 units? Calculate the demand elasticity (using the averaging formula) when the price drops by $1 from that equilibrium. (round to 2 digits)
b. Suppose that irrigation technology for corn improves so that more corn can be produced from each plot of land using the same amount of labour, and labour is the only variable input in the production of corn. What do you expect will happen to the total revenue earned from sales by corn farmers in the new equilibrium compared to the old one, i.e., is it likely to increase, decrease or stay the same? Why? (Hint: Start by considering how supply and/or demand are affected.)
Describe some forms of private spending which represent consumption some forms which represent investment.
Consider a bond that has a present value of $1,000. If the annual rate of interest is 7 percent, the future value of the bond after a year is
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. Can businesses be an important cause of inflation or is it a pure monetary eff..
A labor economist wants to know the relationship between education (measured by years of schooling) and annual earnings (measured in $1000). A random sample of 222 workers revealed a correction coefficient of 0.88. Based on the coefficient, Among the..
If you were the CFO of a company that had to decide on hundreds of potential projects every year, would you want to use sensitivity analysis and scenario analysis or would the amount of arithmetic required take too much time and thus not be cost-effe..
d. Perform an annual equivalence analysis for the two options, and state which is the better option and why. Calculate the present worth of the incremental system (1 - 2), and state which option is better and why.
Suppose production function for burritos at Chipotle is Q =4k^1/2 L^1/2.They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. What is Chipotle's short r..
explain exactly how you would take advantage of this situation to create a riskless profit.
Suppose in Fiscalville there is a 0 percent tax on the first $10,000 of income, but a 15 percent tax on earnings between $10,000 and $20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 45 percent. ..
The elasticity of demand is: Whether buyer or sellers pays more of a commodity tax depends on:
In 2000, years prior to the growth of organic and natural food, Kellogg’s acquired Kashi Com. By 2008, Kashi sales had grown 24 times! By 2014, Kashi’s sales were down 17% from their peak. Further, it was determined that its cereals contained GMOs re..
Analyze how inflation could occur in a society that relies exclusively on barter versus money. Speculate what form inflation would take and how you would recognize it. Provide support for your response.
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