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3. Xander Harris is considering whether to buy a corn and soybean farm in Iowa. The farm will cost $800,000, and Xander will be able to pay this from profits his recently deceased mother made on the stock market and willed to him. He estimates that if he does not run the farm, and keeps his current job as an economic forecaster, he will be able to earn $40,000 a year. The prevailing interest rate is 9 percent. Xander's only motive is to maximize his income. a) Should he buy the farm, and become a farmer from an accounting viewpoint if his accountant tells him the annual profit from the farm is likely to be: i) $160,000? ii) $100,000? iii) $50,000? b) Since he is currently an economist, Xander decides to recalculate the profit figures in a) according to the logic used by economists rather than accountants. What profit figures does he come up with? Do these new figures cause him to change his mind about becoming a farmer?
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
Assume that you are leaving a message in a time capsule to be opened 100 years from now. Formulate a message you leave regarding the economic times of your lifetime and what could have been done to make our economy better.
The council decides to allow a boat to fish in the lake only if its owner buys a fishing licence. To maximize total profit (of citizens and council), how many groschens should the council charge for a licence?
Given that milk and cookies are complements, suppose the price of flour (an ingredient in cookies) rises. What happens in the market for milk Choose one answer. a. The equilibrium price and quantity rise. b. The equilibrium price rises and the equil..
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
Determine what changes (if any) in the relative proportions of labor and materials are needed to operate efficiently
Why is representative money more useful than commodity money. representative money has value because the government says it does or else.
Suppose the firms compete by simultaneously choosing price and fine the best response function of each firm as a function of the other firm's price. Compute the equilibrium price and quantity for each firm.
Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. The market value of the building is $100,000. She pays $30,000 per year for flowers and other supplies
$3500 is deposited every year with 6% interest each year. 38 equal deposits are made. How much money can be withdrawn in 20 equal payments,beginning one year after the last deposit?
During middle years of this decade, the exchange rate of the United States dollar has declined against the currencies of its major trading partners.
Every summer, tickets are sold for a high demand event, tickets are distributed on a first-come-first-served basis at 1pm on the day of the show, but people begin lining up before dawn. Most of the people in the lines appear to be students.
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