What is a prisoners dilemma, Microeconomics

Assignment Help:

1. Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubled her workers to 2, and grew 4,500 pounds of herbs. She sells her rare, organic herbs for $50 a pound. She pays her a worker $25,000 a year and rents her land for $100 per square foot for a year. These are her only costs.

a.  What was Ayanna's total cost last year and this year?

b.  What was Ayanna's average total cost last year and this year?

c.  Did Ayanna experience economies or diseconomies of scale?

2. a. What is a prisoner's dilemma?

b. Why would a firm in a monopolistically competitive industry advertise?

 


Related Discussions:- What is a prisoners dilemma

What do you meant by derivatives, Q. What do you meant by Derivatives? ...

Q. What do you meant by Derivatives? Derivatives: A derivative is a financial asset whose resale value depends on the value of other financial assets at different points in tim

Microeconomics, when the demand function is 2q-24+3p=0,find marginal revenu...

when the demand function is 2q-24+3p=0,find marginal revenue when q=3

Aggregate demand and supply , using the aggregate demand and supply model (...

using the aggregate demand and supply model (x axis is national output and y axis is price level) if an economy is in a state of disequilibrium where supply is excess of demand u

How it can be possible for increases in the minimum wage, The minimum wage ...

The minimum wage was increased in 1996 amid cries by various economists that it would cause unemployment. Critics shown that the last time the minimum wage went up the si

Define injections and withdrawals, Define injections and withdrawals.  ...

Define injections and withdrawals.   "The inflows in circular flow of income are known as injections". Investment, government spending and exports are there in injections "The

Microeconomic theory homework, In this section, we ask you to write down a ...

In this section, we ask you to write down a simple, formal, mathematical model. A small number of points will be awarded for an intuitive discussion of the problem, but most of the

How is microeconomics differed from macroeconomics, How is microeconomics d...

How is microeconomics differed from macroeconomics? Microeconomics focuses onto how decisions are made through individuals and firms and the effects of those decisions. For exa

Large economies of scale, is the industry of electric power on the large e...

is the industry of electric power on the large economies scale

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd