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Record U.S. corn crop, up 24%, is forecast The USDA reported that world corn production will be 9.9 percent greater than last year's, while U.S. corn production will be 24 percent larger. The price of corn is expected to be 46 percent higher than last year's price.
Calculate the world price elasticity of supply of corn.
Advice for an Unprofitable Firm. You've been hired as an economic consultant by a price-taking firm that produces baseball caps. The firm already has a factory, so it is operating in the short run.
Then plot the graph of the function and determine if it displays increasing, constant or decreasing marginal utility.
A rich graduates of engineering program at your University wishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely.
Based on these data, describe the relevant relationship between the price of a hamburger and the quantity consumers are willing to purchase, using a verbal statement, a numerical table, and a graph. Which model do you prefer and why?
Consider a market in which the market demand curve is given by P = 18 - X - Y, where X is Firm 1's output, and Y is Firm 2's output. Firm 1 has a marginal cost of 3, while Firm 2 has a marginal cost of 6.
Cournot Duopoly: Each firm chooses a discrete quantity: 0, 1, 2, or 3. Present the game in matrix form, and find its pure strategy Nash equilibria. Are there any dominant or dominated strategies for either player?
What point on the curve would you select?
For the linear demand function x = a - bp calculate the deadweight loss of introducing a commodity tax t when the marginal cost of production is constant at c. How is the deadweight loss affected by changes in a and b? How does a change in b affec..
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
The deamnd for rosebushes in a market is as follows Price (Per rosebush)-- $10, $11, $12, $13 Quanity Demanded (rosebushes per week)-- 230, 150, 90, 40 a.) Calculate the price elasticity of demand for roses for a price increase from $10 to $11.
refer to the following matrix, where each entry shows the level of utility attained by group members from following a particular strategy. Cooperate Shirk Cooperate 10,8 5,4 Shirk 6,10 8,7 If there is as..
a road between fairbanks and Nome, alaska, will have a most likely construction of $4 million per mile. Doubling this cost is considered to have a probability of 30%, and cutting it by 25% is considered to have a probability of 10%. the states int..
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