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a. Sketch an industry supply-and-demand graph for a hypothetical farm product (e.g. rice or wheat) that faces relatively price-inelastic demand because it has few substitutes. Clearly label your graph.
b. Adjust the graph to show the effects of improvements in farm technology. Explain the processes underlying these effects. You may clarify your response with hypothetical prices and quantities.
c. Using information from your graph, explain why improvements in farm technology may not necessarily be good for some individual farmers. Assume that the industry is perfectly-competitive, so that each farm in the industry faces a perfectly price-elastic demand curve.
Imagine the economy is in a deep recession and the government decides to increase spending significantly (without raising taxes). Describe what will happen in the economy, using The Aggregate Demand-Aggregate Supply Model.
Rabi Abdullahi and other Nigerian children filed a suit in a U.S. federal district court against Pfizer, alleging a violation of a customary international law norm prohibiting involuntary medical experimentation on humans. Did Pfizer violate any e..
Assuming that sales of oil are normally distributed with a mean of 362,500 barrels and a standard deviation of 100,000 barrels, determine the probability that Offshore will incur an operating loss.
Outsourcing A. What is outsourcing Give examples of outsourcing in the manufacturing and services industries. Explain the examples. What is the difference between outsourcing and off shoring
Consider the following demand schedule. Does it apply to the perfectly competitive firm? Calculate marginal and average revenue.
Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?
The Arena Corporation, which sells engines, has a uniform value of $500, which is charges all its consumers. But, after its competitors begin to cut their rates in the California market to $400, Arena decrease its price to $400.
How can two countries both be better off as a result of trade? How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs? Explain. Who are the winners and losers from trade restrictions? Given that trade restrictions impose loss..
What output maximizes the White Company's profit and what is the White Company's economics profit? Should the White Company continue in business or shut down in the short-run? Why?
To win, they have to guess the exact percentage that answered a question a certain way, and the range has already been narrowed to an 11-point range.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
The second graph should show the situation for two women who have the same valuation of nonmarket time (shadow wage) but different market wage rates, again with one of them choosing to work in the market and the other choosing.
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