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Suppose 4 neighboring farmers want irrigation and flood control systems. Each farmer can install one system for $15,000, and is willing to do so. If 2 farmers go together they can build a joint system for $25,000, and 3 can build one system for a total of $30,000. A single system for 4 farms would be $44,000. What is the most efficient choice for all 4 farms? Does this technology possess economies of scale?
Please analyze a current events article which deals with a highly competitive industry in a field such as technology, medicine, or manufacturing. Your analysis should include the factors driving change in the industry. Explain if there is the potenti..
Discuss which economic theories or relationships you have studied up until now (not just in this class – in all your economics classes) that could be estimated using the multiple linear regression model. Explain your rationale.
Based on the selections by Brownstein and Peterson, for the next elected president to be a woman, what would you recommend for a feminist platform that would have the greatest chance of success with American voters? Do you think the election of a wom..
Consider a large country importing good X in the international market. The country is large enough to influence the international price for good X. Let the initial international price of good X be $100, where the country imports 100 units and produce..
Suppose the cost function is TC(q) = 3ln(q) − 1.5q^2 + 0.25q^3 − 235. Find Variable cost, Average Variable Cost, Fixed Cost, Average Fixed Cost, Marginal Cost when q=10.
Assume that two power plants, Firm 1 and Firm 2, release arsenic in a small urban community that exceeds the emissions standard. To meet the standard, 40 units of SO2 must be abated in total. Prove that a uniform standard will not meet the cost-effec..
What fraction of the total variation in the quantity demanded of good Y remains unexplained? What can the student do to increase the explanatory power of his demand equation? What other variables might he add to his demand equation?
During the last year, the demand for books has been falling. At the same time, some industry observers expected that several smaller book manufacturers might exit the market due to the strong competition imposed by Kindle. Clearly show on your graph ..
Should decision management and decision control be separated? As part of your discussion, provide a real-world example (or provide a fictitious example) of a firm where the control (correctly) resides with the same individual as well as an example of..
Explain how "Black markets" impact economic actives: please explain in detail and use a supply and demand graph for your examples
Suppose you have the generic demand curve. Calculate demand using the current market conditions. Is P1 a substitute or complement? (Why) Is P2 a substitute or complement? (Why) Is this product normal it inferior to Income? (Why)
Should you contest their claim? What would be the result if the employees refuse to work on Sunday because of their desire to play golf on that day?
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