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Biff owns and operates a golf driving range on land that he also owns. Last year his accountant calculated that his driving range makes $50,000 profits per year. Last year a property management company offered to lease Biff's land from him for $80,000 per year forever. Calculate the economic profits of Biff's driving range last year. If the property management company offers the same land lease deal to Biff this year, should he take the deal? Explain why or why not, and use your calculation of Biff's economic profits in your explanation. (This is a simplified question that you must answer; the answer "insufficient information" is unacceptable.)
Suppose that in 1950, robots were so crude that they were useless in the assembly of toasters, so that toasters had to be assembled entirely by hand. Draw an isoquant map illustrating this situation. Now suppose that as a result of progress in rob..
The U.S. government spends over $15.8 billion on its Food Stamp Program to provide millions of Americans with the means to purchase food.
Show the basis for our construction of the output DEMAND function. As an intermediate step explain the construction of the consumption function (as a function of output) and how this becomes a key component of the output supply function.
If Popeye values the public good at $4,000 per year, and Captain Hook values it at $3,000 per year, the economy's marginal benefit of the public good per year is?
Assume you are the manager of a California winery. How would you expect the following events to affect the demand or quantity demanded for your product?
Find the production possibility frontier for this economy, find the competitive equilibrium and find competitive equilibrium if every consumer owns 100 units of labour and owns one firm.
In order to financially stimulate the nation, the Federal government injected $900 billion dollars into the economy. However, the results were less than spectacular. One reason could have been a failure to understand the marginal propensity to co..
Describe the impact of an increase in government spending on GDP using both Keynesian and classical points of view.
Describe what changes you anticipate this would make to accuracy, documentation, expense, and convenience of the voting process. What are some unintended consequences that could arise from this method of casting votes?
Provide a graphical analysis to explain why a firm would exit the industry and the effect of its exit on the industry. (Hint: Use MR and MC approach and short-run competitive equilibrium for a firm and industry to graph the effect)
Does free riding problem (market failure) arise in case of club goods?
What is the "current macroeconomic situation" (e.g. worrying about inflation and/or recession) in the U.S.? [2] What should the U.S. Congress and the Federal Reserve do about it?
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