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Suppose a freeze in Florida destroys part of the Florida orange crop.
a. Explain what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze.
Can you say what happens to the demand for orange pickers? Why or why not?
b. Suppose the price of oranges doubles and the marginal product falls by 30 percent. What happens to the equilibrium wage of orange pickers?
c. Suppose the price of oranges rises by 30 percent and the marginal product falls by 50 percent. What happens to the equilibrium wage of orange pickers?
How much would each farmer produce in the long run? How many farmers would exist in the industry in the long run and
You’ve recently learned that the company where you work is being sold for $275,000. The company’s income statement indicates current profits of $10,000, which have yet to be paid out as dividends.
What are some goods and services which produce positive externalities generally produced by the government?
What are the key points in short run production functions that delineate the three stages of production?Explain the relationship between the law of diminishing return and three stages of production.
1. What types of things do you need to consider if you want to change your default electives? What resources will you use to help you to make your decisions? 2. Are you satisfied with your default electives or do you think you should choose alterna..
how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school.
Imagine that your city is planning to build a waste recyclingplant in your neighborhood. What are the ethical and practicalconsiderations for making this decision How would your concern forthe environment affect your view on this action
The economy is experiencing a contraction (recessionary gap) of $400 billion. What government spending stimulus would you recommend to move the economy back to full employment if the MPC is 0.75? Would your policy be any different if the MPC were ..
If the United States gave Pakistan $1 billion for environmental clean-up of its water system, but a large portion of the money was diverted to be used for purchasing weapons,what would this be an example of in economic terms
a. Explain the relationship between the law of diminishing marginal returns and the shape of a firm's marginal cost curve b. The long-run equilibrium for a perfectly competitive industry occurs when the firms are earning economic profits of zero.
According to the articles, why did prices rise sharply over the past 5 years? Answer in terms of a supply-demand analysis, saying what specifically has happened to supply and demand and how this has increased prices.
On average, does an increase in taxes raise or lower real GDP If taxes as a percentage of GDP go up 1 percent, by how much does real GDP change Are the decreases in real DDP caused by tax increases temporary or permanent
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