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Suppose that you are a farmer operating a local farm. You plant fifty seeds and watch them grow into stalks of wheat with plump wheat berries. The next year, you one hundred seeds on your plot of land and you harvest double the amount of wheat. You deduce, that based on this rate, you should be able provide all the world's supply of wheat from your little plot of land by planting more and more seeds, thereby ending world hunger as we know it. However, this is clearly not possible! Why not? Explain your answer using production concepts from economics.
1. which of the following best illustrates the concept of the fact that people respond to incentives? jordan is
If price of motor vehicles rises, what will happen to the demand of fuel oil? In which direction the demand curve for fuel oil will shift with a rise in price of motor vehicles?
Groovy Tuesday, a clothing maker, has found that their costs can be approximated by the equation: C = 500 + 2Q2. The consulting company they hired to estimate their current demand determined that demand is characterized by:
Explain why risk-neutral people can make a profit off both risk-averse and risk-seeking people. You must use original numerical examples and EV equations to demonstrate demonstrate your answer.
Telefono Mexico is expanding its facilities to serve a new manufacturing plant. The new plant will require 2000 telephone lines this year, and another 2000 lines after expansion in 10 years. The plant will operate for 30 years.
Calculate the Herfindahl index with the following data on market share: Breyer's 20%, Haagen Dazs 15%, Ben & Jerry's 12%, Edy's 17%, Healthy Choice 10%, and X Store brand 26%. 78 100 1778 1834
Explain the concept of externality. What does it have to do with the efficient allocation of resources?
The Bureau of Labor Statistics reported and total number of unemployed workers.
In analyzing macroeconomic data during the past year, you have discovered that average labour productivity fell, but total output increased. What was most likely to have caused this?
A local newspaper headline blared, “Bo Smith Signed for $30 Million.” A reading of the article revealed that on April 1, 2005, Bo Smith, the former record-breaking running back from Football University
Leadership. Research and describe a time in which the company faced a major crisis that threatened its business. How did the company address and overcome this situation?
What is hyperinflation? What causes hyperinflation - show how moderate inflation can be a good thing?
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