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Represent the situation as a game and find the optimal strategy for each player. State your final answer in the terms of the original question. A farmer grows apples on her 500-acre farm and must cope with occasional infestations of worms. If she refrains from using pesticides, she can get a premium for "organically grown" produce and her profits per acre increase by $500 if there is no infestation, but they decrease by $100 if there is. If she does use pesticides and there is an infestation, her crop is saved and the resulting apple shortage (since other farms are decimated) raises her profits by $200 per acre. Otherwise, her profits remain at their usual levels. No worms Worms No pesticides Pesticides r1 = r2 = c1 = c2 = v = How should she divide her farm into a "pesticide-free" zone and a "pesticide-use" zone? (Round your answers to two decimal places.) The farmer should set aside acres for pesticide-free apples and use pesticide on the other acres. What will be her expected increase in profits per acre with this strategy? This strategy will increase her expected profits by $ per acre.
A tax that results in a larger fraction of income being paid in taxes as income rises is a ________ tax.Answer regressive head progressive proportional
Sketch a simple supply-demand graph for sunflower, with price on the vertical axis and quantity on the horizontal axis. Don’t worry about quantities or slopes, but make sure demand has negative slope, supply has positive slope, and the two lines cros..
If the government announced that they were going to reduce the income tax next year, financed by finding a large and previously-unknown warehouse of real goods. What would happen to labor? To consumption? If the government announced they were going t..
Supposes airline industry consisted of only two firms: American and Texas Air Corp. Let two firms have identical cost function, C(q) = 40q. Assume that demand curve for industry is given by P=100-Q and that each firm expects or to behave as a Cou..
An increase in the price of product X causes a decrease in the quantity demanded for product X. One basic explanation for this is:
Which of the following statements is generally True about information products?
As an HR manager how might you manage this kind of work environment? How would you keep track of individuals? How might we engage continual development programs?
Show and explain the equation of exchange based upon the income velocity of money. Briefly summarize the conditions under which changes in the supply of money are likely to exert a predictable influence upon aggregate economic activity.
You are the manager of a monopoly, and your demand and cost functions are given by P=300-3Q and C(Q)=1500+2Q^2, respectively. MR(Q)=300-6Q and MC(Q)=4Q. What level of output should this monopolist produce in the short run? What price should this mono..
calculate the price elasticity of demand for each product and compare with your teammates' elasticities.
Explain the various levels of economic integration. What level of integration has the European Union achieved? How will plans to create fiscal union change the relationship between member countries?
Consider a bond market. Show graphically and explain how each of the following changes would affect bond price, quantities traded and yield.
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