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Q. In class we discussed the idea that small farmers are sometimes price takers, i.e. the price of wheat are set in the global marketplace. Assume a small farm produces soybeans that sell at a market price of $6 a bushel. In addition, the farmer understands her cost structure for production; her total cost for producing "q" bushels is given by:
TC = .1q^2+ 2q + 100
a. Does this farm has increasing returns to scale, stable returns to scale, or else decreasing returns to scale? Explicate how you can tell.
b. Find the profit-maximizing choice of q for this miniature farm; also compute profits that will be earned at this choice of q.
c. Draw a graph illustrating this situation and labeling the choice of q.
In economic terms, when the wage rate increases we sometimes see the number of hours worked by individuals decrease now.
Assume that the returns of these stocks are independent of each other. Find the mean and standard deviation of the total amount that this investor earns in one year from these four investments.
Which of the government policies below is not likely to encourage per capita economic growth.
Iran subsidizes gasoline, leading to a cost to consumers that is one-fifth the market cost.
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
As Bavarian Crystal Works is only one for many crystal producers in the world market, it can wholesale as many of the decanters as it wishes for $50 apiece.
Some economists argue that only unanticipated increases in the money supply can affect real GDP.
MMM expects to generate $60,000 in earnings that will be retained for reinvestment in the firm this year.
Your friend's monthly demand for minutes of calling is given by the equation 50, where p is the price of a minute.
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
The factory operation creates smoke that affects nearby homeowners, causing respiratory ailments and similar problems.
Explain how are protectionist policies from other nations predicted to affect China's relative supply and relative demand.
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