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Nihilist Nicotine is a small tobacco farm in south-western Ontario. It has three plots of land, each with a different productivity. The output from each plot is given in the table below. Each plot is the same size and requires 3 workers and one machine to harvest the leaves. The cost of these inputs is $10,000. If the price of each kilogram of leaves is $4, how many fields should be planted?
The firm's production manager claimsthat the firm's average cost of production is minimized at anoutput of 40 units. Furthermore, she claims that 40 units is the firm's profit-maximizing level of output. Explain whether these claims are correct.
Sheila budgets $9 per week for her morning coffee with milk. She likes it only if it is prepared with 4 parts of coffee and 1 part milk. Coffee costs $1 per ounce and milk costs $0.5 per ounce. How much coffee and how much milk will Sheila buy per..
Suppose that the marginal cost faced by a shoe company is $10 for a pair of shoes. If the demand elasticity for the company's shoes is also constant, and is equal to 5, what price should the company charge for a pair of shoes
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP, and indicate in each calculation whether you are inflating or deflating the nominal GDP data.
Suppose that the reserve requirement is 3 percent on the first $30 million of checkable deposits and 10 percent on checkable deposits in excess of $30 million. (Amounts on the balance sheet are in millions of dollars.) Assets Reserves $15.90 Loans..
Use the capital-asset pricing model to predict the returns next year of the following stocks, if you expect the return to holding stocks to be 12 percent on average, and the interest rate on three-month T-bills will be two percent.
Suppose worker productivity increased at the rate of 1.9% per year. If the labor force grew by 1.5% per year, what rate of increase in RGDP would be sustainable without increasing inflation pressures
the demand curve and supply curve for one-year discount bonds with a face value of 1000 are represented by the
In one hour, Liz can make 30 smoothies or 30 salads. In this same hour, Joe can make 6 smoothies or 6 salads. Demonstrate that neither Liz nor Joe can gain from trade.Joe can now make 6 smoothies or 12 salads in an hour
When it is 105 degrees outside and you get thirsty, how much you willing to pay for a 16-ounce bottle of water. If the price is $1.50 per bottle, do you have a consumer surplus or is there a producer surplus or both
the utility function (x1,x2)= (x1+1)(x2+4). The price of x2 is $1. Lee spends all his income to buy 6 units of x2 and no x1. What is the minimum level of the price of x1 compatible with these facts
Consider the use of thought experiments, the theory of value and the time factor.
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