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A purely competitive cotton producer can sell any quantity of cotton he produces for €10 per kg. His five acres of land show diminishing returns because some are better suited for cotton production than others. The first acre can produce 1000 kg, the second acre 900, the third 800, and so on.
a) How much revenue will each acre generate?
b) What are the TR and MR for each acre?
c) If the marginal cost of planting and harvesting an acre is €7000 per acre for each of the five acres, how many acres should the farmer plant and harvest?
Suppose the government increases G to 1250. Compute private saving, public saving, and national saving and the new equilibrium interest rate.
When testing for the equality of means from two populations (e.g., MPGs of American cars and Japanese cars), x bar 1 = 29.8, x bar 2 = 27.3, S1 = 2.56, S2= 1.81
Using the data, develop a level production plan. How much extra cost (inventory and HR costs) are involved in this plan? What additional costs (both financial and 2.nonfinancial) might be involved with such a plan?
Assume a standard trade model with two large countries Home and Foreign, two goods X and Y and two factors of production Labour (L) and Capital (K). Show graphically and verbally how an international income transfer from Home to Foreign, a so-called ..
Define the natural rate of unemployment and cyclical unemployment. How does the government measure the economy’s rate of unemployment? What problems arise in interpreting unemployment data?
Textbooks for college courses in economics tend to be very expensive even though the material in the books is not particularly unique. In fact almost all textbooks contain the same theories and concepts and differ only in applications, examples, and ..
If a binding minimum wage were now imposed
If the treasury bill has 35 days remaining to maturity and using a trading year of 360 days calculate the coupon yield.
The BlackBerry production function is Q = 2.83L1.52K0.82. Epple et al. (2010) estimate that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, non-land factors, which we call m..
The price elasticity of the demand for gasoline is - 0.02. The price elasticity of demand for gasoling at Joe's 66 station is -1.2. Explain what might account for the different elasticities.
Elucidate in detail how banks operate. Include a description of how banks generate profits.
The interest rate is 16% per year and there are 48 compounding periods per year. The principal is $50,000. What is the future worth in 5 years?
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