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"Between 1997 and 2001, many apple farmers switched from traditional to organic growing methods, increasing production of organically grown apples from 1.2 million boxes per year to more than 3 million boxes." If the market for organic apples is perfectly competitive, which is inconsistent with the statement above?
When Hans calculates his taxes at the end of the year, he writes down on a form how much he invested and multiplies that amount times the inflation rate for the year to arrive at his "inflation compensation amount.
Find the price P in the Cournot equilibrium ( assume that ci ' s are such that all firms produce a positive amount and that the second order conditions are satisfied). If all firms have the same marginal cost ci=c, what is the price when n=1 and w..
Consider a Cournot game in which there are two firms that face a market demand represented as Q = 500 - p and the cost function of firm i is Ci(qi)=50qi. Part a . Derive the best response functions for each firm. Part b . Calculate the Nash Equilib..
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200..
Give the amount of the change in the equilibrium level of Real GDP due to a $6 increase in spending on goods and services by households. Give the amount of the change in the equilibrium level of Real GDP due to a $6 increase in spending on goods a..
adding a turning lane to a busy intersection will cost 2 million dollars, but it is estimated that it will save motorists a total of 300000 dollars a year for the next 10 years. a government agency wants to know if the annual benefits outweight ..
Where Qx is the quantity demanded of Product X, Px is the price of X, Y is income, and r is the prime interest rate (given in decimals, e.g., 0.02 or 0.05) The standard error of each estimated coefficient is given in parentheses below it. Also, th..
In the name of Simon Kuznets is the concept that the relationship in GDP and inequality is nonlinear. Kuznets hypothesized three phases in economic development.
the claims for a new long-life battery were justified, a consumers' group tested a random sample of 20 batteries. Each battery was subjected to a standard heavy load until burnout, providing the following 20 lifetimes ( in minutes): 65.1 58.4 64.9..
Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the supply and demand curves.
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
Provide three examples of operating firm formed as, sole proprietorship, partnership and corporation. Describe how you decided on categorizing them.
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