Reference no: EM13900549
According to data from the U.S. Department of Agriculture's National Agricultural Statistics Service, 124 million acres of land in the United States were used for wheat or corn farming in 2004. Of those 124 million acres, farmers used 50 million acres to grow 2.158 billion bushels of wheat and 74 million acres of land to grow 11.807 billion bushels of corn. Suppose that U.S. wheat and corn farming is efficient in production. At that pro- duction point, the opportunity cost of producing one additional bushel of wheat is 1.7 fewer bushels of corn. However, farmers have increasing opportunity costs, so that additional bushels of wheat have an opportunity cost greater than 1.7 bushels of corn. For each of the following production points, decide whether that production point is
(i) feasible and efficient in production,
(ii) feasible but not efficient in production,
(iii) not feasible, or
(iv) unclear as to whether or not it is feasible.
a. Farmers use 40 million acres of land to produce 1.8 billion bushels of wheat, and they use 60 million acres of land to produce 9 billion bushels of corn. The remaining 24 mil- lion acres are left unused.
b. From their original production point, farmers transfer 40 million acres of land from corn to wheat production. They now produce 3.158 billion bushels of wheat and 10.107 bushels of corn.
c. Farmers reduce their production of wheat to 2 billion bushels and increase their production of corn to 12.044 billion bushels. Along the production possibility frontier, the opportunity cost of going from 11.807 billion bushels of corn to 12.044 billion bushels of corn is 0.666 bushel of wheat per bushel of corn.
|
Determine the likely result if clark sues lee to recover
: Determine the likely result if Clark sues Lee to recover the costs of the landscaping.
|
|
Challenges of managing technological change
: The effect of globalization on the industry in terms of the challenges of managing technological change, outsourcing, downsizing, and managing a cross-cultural security organization either in the U.S. or overseas.
|
|
What would tax revenue be at a 0% income tax rate
: The maximum possible income tax rate is 100%. What would tax revenue be at a 100% income tax rate?
|
|
How do administrative agencies make law
: How do administrative agencies make "law"? What is required before a party can bring court action against an agency? What is a FOIA request? Why is it important in a democracy to have a law like FOIA
|
|
Is the production point feasible and efficient
: At that pro- duction point, the opportunity cost of producing one additional bushel of wheat is 1.7 fewer bushels of corn. However, farmers have increasing opportunity costs, so that additional bushels of wheat have an opportunity cost greater th..
|
|
Spread of islamic extremism
: Will the spread of Islamic extremism have any substantial effect on the people of Australia, Indonesia, Malaysia or the Philippines? Please discuss why or why not ? (200 Words)
|
|
Determine the expected net realizable value of the accounts
: Journalize the transactions. Post each entry that affects the following T-accounts and determine the new balances. Determine the expected net realizable value of the accounts receivable as of December 31.
|
|
Explain the 9 point standard that was devised
: Explain the 9 point standard that was devised so that judges could determine whether any juvenile is capable of understanding and waiving one or more of his/his constitutional rights. Is the 9 point standard fair? Why or why not
|
|
Determining the rule of tainted fruit
: What relationship does the exclusionary rule have with the rule of tainted fruit? Do you agree with these rules? Why or Why not?
|