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There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $21,000 per mile to set up. Instructions: Enter your answers as whole numbers. a. How much would it cost to fence a single property whose area is one square mile if that property also happens to be perfectly square, with sides that are each one mile long? $. b. How much would it cost to fence exactly four such properties, which together would contain four square miles of area? $. c. Now, consider how much it would cost to fence in four square miles of ranch land if, instead, it comes as a single large square that is two miles long on each side. $. d. Which is more costly—fencing in the four, one-square-mile properties or the single four-square-mile property?
Draw the game tree associated with this situation. Using the backward induction method discussed in the online class notes, what will be the outcome of the game?
A perfectly competitive firm will shut down immediately when the market price falls below
A consumer wants to minimize her expenditures, E= PxX + PyY, subject to maintaining a given level of utility, \bar{U} = xy. form the Lagrangian for this problem, derive the first-order conditions for an expenditure minimum, and solve those conditions..
Show, using an AS-AD graph, how government can use accommodating monetary or fiscal policy to return output and unemployment to their long-run values.
What would be a numerical example that would illustrate a situation in which there are positive accounting profits and zero economic profits?
What situation gives rise to a surplus?
Back in the 1950's a piece of gum was 5 cents and today it is $1. Inflation has occured so that does that mean that people can afford to have less gum? Do they have less purchasing power? Explain please.
According to the rule of most favorable input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the corporation.
Illustrate what is the marginal income product of hiring one low-skilled worker to clear woodland for one month.
Which of the following is NOT an example of a demand shift? a. A promotion at works leads to increased spending on vacation travel. b. A shoe store sale leads to higher demand for its shoes. c. A safety recall of the Honda Prius leads to lower deman..
There is an ongoing debate on how the unemployment rate is measured in the economy. Some people argue that the reported (official) unemployment rate actually understates the extent of unemployment in the economy. What are your opinions on official ra..
The average weight of the entire batch of the boxes of cereal filled today was 20.15 ounces. A random sample of four boxes was selected with the following weights: 20.05, 20.56, 20.72, and 20.43. The sampling error for this sample is _______.
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