Precise economic language

Assignment Help Business Economics
Reference no: EM133223586

Fred owns 5 hectares of farming land. He can farm the land himself producing a crop worth $120,000. The explicit costs involved are $30,000. His best alternative is to rent the land to his neighbour for $60,000 and work in the local town earning $50,000.

(a) Using precise economic language explain Fred's most profitable decision.

(b) Fred is told he can hire a competent farm manager for $35 000 to run the farm for him. Will this change his decision? Explain.

Reference no: EM133223586

Questions Cloud

What supply chain changes did microsoft make : What supply chain changes did Microsoft make between the Xbox and the Xbox 360? What was the motivation for these changes
What is the purpose of liquidity ratios : What is the purpose of liquidity ratios to you as a business owner and to the bank official who is reviewing your business plan?
Identify the list of it priorities at vtb : As the case suggests, Bob Stetzel needs to prepare an IT strategic plan during March and April that outlines VTB's priorities and plans for the next 2-3 years.
Describe the three ps that are principal determinants : Describe the three Ps that are principal determinants of health worldwide. Discuss how the three Ps could be considered interrelated characteristics.
Precise economic language : Fred owns 5 hectares of farming land. He can farm land himself producing crop worth $120,000. Using precise economic language explain Fred's profitable decision
Create a digital graphic demonstrating the reasons : Create a digital graphic demonstrating the reasons for the seasons with a short summary - Advanced Spaceborne Thermal Emission and Reflection Radiometer
How are these considerations connected to history : Identify three examples of when "assimilation" should not occur in an early childhood classroom because it is not developmentally and culturally appropriate.
Determine the duration of the individual activity : Determine the duration of the individual activity and any sub-activities. Denote materials or resources needed for the activity or task
Explain the differences between good and bad stress : Explain what stress management is and its benefits. Explains the differences between good and bad stress. Describe several stress management techniques

Reviews

Write a Review

Business Economics Questions & Answers

  Economic decisions about future production and pricing

Contrast the role of fixed costs and variable costs in economic decisions about future production and pricing.

  Encourage innovation in a team

Describe how diversity amongst team members contributes to a team becoming and remaining innovative. (100 125 word)?

  Evaluate the validity of using gdp as a measure of economic

1. What is GDP and how is it measured? 2. Evaluate the validity of using GDP as a measure of economic output.

  Circumstances of perfect competition faces market price

A firm operating in circumstances of perfect competition faces a market price of $10. It is producing 2,000 units of output daily at a total cost of $19,000.

  Discuss the impacts of marginal utility

Discuss the impacts of marginal utility. Imagine that you are a seller of sunglasses:

  Deadweight loss created by monopoly

What is the deadweight loss created by this monopoly? (Hint: compare the monopoly outcome with the perfectly competitive outcome).

  Calculate the total demand function

Suppose the total market demand is composed by the demands of two consumers A and B. Their individual demand is: QA= 10 − 5P and QB = 4 − P. Calculate the total demand function. List detailed steps. (Hint: remember to check the kink point).

  What is the evolution of the supply chain

What is the evolution of the supply chain, what is an example? What has been so influential in the development of multinational firms?

  Why controlling confounding variables can be complex

Between 170 to 200 words, explain with an example why controlling confounding variables can be complex.

  How will price and output in this industry adjust

What will happen to the number of spinach growers in the long run? How will price and output in this industry adjust in the long run?

  Calculate the elasticities

In the following two panels, the demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticitiesIn the following t..

  Skipping practice and going to fair

The opportunity cost of skipping practice and going to fair, valued in dollars, is?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd