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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.
Contrast the role of fixed costs and variable costs in economic decisions about future production and pricing.
Describe how diversity amongst team members contributes to a team becoming and remaining innovative. (100 125 word)?
1. What is GDP and how is it measured? 2. Evaluate the validity of using GDP as a measure of economic output.
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. Imagine that you are a seller of sunglasses:
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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 an example? What has been so influential in the development of multinational firms?
Between 170 to 200 words, explain with an example why controlling confounding variables can be complex.
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?
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..
The opportunity cost of skipping practice and going to fair, valued in dollars, is?
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