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Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop.
1. Using a supply and demand diagram, show what happens to the equilibrium quantity and price of corn in the United States.
2. Explain why you are moving the curve(s) that you are?
3. Using a supply and demand diagram, show how the changes in the corn market would affect the market for wheat (a substitute for corn).
Which of the following would not occur in the short run if a binding price floor were raised in perfectly competitive market? What is price discrimination? Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is describ..
Illustrate what would happens to the equilibrium price and quantity. The widget firm in Springfield is competitive,with numerous buyers and sellers.
List two unbiased estimators and their corresponding parameters. (Select all that apply.)
Using basic economic principles, state what you think will cause market fluctuations over the next few years as the economy struggles to recover. What areas of the economy should be closely watched as indicators of future activity?
Identify the most important factor shifting the AS curve in the long term. Briefly explain both how and why this factor shifts the aggregate supply curve. Identify and briefly explain the neoclassical argument and the key building blocks of neoclassi..
Identify two of the beneficiaries of the secondary markets (of the multi-sided network effects) for Windows OS. And identify the nature of the value(s) of the network effect?
The purchase of copy paper by Intel for the company staff. The purchase of an electronic handheld organizer by a sales manager to keep track of clients. The purchase of a new aircraft carrier by the Navy
Four years ago, Warrior Auto Service purchased some new equipment at a cost of $75,000. The equipment has since been depreciated annually using the SOYD method, assuming a life of seven years and a salvage value of $5,000. Due to competitive pressure..
Consider an individual whose utility function is U = X0.5Y0.5. If she consumes 3 units of X and 4 units of Y, then some level of utility will be experienced. If the individual instead consumes 2 units of Y, how much of good X must she consume in orde..
What is the accounting profit that Fred would get in his venture? What is the economic profit that Fred would get in his venture? Would you recommend Fred go ahead with his venture? Why?
Paul and his friend Tori make decorative art out of silver spoons. They want to start a business that they can easily dissolve when they move on to their next project. Which of these will suit their needs best?
An economy produces 2 goods soda a beer. Fully explain why the marginal cost function in the beer industry derives from the marginal benefits of the soda that is given up when beer is produced.
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