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The market for corn is initially in equilibrium. Suppose the production of? biofuels, which use corn as an? input, increases?, and at the same? time, increases in the price of oil cause farm production costs to rise. Which of the following explains the effect on equilibrium price and quantity in the corn? market?
A. The price and quantity of corn will riserise.
B. The price and quantity of corn will fall.
C. The price of corn will rise?, but the effect on equilibrium quantity cannot be determined without more information.
D. The quantity of corn will rise?, but the effect on equilibrium price cannot be determined without more information.
E. The quantity of corn will fall?, but the effect on equilibrium price cannot be determined without more information.
What should be the marginal cost of a monopoly firm selling textbooks to students in a small town and is currently maximizing profit by charging a price of $48 a book and the elasticity of demand is 3/2?
You are the manager of a small Canadian steel production firm operating in a perfectly competitive market. Two events have caught your attention recently:
a) Unemployment is strongly countercyclical. Is this stylized fact of the business cycle fact consistent with the Business Cycle theory?
A manager from a developing country is overseeing a multinational's operations in a country where drug trafficking and lawlessness are rife. One day, a representative of a local "big man" approaches the manager and asks for a "donation" to help the "..
Suppose, alternatively, that leisure and consumption goods are perfect substitutes. In this case, an indifference curve is described by the equation i = al + bC, where a and b are positive constants, and u is the level of utility. Show what the consu..
Say 20 people each have demand Q = 20 – P for street lights and 5 people have the demand Q = 18 – 2P for street lights. The cost of providing a street light is 10. If it is impossible to provide a fractional number of street lights, how many street l..
A logging company in the Florida swamps, who harvest the driest ground first and each harvest requires more resources to produce as conditions worsen is facing what type of costs?
What are the issues related to exchange rates - their impact on national economies when they change, their different equilibrium concepts (PPP and IP), how governments manage them (fixed or flexible or in-between)?
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measures used to re-duce, minimise or alleviate economic difficulties many c..
The monopolist internalizes the effect of its production on prices, which leads to a contraction of output. Explain why giving the monopolist the flexibility to employ nonlinear pricing schemes can undo this problem.
The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president's prog..
Suppose there are two type of customers for a comic book store. The owner has conducted interviews and concluded that there are around 50 customers each with a demand curve P = 20 - 5Q and another 20 each with demand curve P = 20 - Q, where P is the ..
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