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To encourage the production of honey, several beekeepers place their beehives in a farmer's orchards and fields. As the bees gather nectar to make money, they pollinate the orchards and fields, thereby increasing the yields of the fruit and grain crops. This arrangement results in?
A. a positive externality that benefits the farmer.
B. no significant additional benefit to anyone.
C. a positive externality that benefits the consumer.
D. a negative externality for which the farmer should be compensated.
Donna buys goods X and Y. She can just afford the bundle X = 6 and Y = 11. She can also afford X = 12 and Y= 8. Each of these bundles exhausts her income. Draw Donna’s budget line. What is the ratio of the price of x to the price of y?
ABC Slippers has the following production function for producing pairs of slippers: q = K L. Its input prices are pK = $80 and pL = $20. It faces a demand curve given by P = 25 – (q/100). a. For q=1024, fill out the following table for combinations o..
You buy a new pair of shoes on sale. The printed receipt states very clearly that the shoes are not returnable. After you get them home, you wear the shoes around the house for a day and decide that they just don’t fit you correctly.
One of the policies was to put a tax on people who didn’t buy health insurance. That is, if their wage was w before and now they don’t buy insurance then they receive only a fraction of the previous wage, so (1 − t)w. Show how this affects the budget..
The 12-month interest rate on dollar-denominated assets (like bank deposits) is 2.00%. The 12-month interest rate on euro-denominated assets is 1.80%. The current spot exchange rate is $1.50 per €. The current forward exchange rate is $1.58 per €. Ex..
Delta Airlines experienced huge losses for several years in the early 2000’s, yet it continued to operate its fleets. Why didn’t Delta shut down its operations to further avoid losses?
What is the MRP of labor equal to in this situation? Assuming that Economan takes the price of labor as a given, what is the maximum daily wage that would make it in his best interest to hire this additional employee?
The U.S. market for hand sanitizer is controlled by a monopoly (firm I, for incumbent) that has a total cost given by TC(qi) = 0.025qi^2. The market demand for hand sanitizer is given by P = 50 – 0.1Q. What are the incumbent’s profits if it commits t..
Just prior to a professional baseball spring training session, you are asked to assess the probability that a particular baseball team will win the coming World Series. How would you go about making this assessment? In what sense is this assessment ..
Explain game theory and how you can apply the concepts in your life and work now and in the future? How does game theory relate to competitive advantage?
In 2013, U.S. sugar imports are restricted by way of an import quota. The domestic sugar price is kept above the world market price of sugar by way of a federal domestic price guarantee. What was the implicit subsidy per worker, based on the impact o..
Suppose that Iggi and Kurt begin trading ice cream and waffle cones with each other. Elucidate price of waffle cones (in terms of ice cream scoops) would benefit both Iggi and Kurt and make both individuals willing to trade.
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