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A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of land show diminishing returns, because some are better suited for wheat production than others. The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800, and so on. How much revenue will each acre generate? what are the TR and MR for each acre?
Explain the median housing price in a community
A New Hampshire resort offers year-round activities: in winter, skiing and other activities to be cold; and in summer, golf, tennis and hiking. The costs of running resort are essentially the same in winter and summer.
Find the expected value of the lottery induced by accepting the second wage offer and find the expected utility associated with the second offer.
What is total variable cost when 100 units of output are produced and what is average fixed cost when 150 units of output are produced?
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
There are literally several elected officials across the U.S. at the local, state, and national levels. The 2-major political parties remain as important to election and reelection of public officials today as ever before.
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
Compute the price, output, and profit contribution if the product is not certified. Compute the price, output, and profit contribution if the product is certified. Should the firm undergo the certification process?
The information technology field is very competitive, and a large information technology company has employed the bank for guidance. companies may have to compete for high quality IT professionals.
Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7-Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
If the firm wants to produce one unit of output at minimum cost, how much should it produce in each plant? If it wants to produce two units of output?
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