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Laura sells mushrooms and strawberries to tourists. If Laura spends the morning collecting only mushrooms, she picks 8 pints; if she spends the morning picking strawberries, she collects 6 pints. If she picks some of each, however, she can harvest more total pints: 6 pints of mushrooms and 4 pints of strawberries. Suppose that Laura's time is valued at $ 10 an hour. What can you say about her economies of scope? That is, what is the sign of her measure of economies of scope, SC?
Construct a representative indifference curve fore each of the following situations. (Note: Even though some of the goods described exist only in discrete quantities, draw the IC assuming the goods exist in continuous quantities). The two goods are w..
Apples are bought and sold in a competitive market. Use a graph for the apple market and a graph for an individual firm to demonstrate that firms are earning economic profits. Explain, without using a diagram, whether the situation in (a) can be main..
Please identify a particular industry (non-government) that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and eq..
Your cat just won the local feline lottery to the tune of 3000 cans of "9-Lives" cat food (assorted flavors). A local grocer offers to take the 3000 cans and in return, supply 30 cans a month for the next 10 years. What rate of return, in terms of no..
Explanation and Analysis The student will correctly identify changes in market conditions and their effect on equilibrium price and quantity. In the market for dental services, perform the following for each event:
Find firm's profit-maximizing price and quantity. Illustrate what is profit. firm's production manager claims that firm's average cost of production is minimized at an output of 40 units.
Two hunters went out into the forest to hunt for deer. Each take their position in the forest, and wait for the stag to come by. But as they are standing there, a rabbit runs by each (not necessarily at the same time), and each considers leaving his ..
Which of the following is most likely to cause variation in American household spending patterns?
Acme Universal is a micro-cap that had a $3,000,000 drop in taxable income this year. Their drop in taxes was $1,030,000. For each of the following, determine the largest amount that meets the conditions given above.
Which of the following best summarizes the main causes of the Great Recession?
Below is the PPF for a society, Rubberland. On a given day, the society can produce according to the PPF below and only makes these two products, rubber band balls and rubber hoses. Point A on the PPF represents what Rubberland currently produces. As..
In the IS/LM model, what are the effects of an increase in the money supply? Show graphically and explain. When is monetary policy more effective, when the LM curve is relatively flat, or when the LM curve is relatively steep? Explain.
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