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Although New York State is second only to Washington State in production of apples, its production has been declining during the past 20 years. The decline has been particularly steep in counties close to New York City. In 1985, there were more than 11,000 acres of apple orchards in Ulster County, which is 75 miles north of New York City. Today, only about 6,000 acres remain.
As it became difficult for apple growers in the county to compete with lower-cost producers elsewhere, the resources these entrepreneurs were using to produce apples - particularly land - become more valuable in other uses. Many farmers sold their land to housing developers.
Suppose a nutritionist develops a revolutionary new diet that involves eating 10 apples per day.
The new diet becomes wildly popular. What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City? What effect is the diet likely to have on housing prices in Ulster County
Describe how price regulation may improve the performance of monopolies. In your answer distinguish between socially optimal pricing and fair return pricing.
What is the law of diminishing returns? Can you provide an example of when diminishing returns have set in (could set in) at a work place?
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.
what advice would you give as the economic analysis team and Your client states that it is worth $4,000 annually to be his own boss and not be a butcher any more. Would that change your advice? How and why?
Provide some example of a goods that you purchase or market at your workplace to demonstrate why demand curve slopes downwards and why supply curve slopes upwards?
Discuss Khalid's proposed business in terms of a competitive market and in terms of a monopolistic competitive market. Which type of market structure might he hope develops? Why? Does that development depend on him? Explain.
Environmentalists discuss that trade liberalization harmful for the environment. The decisions of World Trade Organization in particular have been subject of much criticism.
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
Assume a country has a life expectancy of 51.5, an adult literarcy rate of 62.6 percent, a combined gross enrollement ratio of 45 percent, and GDP per capita PPP of $853.
Make a short treatment on the examine governments take to promote exports and restrict imports. Describe who profits and who loses from protectionist rules as they relate to net outcome for society.
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