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A farmer can plant two crops in a 450-acre plot of land. One acre of land can produce 2.7 bushels of crop A and 2.4 bushels of crop B. Crop A requires $30 for plowing, disking, and harvesting altogether per bushel, and crop B requires $40 for plowing, disk- ing, and harvesting per bushel (the cost includes labor for both crops). Now the same crops could be sold at $120 per bushel and $180 per bushel respectively. The family has 15,000 total hours available, and crop A requires 40 hours per acre, and crop B requires 60 hours per acre. The family can arrange 10,000 hours for $6.00 hour as additional labor. As for the availability of seeds, crop A could be planted for 300 acres, and crop B could be planted for 200 acres. If the farmer has $30,000 to invest in his crops, what is his maximum potential profit?
based on grossly distorted picture how useful do you think gdp is as an economic indicator? what are its limitations as
Consider the monopolistically competitive market structure, which has some features of pure competition and some feature of pure monopoly.
assume that the drug company can negotiate with the us and foreign governments and thus tries to implement the two-tier
the study of government regulation and the competitive environment for business is relevant to all those who study
Demand Curves for Public Goods Adam and Eve live on two sides of the Garden of Eden, a small suburban development. After they move in, an old PCB dump is discovered in between their houses. If X total tons of PCB's are removed from the dump, the t..
The director of a theater company in a small college town is considering changing the way he prices tickets. He has hired an economic consulting firm to estimate the demand for tickets.
Define the marginal product of labor, explain how it relates to the production function (with N on horizontal axis and Y on vertical - find the marginal product of labor (MPN) for each level of employment (fill in the third column of table).
Is the Chinese economic transformation after 1980 a threat to the world economy? Why do you think so?
Analyze the roles of physical capital, human capital, technology, and natural resources in influencing long-run economic growth of aggregate output per capita, and how governments can contribute, or discourage long run growth through their policie..
In global trade, when the difference between money coming into a country from exports and money leaving a country due to imports or money flows from other factors is known as.
question 1a explain the concept of a concentration ratio. is the concentration ratio in a monopolistically competitive
In order to derive an individual's demand curve for salmon, we would observe what happens to the utility-maximizing bundle when we changea. income and hold everything else constant. b. the price of a close substitute and hold everything else constan..
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