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Consider the following scenario: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.
a. What is the effect of the flooding in the lettuce market. Explain your reasoning using a supply/demand diagram. Carefully show any shifts and/or movements along the curves. How do the equilibrium quantity and price change?
b. What is the effect of the flooding in the spinach market. Explain your reasoning using a supply/demand diagram. Carefully show any shifts and/or movements along the curves. How do the equilibrium quantity and price change?
c. What is the effect of the flooding in the tomato market. Explain your reasoning using a supply/demand diagram. Carefully show any shifts and/or movements along the curves. How do the equilibrium quantity and price change?
d. If at the same time that part of the lettuce crop was destroyed, consumer income also decreased, then, ceteris paribus, what would happen in the market for lettuce? Explain your reasoning using a supply/demand diagram. Carefully show any shifts and/or movements along the curves.
Assume there is a Worker who has a utility function over money income m and leisure l is u(m,l)=(m*l)^1/2. This worker choose how many hours to supply to the labor market where h=16-l subject to the market hourly wage w.
Find the average time per unit required to produce the first 15 units, if the slope parameter of the learning rate is 91% and the first unit takes 400 hours.
- To liaise with stakeholders and suppliers to source the expertise that can deliver the digital prototype(s) which should be in a format that can be directly integrated with existing social media - To integrate external partner sites and collabo..
Suppose there is a market for hotdogs in equilibrium. Draw a diagram below of such a market. Now, suppose that the price of hamburgers suddenly falls sharply, making it easier and more enticing for consumers to purchase hamburgers than before. Show o..
Suppose that the production of $1 million worth of steel in Canada requires $100,000 worth of taconite. Canada’s nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Calculate the effective rate of prot..
How much deadweight loss does Great Reception causes when it restricts output and charges a price above marginal cost.
q.assume the following data describe the gasoline marketprice per gallon 2.00 2.25 2.50 2.75 3.00 3.25 3.50quantity
GM is opening a dealership in the Germany, they want to make sure they can make a rate of 20% rate of return that is promised by an alternative investment. The initial $600K investment in mechanic shop materials has an economic life of 4 years, and w..
The price of a good will be driven to a lower price when there is:
Describe at least TWO of the positives and TWO of the negatives associated with drilling in North Africa and Southwest Asia. They are relying on petroleum production as their primary economic activity.
1) Suppose the market for semiconductors in the U.S. is characterized by: Qd = 200 - 40P [Demand] Qs = 40+ 40P [Supply] The market for semiconductors in the rest of the world is characterized by: Qd = 160 - 40P [Demand] Qs = 80 + 40P [Supply]
Assume that you have a company and need to evaluate two alternatives, an automatic machine (AM) and a manual machine (MM). Capital investment for these AM and MM are $23,000 and $8,000, respectively. On the other side, we need to have three employee..
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