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"In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front. As a result, the production of oranges was severely reduced. In addition, in early 2007, President George W. Bush called for the United States to reduce its gaso- line consumption by 20% in the next decade. He proposed an increase in ethanol produced from corn and the stalks and leaves from corn and other grasses. What is the likely impact of these two events on food prices in the United States?"
An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer.
jeff has 4 hours that he can choose to spend either studying for a test or playing a new video game. If he spends all of time studying, he can score a 92 on the test. If he plays for 1 hour, his test score falls 5 points.
Regis hungry for a snack. Here is the value he places on a cupcake: Value of first cupcake 5dollars Value of second cupcake 4dollars Value of third cupcake 3dollars Value of fourth cupcake 2dollars From this schedule, derive regi's demand schedule. G..
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
The following relations describe the supply and demand for posters. Qd = 65,000 - 10,000 P Qs = -35,000 + 15,000P Where Q is the quantity and P is the price of a poster, in dollars. a. Complete the following table. Price Qs Qd Surplus or Shortage
Corporation XYZ had decided to reduce the butterfat content of milk they are producing resulting to the milk to almost be only 2% milk. This in turn decreases the amount of butter and cream that the dairy farms can produce.
Suppose that demand is perfectly inelastic at 40 million bags, so that consumers demand 20 million bags no matter what the price is. What price should you charge if you want the firm to earn only a fair rate of return Assume as always that TC incl..
Suppose that the demand curve for accountants isED=20-W. The supply curve isES=2+2W. a. Graph the demand and supply curves. What is the equilibrium wage and number of accountants hired b. Suppose California taxes accountants $2.
Find any differences in the set of variables used in a regression model of demand for customer durable and a regression model of the demand for fast moving consumer goods
Suppose the own rice elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will cha..
Two accounting professors decided to compare the variance of their grading procedures. To accomplish this they each graded the same 10 exams with the following results: Professor - Mean = 79.3 Standard Deviation = 22.4
1. Find average cost and average for each of these total cost curves: a. TC = 10 + 2Q, b. TC = 5 + 3Q, c. TC = 20 - Q + 2Q2, 2.A firm's marginal cost of production is at $5 per unit, and its fixed costs are $20. Draw its total, average, and average..
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