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Problem: Dan's 1,000-acre almond farm is next door to Elizabeth's 50-acre cherry farm. Dan's rents 2,000 colonies of honeybees. Some of the bees from Dan's farm also fly around Elizabeth's orchard and raise the cherry yield from 100 boxes per acre to 125 boxes per acre. Each box of cherries sells for $20. Elizabeth rents no colonies and relies on the bees from Dan's to pollinate her cherries. The fact that the bees spend some time at Elizabeth's orchard has no effect on Dan's almond farm production. Is there an externality in the situation above? Explain. How valuable is this externality? Explain and show calculations. Dan now notices that some of the bees from the hives he has rented fly next door to benefit Elizabeth's orchard and asks for payment. What is the most Elizabeth would be willing to pay Dan? Explain.
consider an economy that is well described by the RBC model with one modification: there is a goverment that spends G in period 1. it pays for this
Earlier in the semester, we learned that a business should shut-down permanently when they will lose more money operating than their fixed cost loss
Scarcity How does scarcity affect your life? Provide several examples of items you had to do without because of limited resources, and explain how you adjusted.
The city of Seattle limits each household to one can of free garbage collection per week. Why does this change the efficiency of the policy?
Discuss the classifications of organizational theory and their precepts and what can we learn from its history? For businesses to succeed they must maintain a competitive advantage in the marketplace.
Suppose the Clean springs water company has a monopoly on bottled water sales in California. If the price of tap water increases, what is the change in Clean springs' profit maximizing levels of output, price, and profit
The city of Seattle limits each household to one can of free garbage collection per week. There are fees for any extra garbage collected from the curb.
Most supermarkets today are staffed by employees of a chain like Kroger. Piggly Wiggly and IGA, however, operate under franchise agreements with independent.
Suppose you want to go out for dinner. What are your fundamental objectives? Create a fundamental-objectives hierarchy.
A perfectly competitive industry has an inverse demand for its output given by p Q = ? 100 , and its supply function is given by MC Q = + 30 . The process of making Q also generates pollution, g, in the amount g Q = ? 0.5, and the total external cost..
assume that the treasury is currently running large surpluses tax collections exceed new government spending. on a
Describe the set of bundles that Mr. Creosote can afford. Draw a few indifference curves and the budget line. How many muffins of each type will he buy?
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