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In my paper about climate change and grape growers' revenue/profit in the European Union, I specify a log-linear equation and find that ln(pi)=0.221*T-0.006*T^2, where Temp is measured in °C. a) Based on these coefficients, calculate the profit maximizing temperature. Provide a precise number with 3 decimals! b) Now assume I had used a linear equation and had found the same coefficients, that is pi=0.221*T-0.006*T^2+.... What is the profit maximizing temperature now? c) Based of the original log-linear equation ln(pi)=0.221*T-0.006*Temp^2, what is the profit if a plot of land experiences a (growing season) temperature of 24°C. What is the profit if temperatures increase to 26°C? What is the percentage decrease in profits?
If 63 tickets are sold and 2 prizes are to be awarded, find the probability that one person will win 2 prizes if that person buys 2 tickets.
If it had doubled its land as well as labor, production would have been 325000 bushels. Does it have increasing, decreasing or constant returns to scale.
An Industrial Technology department just purchased new SPSS and Minitab software for $3000 now and annual payments of $500 per year for 6 years starting 3 years from now for annual upgrades. What is the present worth of the payments if the interest r..
Suppose the government imposed a price ceiling on a monopolist. Let denote the price ceiling, and suppose the monopolist incurs no costs in producing output. True or false: If the demand curve faced by the monopolist is elastic at the price, then the..
Suppose we find out that a large number of individuals with advanced degrees in medicine were unable to find a job in the medical profession and are instead working at McDonald's flipping hamburgers. How would this be shown on a society's PPF graph?
The payment of veterans benefits to U.S. servicemen retired in the Philippines would be included in ________ section in the calculation of the U.S. balance of payments.
Develop a preliminary set of arguments you will present and anticipate the counter-arguments you can expect to encounter; make a list
A hungry actuary who regularly visits the restaurant is trying to work out the best strategy for guessing the number of hot chillies.
The City of Washington is considering adding new buses for its current mass-transit system that links from the Tacoma International Airport to the clustering city destinations on non-stop basis. The total investment package is worth $10 million and e..
For an individual with $8,000 in annual drug expenses, how much would he/she pay out of pocket in Medicare Part D under the 2006 rules?
James earned $10,000 in income in his new job in Nova Scotia after the move and his employer paid him $1,000 specifically to cover the cost of the move, but doesn't specify what it can be used for.
$500,000 cash payment today, (2) $50,000 cash payments at the end of each year for twenty years, or (3) $1,000,000 in cash in one payment after 20 years.
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