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Farmer Brian has 3 acres of land which he farms efficiently. Each acre can support 20 apple trees. However the 3 acres differ in their ability to support orange trees. He can grow 40 orange trees on the best land, 20 orange trees on the ok land, and 10 orange trees on the bad land. If he initially has his land split between apples and oranges (1.5 acres growing apple trees and 1.5 acres growing orange trees), what would be the opportunity cost of growing another apple tree?
The production function at Ginko's Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then the minimum of L and 3K, min(L,..
Decide whether each scenario would lead to upward or downward pressure on the equilibrium price for each good in bold font.
According to an old myth, Native Americans sold the island of Manhattan about 400 years ago for $24. If they had invested this money at 7% interest per year, how much would they have today?
Suppose the banking market in Richmond area consists of five banks that each has 15 percent of the market and five more banks that each has 5 percent of the market. Calculate the measure of monopoly power.
Subsequent forecasts were derived by using exponential smoothing with a smoothing constant of 0.25 using this exponential smoothing method, what is forecast for Whopper sandwich demand for Friday.
(Comparative statics analysis in the Cournot Model) Assume two firms produce the same homogeneous good, facing the inverse demand function P(q1+q2) = k−q1−q2, where k > 1 is a positive constant, q1 is the quantity produced by firm 1 and q2 is the qua..
For several decades the labor force participation rate of women increased steadily but average hours worked per employed woman decreased steadily. Holding all other factors constant, could rising wage rates of women explain both phenomena? Explain.
Suppose In-N-Out burgers sells only burgers, and that P and Y are the price and quantity of burgers sold. In-N-Out revenues R are given by R=P.Y. Finally, suppose P grows at 1% and Y grows at 2%. Given this information you can say that revenues grow ..
(External Costs with Variable Technology) Think of an industry that pollutes water and has access to variable technology for reducing that pollution. Graphically illustrate and explain the impact of each of the following, other things constant, on th..
Increase carbon tax will make move of production factory to the countries with no or lower carbon taxes. So every countries should set the base carbon tax rate at the same point to avoid this problem and it will be the problem or not?
A stamping machine is classified as seven-year MACRS property. The cost basis for the machine is $120,000, and the expected salvage value is $10,000 at the end of 12 years. Compute the book value at the end of three years for tax purposes.
Define the opportunity cost of getting your degree by analyzing what steps and economic factors a potential student must make when choosing to pursue an education. Given your answer, is getting a formal college education worth your opportunity costs?..
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