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Suppose that the demand curve for corn is given by the formula Q =100 - 2P.
a. What is the equilibrium price when the equilibrium quantity demanded in the market is 60 units? Calculate the demand elasticity (using the averaging formula) when the price drops by $1 from that equilibrium. (round to 2 digits)
b. Suppose that irrigation technology for corn improves so that more corn can be produced from each plot of land using the same amount of labour, and labour is the only variable input in the production of corn. What do you expect will happen to the total revenue earned from sales by corn farmers in the new equilibrium compared to the old one, i.e., is it likely to increase, decrease or stay the same? Why? (Hint: Start by considering how supply and/or demand are affected.)
q.1. short-term production function q 50l 6l2 - 0.5l3a. when the law of diminishing returns does begin to take
If the world economy expands so that foreign demand for U.S.-made goods increases, in the short run Illustrate what will happen to aggregate demand, the price level, and real GDP in the U.S..
Outline the potential pros and cons of the three key strategies for developing foreign markets: exporting, licensing and franchising, and direct investment
If there are two firms in the market, what are their profits after taking into account the entry cost?
Solve graphically: Show an increase in real interest rates that decreases quantity supplied of savings. (m2=0)
Compute the expected return on portfoliob) compute the standard deviation of the returns on the portfolio assuming that the two stocks returns are perfectly positively correlatedc) compute the standard deviation of the returns on the portfolio assumi..
Calculate the net present value of the difference between the average salary of a high school graduate and the average salary of a collge graduate between 22 and 65 years old. How does this compare to the tuition cost over four years? Make sure to di..
Consider an economy described by the following equations: Y= C+I+G, Y= 5,000, G= 1,000, T= 1,000, C= 250 + 0.75(Y-T), I= 1,000 -50r. In this economy, compute private saving, public saving, and national saving.
Walmart is laying off cashiers, and increasingly adopting the policy where customers must use self checkout or pay a fee. Jason Clarke is the manager of a Walmart. There are 20 cashiers and 8 self-checkout stations in this store to serve 1000 custome..
Government fiscal policy and international trade seem to be linked. Let’s investigate their relationship. Say a government is currently running a budget deficit and decides to cut taxes, increase spending, or both. Explain how this will affect intere..
Suppose a company produces $5M worth of output and has sales of $2M each to domestic and foreign customers. It imports $1 M worth of raw material, pays its workers $3M in wages, pays its creditors $2M in interest, and has minus $1M in profits for its..
Consider the following scenario: The city council has just approved the construction of a water park in your town. You are responsible for studying the impact of the new water park on the local economy and the surrounding community.
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