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Using supply and demand analysis, explain why improvements in farm technology may not necessarily be good for the individual farmers. Assume that the individual farmers are selling a crop that has few substitutes, thereby resulting in fairly inelastic demand. Use a clearly labelled diagram; you can also use hypothetical prices and quantities to make your response clearer. To accompany your diagram, write some sentences explaining what is occurring.
Find the equilibrium price and quantity traded and illustrate the equilibrium on a diagram (assuming there are no taxes or subsidies, and the notation is the same as that in question 2).
Some economists have argued that if the government wishes to subsidize health care, it should instead provide predetermined sums of payments (based on the type of health care problems experienced) directly to patients, who then would be free to ch..
You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q^2. Your firm's maximum profits are: A. 125, B. 250, C. 100, D. 85 6. A perfectly competitive firm faces:
Determine the long-run marginal cost function for electricity generation and determine the short-run average variable cost and marginal cost at the output level in Part (d)
In 2005, APEX received a tax credit for production of its solar panels through the US Department of Energy's Energy Efficiency and Renewable Energy procurement plan.
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so that families could choose what kinds of non-toxic, all natural products they'd like ..
Reducing taxes increases the amount of available cash that consumers can use to purchase goods and services. The more cash consumers have, the more purchases they are likely make. As consumers in a country increase spending, it directly increases ..
A printer's wage rate is $20, and the price of a printing press is $5,000. The last printer added 20 books to total output, while the last press added 1,000 books to total output.
Briefly explain how this will affect money supply over time and how, even without any intervention on the part of the government or the central bank, the economy would self adjust over the following few years.
Let us assume that an economy in which there is no widely agreed upon form of money. In other words, suppose we are dealing with a barter economy.
According to the textbook, Bill Clinton re-defined welfare by creating the Temporary Assistance for Needy Families (TANF) program. TANF's key feature was its temporary nature. Conclude whether or not welfare assistance has become temporary. Provide e..
Currently the foreign earnings of U.S. multinational companies are taxed only when the income is returned to the United States. Taxes are deferred if the income is reinvested abroad. The department seeks a tax rate that will maximize total tax reve..
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