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Question: In 2013, the price of corn fell and some corn farmers switched from growing corn in 2014 to growing soybeans.
a. Does this fact illustrate the law of demand or the law of supply? Explain your answer.
b. Why would a corn farmer grow soybeans?
1. What are the three basic protections for arbitration laid down by the Supreme Court in the Steelworkers' Trilogy? Explain the steps involved in choosing an arbitrator using the American Arbitration Association. Discuss the presentation of the case..
Given the nature of the industry competition and technology, he is planning 3-year horizon for his project. Assuming a cost of capital of 10%, determine whether the project is viable using Net Present Value approach.
If inflation is expected to be 4% next year, rather than 2%, what will happen to nominal wages next year? Use your answers from parts 1 and 2 to explain how an increase in expected inflation will tend to affect the following year's actual rate of ..
Presume a firm sells to senior citizens and others at a single price of $10. At this price it sells 10,000 units total (2,000 to seniors; 8,000 to others). It estimates that at the $10 price, seniors have an elasticity of -3 while others have an elas..
Ken will receive a $5,000 annual payment from a family trust. This will continue until Ken in 30; he is now 20. Inflation averages 4% and Ken’s real MARR is 8%. If the first payment is a year from now and a total of 10 payments are to be made, what i..
Explain what Quantitative Easing means and how it is different from the other monetary policy tools - why did the Fed have to resort to this tool, instead of one of its other tools?
Explore the design for recycling approach employed by another automobile manufac- turer, such as Toyota or another manufac- turer, and compare it to that of BMW Group.
Provide comment on the relative merits of increasing excise taxes compared to imposing a minimum price on alcohol products for reducing alcohol consumption.
Explain the MC=MR Rule. Describe the market structures to which this rule applies. Create a chart to illustrate the data in Columns 9 and 10. Describe the profit maximizing (or loss minimizing) output for this firm.
If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output?
Is the relationship between MSBPSD and MSBNON reasonable based on the legislated distinction between PSD areas and nonattain- ment areas? Briefly explain.
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
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