weTECNOO6 SPARKpg#01%23DateQuestion Gcoporategreccellieseparale faihs whichonganization has threeduning the coming yeas., Each hasasetofarmbeusedUniale chasacterlticswhichmostsutablemake itbor saisingbelow indicates thecrop onlyselected' foruneJablecropeachthefam,ofassociated with operating eachannual ixed costs' ofthe cosposdtron as7 plantingexpected revenueharm. Dn addition to the bixed costannualcostthecrops, thefaam.thereRs 8°90,000forarewhole.CropPolatoesCost/acde Revenuelacte Hixed cost1200faim1500200000soybean 143018503 500003com8701225128000Detemine the cost function , revenue,funchion and psofitfunction ljain functions)for the thaee fhimOhe boardopera tionalinection has vote on the planingfollowingprogram foh the coming yeas:750 acres' will be plantedat fam1;1,000 at ferm 2; and l,s^SO at farmwhat are the expected profits for the program?summer d rougpes acte bcing"necvced by 10,20 and 30 percent, +cspec-ht has nesulted in the revende yieldsreduced byAacrepesFively ,at the th ee fatmsl. what is the profit expected6rom mentioned [ie. seguidment(b)] planting progeam?theprevioušlyPROMOTION

Profit is that the distinction between the revenue and therefore the prices. A profit function is a…

A Question G coporate agriculture separate farms which are organization has! during the coming year. Each farm ho used unique organizati be characterstics most une crop o Jable sutable for raising, below indicates the faim, the erop selected E each annual of plan 1 ache. of the crops, the expected each farm. In addition to the fixed t associated with operating each farm. are Rs 840,000 annual fixed costs of the corporation as a whole. farm Crop Cost/ache Revenue/ade fixed co Potatoes 1200 1500 200006 Soybean 1430 1850 350 000 3 Com 870 1225 128000 Determine the cost function, se venue, function. function I join functions) for the three farm operat The board of direction has vote on the following program for the coming year: 750 acres will be at form 1; 1,000 at farm 2; and 1,550 a what are the expected profits for the F A summer drought has resulted in the reve per acre being reduced by tively, at the three farms. What is the profit from the previously mentioned lie. req (b)] planting program? 10,20 and 30 perce دا را 2 cost

A Question G coporate agriculture separate farms which are organization has! during the coming year. Each farm ho used unique organizati be characterstics most une crop o Jable sutable for raising, below indicates the faim, the erop selected E each annual of plan 1 ache. of the crops, the expected each farm. In addition to the fixed t associated with operating each farm. are Rs 840,000 annual fixed costs of the corporation as a whole. farm Crop Cost/ache Revenue/ade fixed co Potatoes 1200 1500 200006 Soybean 1430 1850 350 000 3 Com 870 1225 128000 Determine the cost function, se venue, function. function I join functions) for the three farm operat The board of direction has vote on the following program for the coming year: 750 acres will be at form 1; 1,000 at farm 2; and 1,550 a what are the expected profits for the F A summer drought has resulted in the reve per acre being reduced by tively, at the three farms. What is the profit from the previously mentioned lie. req (b)] planting program? 10,20 and 30 perce دا را 2 cost

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 22CTQ: What assumptions about the economy must he true for the invisible hand to work? To what extent are...

See similar textbooks

Similar questions

What is an externality?
53. The Indiana University basketball team trails by twopoints with eight seconds to go and has the ball. Shouldit attempt a two-point shot or a three-point shot?Assume that the Indiana shot will end the game and thatno foul will occur on the shot. Assume that a three-pointshot has a 30% chance of success, and atwo-point shot has a 55% chance of success. Finally,assume that Indiana has a 55% chance of winning inovertime.
Newlzkeoflllckdd
Five roommates arc planning to spend the weekendin their dorm room watching movies, and they arcdebating how many movies to watch. Here is theirwillingness to pay:Quentin Spike Ridley Martin StevenFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Filth film 2 0 0 0 0Buying a DVD costs SIS, which the roommates splitequally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. from the standpoint of each roommate, what isthe preferred number of movies?c. What is the preference of the median roommate?d. (f the roommates held a vote on the efficient out~come versus the median voter's preference, howwould each person vote? Which outcome wouldg~ a majority?c. lf one of the roommates proposed a differentnumber of movies, could his proposal beat thewinner from part (d) in a vote?f. Can majority rule be counted on to reach efficientoutcomes in the provision of public go<Xis?
A company is considering building a bridge across ariver. The bridge would cost $2 million to build andnothing to maintain. The following table shows thecompany’s anticipated demand over the lifetime ofthe bridge:Price per CrossingNumber of Crossings,in Thousands$8 07 1006 2005 3004 4003 5002 6001 7000 800a. If the company were to build the bridge, whatwould be its profit-maximizing price? Would thatlevel of output be efficient? Why or why not?b. If the company is interested in maximizing profit,should it build the bridge? What would be itsprofit or loss?c. If the government were to build the bridge, whatprice should it charge?d. Should the government build the bridge?Explain.
Make diagtna ne ce
Rаnϲhеrs ϲаn rаisе еithеr ϲаttlе or shеер on thеir lаnd. What would cause ϲаusе thе suррly of shеер to inscrease? Typed answer please. I ll rate.
On a microeconomic demand curve, a decrease in price causes an increase in quantity demanded because the product in question is now relatively less expensive thansubstituteproducts.Explainwhyaggregatedemand does not increase for the same reason in response to a decrease in the aggregate price level. In other words, whatcausestotalspendingtoincreaseifitisnotbecause goods are now cheaper?
What are four responses to the claim that people should not behave in the way described in this chapter?
Question 2Consider the case of Jonathan, who is a singlefather with one child. He can work as a serverfor $6 per hour up to 1,500 hours per year. Heis eligible for welfare and can receivegovernment support of $10,000 for notworking at all. If he works 1,500 hours, hisearnings would be______ and governmentsupport would be______.O a) 2.000; 8,000O b) 3,000; 7,000O c) 9,000; 1,000O d) 10,000; 0
Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…
How do economists define equilibrium in financial markets?