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dangina [55]
3 years ago
15

Based on Roberts and Schlenker​ (forthcoming), the corn demand elasticity is ε =0.3​, and the supply elasticity is eη= 0.15. Acc

ording to the 2007 Census of Agriculture, the United States has 347,760 corn farms. Assuming that the farms are of roughly equal size, what is the elasticity of demand facing a single farm?
Business
1 answer:
matrenka [14]3 years ago
7 0

Answer: 52,164.15

Explanation:

The price Elasticity of demand for corn refers to how much the quantity demanded of corn changes as a result of a change in price.

When given the elasticity for a group and need to calculate for a single unit, use the formula;

εi = nε - (n -1)eη

Demand elasticity for single unit = (Number of units * entire demand elasticity) - ( number of units - 1) * supply elasticity of each firm

= (347,760 * 0.3) - (347,760 - 1) * 0.15

= 104,328 - 52,163.85

= 52,164.15

<em>Note: Do confirm that the figures you provided are the correct ones. If yes then no problems. </em>

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What effect does the change in the market for cripps pink apples have on the price of the apples and on the quantity supplied an
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The change in the market for Cripps  is positively related with other apples.

Explanation:

The Cripps pink apples are the substitute to the other apples so there is a direct relationship between the price one commodity and the demand for its substitute commodity. Therefore, if the price of Cripps pink apples rises, then the demand for other apples will rise also because of substitute goods. Similarly, if the price fall, then the demand for other apples will also fall. Thus substitute goods encompass a positive relationship.

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3 years ago
The first step in finding a job is locating job leads. Please select the best answer from the choices provided T F
Dominik [7]

true the first step is locating job leads


4 0
3 years ago
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The Wall Street Journal reports that the rate on four-year Treasury securities is 2.2 percent and the rate on five-year Treasury
Marina CMI [18]

Answer:

option:D

Explanation:

3 0
2 years ago
Maxwell Feed &amp; Seed is considering a project that has the following cash flow data. What is the project's IRR? Note that a p
Kay [80]

Answer:

13.31%

Explanation:

some information is missing:

Year        Cash flows

0              −$1,100

1                  $450

2                 $470

3                 $490

the easiest way to calculate the IRR is by using a financial calculator, IRR = 13.31%

but if we don't have one at hand, the IRR is the discount rate at which a project's NPV = 0

1,100 = 450/(1 + r) + 470/(1 + r)² + 490/(1 + r)³

to simplify the formula we must use trial and error:

since we already know the real IRR, I will start with a close number like 10%

1,100 = 450/(1 + 0.1) + 470/(1 + 0.1)² + 490/(1 + 0.1)³

1,100 = 409.09 + 388.43 + 368.14

1,100 ≠ 1,165.66

since the NPV is still positive, we must increase the discount rate. following the example we can use 12%

1,100 = 450/(1 + 0.12) + 470/(1 + 0.12)² + 490/(1 + 0.12)³

1,100 = 401.79 + 374.68 + 348.77

1,100 ≠ 1,125.24

we must increase the discount rate even more to 13%

1,100 = 450/(1 + 0.13) + 470/(1 + 0.13)² + 490/(1 + 0.13)³

1,100 = 398.23 + 368.08 + 339.59

1,100 ≠ 1,105.90

we keep increasing the discount rate to 14%

1,100 = 450/(1 + 0.14) + 470/(1 + 0.14)² + 490/(1 + 0.14)³

1,100 = 394.74 + 361.65 + 330.74

1,100 ≠ 1,087.13

since now the NPV is negative, the discount rate must be between 13-14%

we continue this way until we finally reach 13.31%

4 0
3 years ago
Minneapolis, MN has a CPI of 173. Anchorage, AK has a CPI of 226. How does the purchasing power of someone in Minneapolis earnin
nikdorinn [45]

Answer:

The answer is: C) The person living in Anchorage has $50.80/CPI more than the person in Minneapolis.

Explanation:

The Consumer Price Index (CPI) weighs the average prices of a basket of consumer goods and services. So the higher the CPI, the more expensive it is to purchase goods or services in that place.

The purchasing power of someone living in Minneapolis and earning $42,500 is $245.66/CPI; for someone living in Anchorage and earning $67,000 is $296.46/CPI. The difference between them is $296.46/CPI minus $245.66/CPI equals $50.80/CPI.

The person living in Anchorage has $50.80/CPI more than the person in Minneapolis.

6 0
3 years ago
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