Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home-organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $25 an hour for her
home-organization services. One spring day, Ziva spends 10 hours in her fields planting $130 worth of seeds on her farm. She expects that the seeds she planted will yield $300 worth of lettuce. Ziva's economic profit from farming equals
a. $-130.
b. $-80.
c. $130.
d. $170.
b
Economics
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In applying the lower of cost or market rule, market may be represented by:
a) current replacement costs b) net realizable value c) net realizable value less a normal profit margin d) any of the above may be correct
Economics
If the demand and supply curves are described by the following equations P = a - bQ and P = c + dQ, respectively, the equilibrium quantity is Q* = (a - c) / (b + d)
Indicate whether the statement is true or false
Economics