Imagine you are the owner of a farm that grows and sells kilograms of corn, which can be modeled after a perfect competition market. You know that there are 1,000,000 consumers in the market for corn and that they each have a demand function for kilograms of corn (x) below. You also know that you are one of 1,000 farms that each have the supply function for kilograms of corn (q) per hour below: x=10–0.25Px +3I+4Py
q = 40 + 0.5 Px – 4 PL + 400 K

a. Calculate the income elasticity of market demand for corn. What does this mean economically? Is this normal or inferior?
b. Calculate the (own) price elasticity of market demand for corn. What does this mean economically? Is this elastic or inelastic?
c. Calculate the cross-price elasticity of market demand for corn. What does this mean economically? Is this a substitute or a complement?

Elliott company produces large quantities of a standardized product. the following information is available for its production activities for march. units costs beginning work in process inventory 2,500 beginning work in process inventory started 25,000 direct materials $ 3,725 ending work in process inventory 5,000 conversion 11,580 $ 15,305 status of ending work in process inventory direct materials added 185,750 materials—percent complete 100 % direct labor added 182,375 conversion—percent complete 30 % overhead applied (140% of direct labor) 255,325 total costs to account for $ 638,755 ending work in process inventory $ 62,530 prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent units of production, cost per eup, and its cost assignment and reconciliation. use the weighted-average method. (round "cost per eup" to 2 decimal places.)

The larger the investment you make, the easier it will be to: get money from other sources. guarantee cash flow. buy insurance. streamline your products.

Suppose that real interest rates increase across europe. this development will u.s. net capital outflow at all u.s. real interest rates. this causes the loanable funds to because net capital outflow is a component of that curve.