Microeconomics Challenge

Microeconomics Challenge

Question 1

Total Area: 1000 acres

Land to raise the beef: approximately 20 acres per head

10 acres for the grain fed

Keeping in mind all the budget constraints, it can be seen that within the limited land of about 1000 acres, only 500 acres of grain fed is possible if there is no land to raise the beef. At the same time, only 1000 acres of land is available to raise the feed if there is no area for the grain fed.

Question 3

Q

Ask

Bid

100

0.75

1.65

150

0.95

1.55

200

1.15

1.45

250

1.35

1.35

300

1.55

1.25

350

1.75

1.15

400

1.95

1.05

450

2.15

0.95

500

2.35

0.85

550

2.55

0.75

As it can be seen from the graph as well as the above table, the price ...