2. Agriculture production increased dramatically in the second half of the twentieth century due to a set of innovations called the Green Revolution. The following data illustrates the relationship between nitrogen fertilizers (in pounds) and the output of a particular type of wheat (in bushels). Each observation is based on one acre of land and all other relevant inputs such as water, labor and capital are held constant. Fertilizer (pounds) Wheat (bushels) 20 40 60 80 100 120 140 160 47 86 107 131 136 148 149 142 Use Excel to estimate the short run production function. (Plot fertilizer on x-axis and wheat on y-axis and then use an appropriate trend line). You do not have to submit the excel file. a. What is your estimated production model? b. What is the largest amount of fertilizer that should ever be used despite being available at zero cost?

Milk is flowing like never before in the U.S., where dairies have expanded output enough to send wholesale prices plunging from an all-time high in September. Production in the 12 months through October reached 17.08 billion pounds a month on average, up 1.8 percent from the same period a year earlier, as farmers took advantage of high milk prices and low livestock-feed costs, government data show. Two years of record corn harvests in the U.S. sent grain prices to a five-year low. Grains are mainly used as feed for cow farmers.  Imports of milk to the US has also increased during the period as countries such as New Zealand are also benefiting from good market conditions During this time however, demand for the good has not been able to keep up with the supply. Notably, the current market conditions are not expected to last with impending drought conditions that would impact the harvest of corn and result in an increase in its price. With higher prices for grains some farmers may no…

Milk is flowing like never before in the U.S., where dairies have expanded output enough to send wholesale prices plunging from an all-time high in September. Production in the 12 months through October reached 17.08 billion pounds a month on average, up 1.8 percent from the same period a year earlier, as farmers took advantage of high milk prices and low livestock-feed costs, government data show. Two years of record corn harvests in the U.S. sent grain prices to a five-year low. Grains are mainly used as feed for cow farmers. Imports of milk to the US has also increased during the period as countries such as New Zealand are also benefiting from good market conditions During this time however, demand for the good has not been able to keep up with the supply. Notably, the current market conditions are not expected to last with impending drought conditions that would impact the harvest of corn and result in an increase in its price. With higher prices for grains some farmers may no…

Milk is flowing like never before in the U.S., where dairies have expanded output enough to send wholesale prices plunging from an all-time high in September. Production in the 12 months through October reached 17.08 billion pounds a month on average, up 1.8 percent from the same period a year earlier, as farmers took advantage of high milk prices and low livestock-feed costs, government data show. Two years of record corn harvests in the U.S. sent grain prices to a five-year low. Grains are mainly used as feed for cow farmers. Imports of milk to the US has also increased during the period as countries such as New Zealand are also benefiting from good market conditions During this time however, demand for the good has not been able to keep up with the supply. Notably, the current market conditions are not expected to last with impending drought conditions that would impact the harvest of corn and result in an increase in its price. With higher prices for grains some farmers may no…

Please give a detailed solution with an explanation. Please make sure the graph is visible, clear, and detailed as possible and provide the coordinates for each point as well.

(NON-RENEWABLE RESOURCES) The demand and supply functions for oil for the current generation (in million barrels) is: Demand: Qd = 250 – 5P Supply: Qs = 5P a. Assume the current generation does not consider the future at all. Draw a supply and demand graph showing the equilibrium price (P) and quantity (Q) consumed by this generation showing clearly the numbers for P and Q. b. Assume that the next generation will have the same demand. Supply for both generations is only 250 million barrels. Interest rate (r) is 5%. Calculate the efficient allocation of resources between the two generations. c. Other things being equal, assume that the available oil supply is 200 million barrels. Calculate and graph the efficient allocation of resources been the two generations.

11. What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources? What happens to the value of resources when losses are present? If a firm making losses goes out of business, is this bad? Why or why not?

None

Would you expect to find intensive or extensive farming in each of these parts of Canada Why? a) Southern Ontario                            c) Alberta b) Manitoba                                        d) British Columbia

What are diminishing marginal returns?