Recall a sharecropping agreement is where a farmer provides a percentageof their yield to a landowner in exchange for renting the land. Consider the graphbelow and answer the following questions (include calculations in work):11VMPL108a*VMPL5432110152025303540455055Labor (Hour)"andıno (a)the farmer's next best alternative is working informally for $5 per hour. Find theoptimal amount of labor for the farmer.Suppose the farmer has to pay 0% of their yield to the landowner, and(b)shown in the graph). Calculate the farmer's profit, the landlord's profit, and thedead weight loss associated with this sharecropping agreement. (Answers need tobe numeric)Now consider the case where the farmer keeps only a % of their yield (as(c) :The presence of dead weight loss means sharecropping is inefficient.What is the benefit to the farmer from sharecropping?

Given diagram VMP represents when farmers hires labor and there is no share cropping. a%*VMP…

Recall a sharecropping agreement is where a farmer provides a percentage of their yield to a landowner in exchange for renting the land. Consider the graph below and answer the following questions (include calculations in work): VMPL 10 a*VMPL 5 10 15 20 25 30 35 40 45 50 55 andıno

Recall a sharecropping agreement is where a farmer provides a percentage of their yield to a landowner in exchange for renting the land. Consider the graph below and answer the following questions (include calculations in work): VMPL 10 a*VMPL 5 10 15 20 25 30 35 40 45 50 55 andıno

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Brian lives in San Diego and runs a business that sells guitars. In an average year, he receives $733,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $433,000; he also pays wages and utility bills totaling $257,000. He ovwns his showroom; if he chooses to rent it out, he vill receive $13,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Brian does not operate this guitar business, he can vork as a paralegal, receive an annual salary of $23,000 vith no additional monetary costs, and rent out his showroom at the $13,000 per year rate. No other costs are incurred in running this guitar business. Identify each of Brian's costs in the following table as either an implicit cost or an explicit cost of selling guitars. Implicit Cost Explicit Cost The vholesale cost for the guitars that Brian pays the manufacturer The salary Brian could earn if he worked as a paralegal The vages and utility…
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