Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

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Answer 1

Question

Chapter 21, Problem 1DQ

To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Expert Solution & Answer

Explanation of Solution

The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.

The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.

Economics Concept Introduction

Concept introduction:

Cost:

Cost refers to a particular amount which is incurred by a firm or an individual to acquire an asset or a service.

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Your marketing department has identified the following customer demographics in the following table. Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC=$1. The number of customers in the target population is 10,000. Use the following demand data: Group Value Frequency Baby boomers $5 20% Generation X $4 10% Generation Y $3 10% `Tweeners $2 10% Seniors $2 10% Others $0 40%

Your marketing department has identified the following customer demographics in the following table. Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC=$1. The number of customers in the target population is 10,000. Group Value Frequency Baby boomers $5 20% Generation X $4 10% Generation Y $3 10% `Tweeners $2 10% Seniors $2 10% Others $0 40% ur marketing department has identified the following customer demographics in the following table. Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC=$1. The number of customers in the target population is 10,000.

Answer 2

Question

Chapter 21, Problem 1DQ

To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Expert Solution & Answer

Explanation of Solution

The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.

The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.

Economics Concept Introduction

Concept introduction:

Cost:

Cost refers to a particular amount which is incurred by a firm or an individual to acquire an asset or a service.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 21, Problem 1DQ

To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Expert Solution & Answer

Explanation of Solution

The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.

The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.

Economics Concept Introduction

Concept introduction:

Cost:

Cost refers to a particular amount which is incurred by a firm or an individual to acquire an asset or a service.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 21, Problem 1DQ

To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Expert Solution & Answer

Explanation of Solution

The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.

The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.

Economics Concept Introduction

Concept introduction:

Cost:

Cost refers to a particular amount which is incurred by a firm or an individual to acquire an asset or a service.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 21, Problem 1DQ

To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Expert Solution & Answer

Explanation of Solution

The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.

The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.

Economics Concept Introduction

Concept introduction:

Cost:

Cost refers to a particular amount which is incurred by a firm or an individual to acquire an asset or a service.

Answer 6

Chapter 21, Problem 1DQ

To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Expert Solution & Answer

Explanation of Solution

The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.

The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.

Economics Concept Introduction

Concept introduction:

Cost:

Cost refers to a particular amount which is incurred by a firm or an individual to acquire an asset or a service.

Answer 7

Chapter 21, Problem 1DQ

To determine

Difference between the potential cost of transgenic crops and traditional cost of agriculture. Who bears the cost ultimately?

Answer 8

Expert Solution & Answer

Explanation of Solution

The potential cost of transgenic crops is unimaginable. The recombination of genes in the generation of future crops is nearly unpredictable. This technology tends to be as harmful, as it is proved to be beneficial. It might result in the production of super-weeds that can destroy a huge part of agricultural lands.

The cost of transgenic crops could be extremely high if anything goes wrong. Whereas, the traditional cost of agriculture is quite predictable and tends to remain nearly the same. Thus, farmers and consumers both bear the ultimate cost in both the types.