my questions are 5th and 6th questions on attached document

True or False: If a disease kills a large number of turkeys, the supply of turkeys will decrease. This will result in a price increase, which will then cause the supply of turkeys to increase.

Submit a 250- to 300-word response addressing the following points: o Which of the 10 principles do you think plays a major role in your decision? o Provide an example for each about decision-making, interaction, and the workings of the economy. o Explain how that influences the...

The invention of a machine that increases milk production is discovered. If farmers were to decry the effect of this new technology on the price of milk and lobby government to set the price of milk at the price before the invention, what would be the result?

07(i) Ted has the utility function U(x,y) = x(y + 1). The price of x is $2, the price of y is $1, and his income is $10. a. Find Ted s demand functions for x and y. b. How much of each good does Ted demand? c. If Ted s income doubles, while prices remain unchanged, will Ted s demand for...

(i) Suppose that Ella has a demand function for milk of the form: X1=10+m/(10P1) where her income is originally $120 per week and the price of milk (P1) is $3 per litre. 1p a. What is Ella s demand for milk (in litres)? Suppose that the price of milk now falls to $2 per litre. b. Calculate...

Question Three (i) At prices (p1, p2, p3) = (1, 2, 8), Summer buys the bundle (x1, x2, x3) = (2, 1, 3). At prices (p1 , p2 , p3 ) = (4, 1, 8), Summer buys the bundle (x1 , x2 , x3 ) = (3, 4, 2). At prices (p1 , p2 , p3 ) = (2, 2, 2), she buys the bundle (x1 , x2...

A perfectly competitive market is in long-run equilibrium. At present there are 100 identical fi rms each producing 5,000 units of output. The prevailing market price is $20. Assume that each firm faces increasing marginal cost. Now suppose there is a sudden increase in demand for the industry...

Given that the firm X produces output according to this equation: Q = L0.5K0.5 and that the capital K is fixed, a. Derive the expression of the total cost function in terms of w, r, Q and K, where w and r are the costs per unit of labor and capital respectively. (Hint: Total...

An orange juice producer buys all his oranges from a large orange orchard. The amount of juice squeezed from each of these oranges is approximately normally distributed with a mean of 4.7 ounces and a standard deviation of 0.40 ounce. From Excel, we know that the probability is 30.85% that a...