ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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How might a drought that destroys half of all farm crops be good for farmers? If such a drought is good for farmers, why don't farmers destroy their own crops in the absence of a drought?
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- During the Middle-Ages, the African city of Taghaza (located in modern day Mali and known as one of the hottest and driest places on Earth, it gets 11 millimeters of rain a year and the average high temperature from April to September is over 100 degrees) quarried salt sent to market in Timbuktu (also in Mali). With the climate being so hot and dry, locals used salt blocks for construction of buildings. Compared to other towns without salt was the demand for wood more or less elastic in Taghaza? Why?arrow_forwardHow do prices communicate to economic actors?arrow_forwardA flood in a toy factory requires a factory owner to replace damaged tools and equipment. As a result of replacing all the tools and equipment, production costs at the factory increase. Which of these will be the most likely outcome of the increase in production costs for the factory? The demand for toys will increase. The sale of toys will increase. The supply of toys will increase. The price of toys will increase.arrow_forward
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