Examlex
Article Summary
According to the Department of Agriculture, net farm income in 2017 will rise from $61.5 billion in 2016 to $63.4 billion in 2017, a modest 3.1 percent increase but also the first increase since 2013. Much of the increase came from the sales of grain inventory, along with increased revenue from milk and livestock. The net income for 2017 is still only about half of its peak level, and according to agricultural economist David Widmar, income closer to $72 billion would be a sign of an improving farm economy.
Source: Alan Bjerga and Jeff Wilson, "First U.S. Farm-Income Gain in Four Years Signals Hope of Bottom," bloomberg.com, August 30, 2017.
-Refer to the Article Summary.Assume that the increase in net farm income in 2017 was a result of average total cost falling from being equal to the market price to slightly below the market price at the output level where marginal cost equals marginal revenue.This indicates that the market went from
Overdraft Privileges
A banking service that allows a customer to withdraw more money than they have in their account, usually for a fee.
Spanish-Milled Silver Dollar
A widely recognized coin that was minted in the Spanish Empire following the introduction of the mechanical press, becoming an international standard for trade.
Pieces Of Eight
Historically referred to as Spanish dollars, these were silver coins that played a crucial role in world trade during the 17th and 18th centuries.
Fringe Lending
Lending practices occurring outside of traditional banking institutions, often associated with high-interest rates and less favorable terms for borrowers.
Q9: If firms in a monopolistically competitive market
Q14: Refer to Figure 13-8.At the profit-maximizing output
Q61: After selling 1,000 three-ring binders, Tony DiFulvio
Q67: Refer to Table 12-1.What is the fixed
Q133: When the marginal product of labor rises,<br>A)the
Q141: If price is equal to average variable
Q146: If a firm shuts down in the
Q222: Bill owns "Bill's Home of Blues" a
Q262: Explain how the listed events (a-d)would affect
Q308: The marginal product of labor is calculated