Answer to Question #15559 in Economics of Enterprise for Chris Callahan

Question #15559
Rancher Profit Function: Π(X) = 100X – X² for 0 ≤ X ≤ 100 Farmer Utility Function: U(W,X) = (W)(100 – X) for 0 ≤ X ≤ 100 What is the efficient number of cattle to run? Suppose the rancher gets to choose how many cattle to run, but the government charges him a tax T on each cow. At what tax rate T* will the rancher choose to run the efficient number of cattle?
Expert's answer

Not answered

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS
paypal