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Befuddled Befuddled
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9 months ago

Here are four positions that Farmer Gomez can be in:  (1) bad weather for Gomez and good weather for all other farmers; (2) bad weather for all farmers except Gomez (who witnesses good weather); (3) bad weather for all farmers; (4) good weather for all farmers. Assuming the demand for foodstuffs is inelastic, Farmer Gomez would probably rank these four positions, from best for him to worst for him, the following way:



▸

1,2,3,4.



▸

2,1,3,4.



▸

2,3,4,1.



▸

4,3,2,1.



▸

3,4,1,2.

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Economics

Economics


Edition: 12th
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Gab27Gab27
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9 months ago
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