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Let us suppose that England, France and Spain produce the whole wheat, barley and oats in the world. The demand for wheat in the world requires 125 million hectares available for its production. Similarly, 60 million hectares of land are required for the production of barley and 75 for the production of oats. The total area available for this purpose in England, France and Spain is 70, 110 and 80 million hectares respectively.The number of hours required in England, France and Spain for the production of wheat in one hectare of land is 18, 13 and 16 hours respectively. The corresponding hours in the three countries for the production of barley in a hectare of land is 15, 12 and 12hours respectively. The number of hours required in England, France and Spain for the production of oats in one hectare of land is 12, 10 and 16 hours respectively. The cost for each working hour for the production of wheat in England, France and Spain is $ 3, $ 2.40 and $ 3.30 per hour respectively. The comparable costs for every working hour for the production of barley is $ 2.70, $ 3 and $ 2.80 respectively, while for the production of oats is $ 2.30, $ 2.50 and $ 2.10 respectively.The problem that must be addressed is the distribution of land used for each country so as to meet global needs and simultaneously minimize the total labor costs. Design and resolve the appropriate transportation model.
What is the impact on the firm’s employment level from the following events, according to the marginal productivity theory of labor demand?
Under current law, most Social Security recipients do not pay federal or state income taxes on their Social Security benefits. Suppose the government proposes to tax these benefits at the same rate as other types of income.
1. the following equations characterize the goods market in an open economy c 600
Lets say the US plans to spend billions of dollars on a mission to Mars. List a few of the possible opportunity costs of the mission. What resources will be used to execute the mission, and what do we sacrifice by using these resources in a mission t..
Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm. A. For the monopolist: i. Profit maximizing output = ii. ATC = iii. AR = iv. Price = v. Total Revenue = vi. Total Cost = vii. Profit = GE273
Digby's product manager is considering lowering the price of the Dim product by $2.50 and wants to know what the impact will be on the product's contribution margin. Assuming no inventory carry costs, what will Dim's contribution margin be if the ..
A company in a perfectly competitive industry has invented and patented new process for making a plastic product q. The new process lowers the company's average cost curve,
What is the Aggregate Demand (AD)? What is the short-run aggregate supply (SRAS)? Describe the reasons for their slope.
Second, Describe two problems with banks as international lenders associated with international debt
Illustrate what would you like to see done by the Federal government which would be of help to your organization
Two neighboring island countries called Bertland and Ernamia.
Acoording to their annual report, John Deere's purpose is to earn a profit while innovating farm technology. This statement describes Deere's:
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