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Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. To answer parts (a) through (c) of this question assume that Betty’s Production Possibility Frontier (PPF) reflects the property of constant opportunity costs.
a. Draw Betty's PPF.
b. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
c. Suppose Betty takes a course called WINE 103. After the semester is over she realizes that she can now make either “48 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find Betty's new opportunity cost of a box of chocolate in terms of bottle(s) of wine.
Since its introduction during World War II as a measure of wartime production capacity, the Gross National Product (GNP), now routinely measured as Gross Domestic Product (GDP), has become the nation's foremost indicator of economic progress. It is n..
Illustrate what are influence of following changes in policies on private saving and national saving. New policy: Increase in government purchases by $100 and taxes by $80. (MPC=0.7) Estimate amount of changes.
Elucidate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
Supply and Demand in the U.S. Car Market. Please include a graph showing the initial equilibrium and the new equilibrium with the corresponding price and quantity and an explanation to support your answer.
If inflation expectations rise, how do the short-run Phillips curve and unemployment change?
You are required to analyse the strategy of a firm of your choice. You need to pick a firm and identify the strategy that the firm uses to compete with its rivals. It is important that you conduct an industrial or environmental analysis, before you u..
List all of the possible outcomes under each of the strategies. What is the expected number of delivered (unbroken) eggs under eachstrategy.
B involves the polluters in each region independently negotiating pollution deductions, assuming the other region is not undertaking pollution reduction.
Metro Airlines runs 10 flights per day at a total cost of $50,000, which includes $30,000 in fixed costs for airport fees, airplanes, and the reservation system and $20,000 invariable costs for flight crews, fuel, baggage handlers, and food service. ..
A friend borrows 500$, agreeing to pay back the loan principal plus 75$ interest one month later. One year goes by and he doesn’t pay. Exactly one year later you ask him to pay the loan immediately plus an interest with monthly compounding.
Calculate point price elasticities of demand for each customer product at activity levels identified in part A.
In 1990, the Supreme Court of the United States found which Texaco had indeed violated antitrust law. Which law do you think Texaco was found guilty of violating.
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