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Suppose that a worker in Freedom can produce either 6 units of corn or 2 units of wheat per year, and a worker in Liberty can produce either 2 units of corn or 6 units of wheat per year. Each nation has 10 workers. For many years the two countries traded, each completely specializing in producing the grain for which it has a comparative advantage. Now, however, war has broken out between them and all trade has stopped. Without trade, Freedom produces and consumes 30 units of corn and 10 units of wheat per year. Liberty produces and consumes 10 units of corn and 30 units of wheat. By how much has the combined yearly output of the two countries declined?
Assume you ran the only bakery in town. Further suppose that it was currently very profitable. A. What things might you consider if you wanted to ensure that you continued to enjoy the same success in the future?
Tariffs not only reduce the volume of imports, they also reduce the volume of exports
1. for each of the following utility functions draw the three indierence curves that correspond to the three stated
tammy monahan is considering the purchase of a home entertainment center. the product attributes and weights she
the gains from specialization and trade are based on comparative advantage which reflects the relative opportunity
a firm produces a product with a fully allocated average cost equal to 20.nbspnbspif the price elasticity of demand for
Bill Mitselfik borrowed $10,000 to be repaid in quarterly installments over the next five years.The interest rate he is being charged is 12% per year compounded quarterly. What is his quarterly payment?
“Switching costs may either raise or lower average oligopoly prices” Provide arguments for the first (price increase) and the second (price decrease) statements. Give examples, please.
In 2010 the Financial Times reported that the Mexican Finance minister called for a third change to the country's taxes in as many years. (Financial Times, March 19, 2010) The result would be an increase in tax revenue for the Mexican federal ..
How can these contingency funds stabilize a state's economy? Explain the Baumol hypothesis about the effects of unbalanced growth.
Briefly describe price discrimination of the 1st, 2nd, and 3rd degrees. Also, state what conditions have to be fulfilled in order to use the different types of price discrimination by a monopoly firm.
xander harris is considering whether to buy a corn and soybean farm in iowa. the farm will cost 800000 and xander will
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