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Consider and economy with two consumers, Jeff and Jay, and producing two goods, wine and cheese.
a. Illustrate using an Edge worth Box diagram and a production possibilities frontier together, both efficiency in exchange and efficiency in production. Identify on your figure the point of efficient production and consumption. What are the economic conditions satisfied at this point?
b. Using your same diagram, consider opening this economy to international trade. Suppose that this economy has a comparative advantage in the production of cheese. Illustrate how this economy gains from trade. Identify on your graph domestic consumption, production, exports and imports.
There are two kinds of expenses we need to look at here: capital and operational. Do a little research and explain what these things are. Now, what will the capital expense be for the ASRS(Automated storage and retrieval systems) ?
Homo sapiens production possibilities curve have shifted outward to the right much more rapidly than that of Neanderthals
A firm emits 30 tons of a pollutant, before the government begins to regulate it. The firm’s marginal abatement cost curve is given by: MAC = 10*A (A = “tons of abatement”) What is the firm’s total abatement cost? What is the firm’s total compliance ..
U.S. government price supports for milk led to an unceasing surplus of milk. In an effort to reduce the surplus about a decade ago, Congress offered to pay dairy farmers to slaughter cows. Use two diagrams, one for the milk market and one for the mea..
Calculate the balance due, principle payment, and interest payment for each period of a new car loan. the nominal interest is 8% per year, compound monthly. Payments are made monthly for 5 years. The original loan is for $27,000.
A machine costs $50,000, and increases revenues by $18,000 per year. However, O&M costs increase by $4,000 per year. The machine lasts 6 years and your MARR is 7% annual rate compounded annually. What is the Present Worth (or Net Present Value) and s..
q1. suppose that the market for wheat is characterized by the following demand and supply relationshipsdemand
Cyclical budget balance of the US government explains what should be the budget situation over the expected business cycle of the US economy. Therefore, cyclical budget balance =
If you deposit RM3,000 with each bank, illustrate what will be the difference in the two bank account balances after two years.
Suppose the government imposed a price ceiling on a monopolist. Let denote the price ceiling, and suppose the monopolist incurs no costs in producing output. True or false: If the demand curve faced by the monopolist is elastic at the price, then the..
Explain the difference between a movement along a supply curve predicted by the Law of Supply and a shift of the whole supply curve or short termed as a shift or change of supply.
Consider two communities. In one community, ten families have incomes of $100,000 each and ten families have incomes of $20,000 each. In the other community, ten families have incomes of $200,000 each and ten families have incomes of $22,000 each. Wh..
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