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Question
Explain the difference between absolute and comparative advantage. Why do we generally use comparative advantage when we study trade?
Using the Supply and Demand model, explain how higher food prices and changes in consumer spending will impact the predicted market price of fast food.
With the unemployment rate being as low as it is, do people live well? (is it a good indicator of a standard of living)
can you make any conclusions about returns to scale? That is, can you deduce that the firm is experiencing increasing, decreasing, or constant returns to scale?
Coal prices in China hit a record high, having risen more than 260% in the year to date. Despite recent attempts to bolster its supply
Raising chickens requires several types of feed, such as corn and soy meal. Consider a farm in the former Soviet Union. Try to describe how dicisions on the number of chickens to be raised, and the amount of each feed to use in raising them, were ..
Explain why the FOMC opted to include language about the specific level of unemployment it wants before it might consider possibly increasing the Federal Funds rate. What is the expected benefit, and what might be the cost?
Compute estimated attendance for a Sunday game, during week 3, with an average ticket price of $40, if the team's winning percentage is 100%.
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
1. What is product differentiation. 2. List all the advantages and the disadvantages of product differentiation.
Elucidate why is it that market leaders and monopolies generally acquire rather than develop new technology.
Describe the types of information employees at an Apple store require and compare it to the types of information the executives at Apple's corporate headquarters require. Describe the links between these two types of information.
Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
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