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The following numbers measure the tradeoff between grades and income: Total Hours Hours Hours Studying GPA Working Income 60 60 4.0 0 $ 0 60 40 3.0 20 $100 60 30 2.0 30 $150 60 10 1.0 50 $250 60 0 0.0 60 $300 Total Hours Hours Hours Studying GPA Working Income 60 50 4.0 10 $ 60 60 40 3.0 20 $120 60 20 2.0 40 $240 60 10 1.0 50 $300 60 0 0.0 60 $360 a. Define comparative advantage. b. Does either individual (the one in exercise 4 or the one in exercise 5) have a comparative advantage in both activities? c. Who should specialize in studying and who should specialize in working?
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H - 4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
Each member of the family has the opportunity to migrate to the nearest city where there are two different types of jobs. Informal jobs are available to everybody and pay $200. Formal sector jobs are more difficult to get and p..
some fields have large enough quantities of both oil and natural gas that coordination must be achieved for production of both, rather than oil alone as in our examples. will field with both oil and gas have greater difficulties in unitization tha..
The government collects $7 in taxes and spends $10 on locally-made goods. Firms borrow $7 and make $7 in domestic investment spending. The government and firms buy no imports what is Germany's current account balance
The ABC Company has contracted to make the following payments; $10,000 immediately; $1,000 at the end of year 1; $1,500 at the end of year 2; $2,000 at the end of year 3; $2,500 at the end of year 4; and $3,000 at the end of year 5.
Q1 kilowatts are produced at facility 1, and Q2 kilowatts are produced at facility 2 (so Q = Q1 + Q2). The costs of producing electricity at each facility are given by C1(Q1) = 8,000 + 6Q12and C2(Q2) = 6,000 + 3Q22, respectively. Determine the pro..
Cindy consumes goods x and y. Her demand for x is given by x(px, m) = 0.05m -5.15px. Now her income is $419, the price of x is $3, and the price of y is $1. b. Compute the demand of x under the new price.
A local realtor estimated the long-term income elasticity of demand for rental properties to be 0.9 and the long-run income elasticity for owner-occupied housing to be 1.10. Recent estimates indicate that income is forecast to rise at 5% per year ..
The overall population for Region A is 125 million people. The workforce contains 67 million people. 38 million people are employed, while 29 million are unemployed. What is the unemployment rate
Compared to the prices if $30 and $25, what can you say about the marginal valuation that consumers place on the 300th shirt , the 700th shirt and the 1200th shirt they might buy each year. With diminishing marginal utility, are consumers deriving ..
In a large city it was found that summer electricity bills for single-family home followed a normal distribution with standard deviation $100. A random sample of 25 bills was taken. a. Find the probability that the sample standard deviation is less..
An accounting and management consulting firm charge out rate is $112 per hour. The maximum output is 214,000 hours per year. The fixed cost is $610,000 per year and the variable cost is $62 per standard service hour. What is the breakeven point in..
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