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Question: In one hour, people can make one horseshoe or one bushel of vegetables. There is a blacksmith forge where a worker can make five horseshoes or one bushel of vegetables in one hour. For each worker at the forge, there are hourly labor costs of two bushels of vegetables per hour plus other hourly inputs valued at one bushel of vegetables per hour.Using the proper units, what is the cost of a horseshoe at the forge?Transportation costs are 1/10 of a bushel of vegetables per round-trip mile. Draw a market area diagram (martini glass diagram) showing the market area of one forge.
Suppose this takes place on an island that is 40 miles long. How many forges will it take so that no one produces horseshoes at home? Draw this system of forges (horseshoe factories).
Describe market failures and government failures. Explain how the government can be used to solve market failures. Explain elasticity as it relates to consumer.
The federal government would engage in expansionary economic policies - Respond to the points in your paper on the actions the government would take to address expansionary fiscal and monetary policies.
Create a list of 50 information security vulnerabilities with related threats relevant to the organization
List three of the highest paying occupations. Why do you think they are high paying jobs? Does a strike for a raise of 5 cents/hour make any sense? What kind of long-term benefit might a union gain from such a strike? If poor people don't want to wor..
If the jeans sell for $35 a pair and the competitive market wage is $250 per week. how many workers should stone hire? how may pairs of jeans will the company produce each week
1. consider a macroeconomy was initially at equilibrium level of real gdp.nbsp using an aggregate supply diagram and
Being a rational consumer, at August prices Tony purchased 25 nuts. How many berries did he consume in August? What was the marginal rate of substitution at the optimal consumption bundle
Walgreens, one of the largest drugstore chains in the United States, recently built new flagship stores and expanded and upgraded existing stores. As a newspaper article described it: "More than a drugstore, Walgreens wants customers to be able to..
Research workers' compensation rules, regulations, and procedures associated with Oklahoma. Discuss how safety professionals can help control workers' compensation costs.
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..
Identify one real-life example of a market structure in your local city and relate your example to each of the characteristics of the market - Describe how high entry barriers into a market will influence long-run profitability of the firms.
the receipts and year of release of the five movies with the largest nominal box office revenues along with the cpi
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