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Draw the production possibility frontier for the Home country with cloth on the horizontal axis and food on the vertical axis. Suppose the economy is engaged in free trade and the free trade relative price of cloth is given.(a) In your PPF diagram show where the economy will produce. What condition holds at that point? (Note: Do not illustrate the consumption point - just where production takes place.)(b) Now suppose the economy's endowment of land - the specific factor used to produce food - increases. In your PPF diagram, show the economy's new production possibility frontier. Briefly justify your answer.(c) If the free trade relative price of cloth remains constant, illustrate in your diagram where production will now take place. Will production of food increase or decrease?
You are considering purchasing new equipment to replace old equipment. The old equipment has a current market value of $2000. The new equipment will cost $5000. The use of the new equipment is expected to produce energy savings of $500 per year.
Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back..
Demand and supply of money
A company is considering the purchase of a new machine which will cost $100,000. Net cash flow before depreciation and taxes are $25,000 per year for five years. The machine would be depreciated (straight-line method) over five years with no ..
Explain briefly why competitive, profit-maximizing firms hire labor until the marginal product of labor (MPL) equals the real wage.
select a firm whose stock is publicly traded on a u.s. stock exchange. what strategic changes has this firm made over
explain the different incentives americans have for joining interest groups. what are the types of interest groups
"The Economics of Professional Sports" Please respond to the following: Explain the economic consequences that would unfold if one of the major four sports leagues in the United States reorganized into a single-entity league. Discuss the consequen..
Explain how and why firms practice 3rd degree price discrimination. Use the handout to illustrate your answer (coupons; airlines, mobile phones).
1. angela bates who works in a duplicating photocopying establishment for 20000 per year decides to open a small
In what way does the Bill of Rights protect individuals' freedom to engage in business activities. it recognizes property righs or else.
The initial cost of the office equipment is $100,000 has an estimated actual life of 6 years, with an estimated salvage value of $10000. Prepare tables listing the annual costs of depreciation and the book value at the end of each 6 years, based on s..
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