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Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts.
a. Draw the production possibility curve
b. Who enjoys the absolute advantage of producing both?
c. Who has a higher opportunity cost of making T-shirts?
d. Who has a comparative advantage in producing hamburgers?
Suppose that the demand curve for cigarettes is given by Qd = 50 ? P and the supply curve is given by Qs = P. The government wants to raise $300 in revenues by taxing the cigarette market. Calculate the amount of the excise tax required to accomplish..
Which of the following is/are NOT (a) characteristic(s) of the Bismarck model?
In an agency relationship, someone agrees to perform a task for, and under the control of, someone else (the principal). An agent is the person who is acting on behalf of the principal in an agency relationship. Identify three (3) types of agency und..
Suppose the demand for honey is given by Q=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
Illustrate what would happen to the profits CPI makes via their toothpaste division.
Explain General Medical makes disposable syringes for hospitals and doctor supply companies. The company uses cost plus pricing and currently charges 150% of average variable costs.
explain using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost.
q1. what is true about using the least squares method of plotting an estimated regression line on a scatter diagram?q2.
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Find the Average products of..
Define Mercantilism, Pick a country and talk about the products they import and export with the U.S.A. Also talk about the composition of trade with relation of abundance of the two countries
Discuss a decision made by your chosen company that involved costs that should have been ignored. why did the company include these costs in their decision process.
Define the “natural rate of unemployment” and show that its two equations are equivalent. What are its causes and what is its significance for public policy? Define “structural unemployment” and explain its causes. Use a labor market diagram to show ..
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