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An economy is endowed with 100 units of labor and 100 units of electricity, and 150 units of storage space to store the two final produce namely water and cloth. Both labor and electricity are used for producing two goods water and cloth, which may be used to produce saris and dhotis. Either 1 unit of labor can be used with the use of a manual hand pump to pump 1 gallon of ground water or one can use 1 unit of electricity with the help of an electric pump to pump 1 gallon of ground water. Manufacture of cloth requires both labor and electricity; 1 meter of cloth will require 2 units of electricity and 1 unit of labor. Both water and cloth needs to be stored in a common storage space, 1 gallon of water requires 1 unit of storage space and 1 meter of cloth requires 1 unit of storage space. Draw the Production Possibility Frontier for this economy, label points on the frontier where resources such as labor, electricity and storage space are fully utilized and places where they are not. Can we comment that all places on the frontier where resources are not fully utilized are technically inefficient from the Pareto point of view?
In February of 1999, James Surowiecki, who wrote the “Moneybox” column for Slate magazine, said: Briefly explain why this conclusion is not surprising.
With 50 different currency suppliers, that number could be large enough for us to assume this new national money market has the potential to be perfectly competitive. Would this money market be, in fact perfectly competitive or would it take a differ..
Fast PC, Inc., is considering a new automated assembly line to automate assembly of tablets. The new line can be installed for $12,450,000 today and will have a life of 7 years until technological obsolescence. Based on net present value estimate, do..
Economists generally agree that U.S. antitrust policy is complex, changing over time, divided among several U.S. federal government agencies, and subject to frequent court reversals. The underlying question remains whether the U.S. needs more or less..
Each customer purchases their smoothie at the store where the total cost, i.e. price of smoothie plus travel cost, is the lowest.
Why start a small business? Most people who desire to be small business owners will immediately respond with, "I want to be my own boss."
When unwanted inventories pile up in the stores, how is production affected? What are the steps in the process?
How are the forecasts likely to be inaccurate? What do you think is driving inaccuracy? How might this problem be solved?
The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for the product are assumed to be as follows: Determine the short-run profit-maximizing price. Plot this i..
Select a consumer product or service you are familiar with and identify four possible market segments. Use the categories seen in class (geographic regions, demographics, psychographics and behavioral variables
List and explain the characteristics of oligopoly and compare them to the characteristics of the other 3 market structures. i. The oligopoly market structure is one of the most significant types in our economy. Please discuss the oligopoly market str..
If anti-sweatshop movements are successful in raising pay and improving working conditions for apparel workers in foreign countries, how will these changes abroad affect labor market outcomes for workers in the apparel and retailing industries in the..
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