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economists believe that when two countries specialize and trade , each will be able to buy goods in which the other specializes at a lower cost than it would take to produce these goods itself.
the following graphs shows the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce tea and potatoes, and each initially produces 24mil pounds of tea and 16mil pounds of potatoes before specialization and trade as indicated by grey stars marked A.
Freedonia has a comaprative advantage in the production of ________, while sylvania has a comparative advantage in the production of ______. Suppose that Freedonia and Sylvania specialize in the production of the goods for which each has a comparative advantage. together the two countries can produce _______pounds of tea and ________ pounds of potatoes.v
the graph shows the ppf for freedonia. where do i put the black point on the graph to indicate freedonias consumption after trade. as well as for sylvania
Case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points
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Based on the assumption that each family spends $100 plus one-half of its total income each week, what is the total weekly consumption spending of a poor family prior to instituting the tax? What is the total weekly consumption spending of a rich ..
A major step toward mastering the economic way of considering is learning to reason in terms of supply and demand. I have listed many questions below to answer and practice these ideas.
The average total cost of operating a clinic is $800 per patient if the volume is one hundred patients, and $790 each patient if the volume is 110 patients. Find the total cost at each of these two volumes?
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Who has a comparative advantage in producing wine and who has a comparative advantage in producing schnitzel?
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Study an organization of your choice and recommend methods to decrease costs. Determine what effects do technologies have on costs and what are some lower cost sources organization may utilize to decrease cost?
On average college graduates earn significantly more income than those with less education and the disparity tends to widen into middle age. marginal external cost equals marginal private cost minus marginal social cost.
Sixteen states sue the major tobacco companies for billions of dollars because of tobacco-related costs in their Medicaid programs. Medical evidence that more than two cups of coffee a day (Considered by many to be a substitute for smoking) greatl..
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