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felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to producing both. Felix- corn (tons per acre)10. alfelfa(tons per acre) 5 Kim-Corn(tons per acre) 12. alfelfa (tons per acre) 4 ___________(Kim or Felix)has an absolute adantage in production of corn and _______(felixx or kim) has an absolute advantage in production of alfelfa Felix's oppertunity cost of producing one ton of alfelfa ______________(2,3,4,5 tons of corn)whereas kims oppertunity cost of producing one ton of alfelfa is _________(2,3,4,5 tons of corn) Because felix has a ______(lower, Higher) oppertunity cost of producing alfelfa then kim,______(felix or kim)has a comparative advantage of alfelfa and ______(kim ,felix) has a comparative advantage of in the production of corn.
Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.
Determine the price, income and cross price elasticity of demand and how would you characterize the demand for haddock?
Determine your optimal pricing strategy if you and your rival believe that the new Jeep is a "special edition" that will be sold only for one year. Would your answer differ if you and your rival were required to resubmit price quotes year after ye..
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
The government adopts a tax increase and cuts spending to reduce the budget deficit and the government adopts a "fiscal stimulus" by increasing its spending on infrastructure
For an interest rate of 12% and a lifetime of 10 years, which proposal should be selected and calculate your answer in three ways
Compute CS ,PS and the deadweight lossD)if firm 1 and 2 leaders and 3 follower (Stackelberg),What are the quantity choices for all three firms?
Provide an example of an airline or aviation firm trying to take advantage of economies of scale. Do you think they are/were successful? In what way?
)Now suppose that some of President's close political advisers are urging him to adjust taxes but not spending. Assuming the same initial level of G (=500), how would you advise the administration to adjust taxes to reach potential GDP?
At what level of L does the average product reach its maximum and does the total product curve have a region of increasing marginal returns?
Write about the problem or issue as if you are explaining it to someone who has never taken an economics class.
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
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