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1.Two individuals are having a picnic. Jane brings eight litres of soft drinks and two sandwiches. Bob, on the other hand, has two litres of soft drinks and four sandwiches. With these endowments, Jane's marginal rate of substitution (MRS) of soft drinks for sandwiches is 3, and Bob's MRS is equal to 1.Draw an Edgeworth box diagram to show whether this allocation of resources is efficient. If it is, explain why. If it is not, then explain and show what exchanges will make both parties better off.2.Suppose there are two goods, video cassettes and record albums, produced by two firms (firm A and firm B). Moreover, suppose the marginal rate of product transformation (RPT) of record albums for video cassettes in firm B is 2. That is, firm B can always trade 2 video cassettes for 1 record album in production . On the other hand, the RPT in firm A is 1. Assume that each firm's RPT is constant over all possible output combinations.If firm A produces 100 record albums and 100 video cassettes, how might firm A be made better off by shifting its output mix? Explain your reasonings clearly.3.When lecturing to 200 students in a room of 250, there is ample opportunity to add more students at a marginal cost of zero. Since lecturing to one is no different than lecturing to 250, the product (i.e., education) has the element of a public good. If that is the case, why do universities charge tuition that is far above the marginal cost of production?Explain, relating part of your response to whether or not the good in question (i.e., education) has all the characteristics of a public good.4.Suppose a computer programmer lobbies against copyrighting software. He argues that everyone should benefit from innovative programs written for personal computers, and that exposure to a wide variety of computer programs will inspire young programmers to create even more innovative software programs. Considering the marginal social benefits possibly gained by his proposal, do you agree with the programmer's position?Describe in the context of public good analysis.
In September 1983, it took 245 Japanese yen to equal $1. More than twenty years later that exchange rate had fallen to 108 yen to $1.
Information covering the most recent thirty days are given in the following table for the value per gallon of regular gasoline at a local station.
Use a graph of the pollution abatement market, model a situation in which the allocatively efficient level of abatement occurs at 100%,
Describe how economies benefit from specialization and exchange. Economics is not my strong suit. If there is a way to describe this to me in laymans terms along with an example;
JetSet Travel, has been hugely successful in the distribution of stylish, comfortable shoes for travel. JTI sells its items to approximately 4000 retail accounts in the U.S. and a mix of independent distributors,
From an accounting standpoint, stock splits neither add nor detract from the intrinsic value of the stock. For example, if stock was $100,paying a $2.50 dividend and underwent a 2:1 split,
Questions based on International Business
Your relatives advise to you that our country should stop trading with other countries because imports take away jobs and lower our national well-being.
Before one year Polish zloty was PLN 3.8000/USD. Since then the sloty has fallen 14 percent against the dollar. Price levels in the US have not changed, but Polish price has gone up 7 percent
Kellogg's, breakfast food people, comprises one of four corporations that control about 92% of its market for breakfast food. Kellogg's would be considered;
A Company issues $1,000,000 of commercial paper with a maturity of 60 days and a discount rate of 5%. The paper is sold through a dealer who charges 0.25 percent.
The US maintains a large trade deficit with China. The debt is largely due to China's artificially undervalued currency. Should the actions of the Chinese government be considered through trade-governing officials?
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