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Suppose that a farmer has two very different 100-acre plots of land. Suited for growing rice than corn one is very wet as well as better. This land produces 40 bushels of rice per acre of land or 10 bushels of corn per acre. The other plot is dry and better suited for growing corn. It produces 10 bushels of rice per acre or 20 bushels of corn per acre.
The farmer considers four different plans for how he might use the land:
Plan 1: Plant both fields with rice. Plan 2: Plant the wet field with rice and the dry field with corn. Plan 3: Plant the wet field with corn and the dry field with rice. Plan 4: Plant both fields with corn.
Calculate the four combinations of outputs of corn and rice for these 4 plans. Plot them as points in this graph. (It does not matter what order you use to plot points. It'll not be connected by lines. Also, notice that this time, corn is on the vertical axis.)
Describe the international monetary system known as the Bretton Woods system, or the gold exchange standard that existed from the mid 1940s to the early 1970s.
While the population variances are unknown, we will assume they are equal.
The overall effectiveness of the organ procurement system in the United States. What are its strengths and weaknesses.
Explain the essential distinctions among the stages-of-growth theory of development, the Structural change models of Lewis and Chenery.
The currency-deposit ratio has been and is likely to remain relatively stable. The ratio of non-transactions deposits to transactions deposits increased by a factor.
Can you think of circumstances in which each industry would exhibit the same capital-labor ratio in both countries.
Each customer purchases their smoothie at the store where the total cost, i.e. price of smoothie plus travel cost, is the lowest.
Imagine you are a manager for the good or service used above. From the results of the regression equation, suggest strategies to either maintain demand.
Assuming migration is unimpeded and costless, which of the following statements is most accurate about the effect of immigration on wages in both the origin and destination nations?
Provide a rational for why you feel the new target market and pricing strategy would be successful and the likely impact to the profitability of the firm.
Why might these firms agree to form a cartel. If such a cartel is formed, use the prisoner's dilemma to explain why it may or may not survive.
Why would we expect that the price elasticity of demand for the product of an individual firm would typically be greater than the price elasticity of demand for the product overall.
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