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Ross and Rachel need only two goods to live: food and water. The table below shows how many calories worth of food they can produce and how much clean water they can obtain in a week if they used 100% of their time for that purpose
Food (calories) Ross 2000 Sasha 2800
Water (gallons) 20 16
Who has the comparative advantage in each good? Justify your answer.
Suppose that, in the absence of a market to trade goods, Ross and Rachel each allocated 50% of their time to the obtention of each good.
a) By how much would the existence of a market increase total production of each good by allowing full specialization according to comparative advantage?
b) Give an example of a trade that makes Ross and Rachel better off.
Using the relationship between the price of a visit to a physiotherapist and the quantity of visits demanded, define and distinguish among the direction.
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In the last half-century there have been three additional rounds of GATT/WTO negotiations. Discuss the achievements and failures of each of these rounds, and summarize.
For its fabricated metal products, the Able Corp. is paying $10,000, Compute the depreciation charge for the second year
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a store has been selling 200 compact disc players a week at 350 each. a market survey indicates that for each 10 rebate
What is the total fixed cost for the El Dorado Star? If the total fixed cost increases to $5,000, how many papers should be sold daily for profit maximization?
timmy tyler 52 years old was fired by his employer university tool and dye. after he was fired timmy received a letter
Expanding trade in general benefits both countries, or they would not willingly engage in trade. But we also know that consumers and society often gain.
What is the differentiation? Describe specifically what the differentiation was and tell us what that means for rational business price and production decisions
If demand conditions are such that there is no output at which a firm can make any profit, which of the following would be the best short run policy.
Consider the values in the following table for the Winsome Widget Factory. Winsome Widget Factory Output Long Run Average Total Cost 0 ------------------ 5 170 10 110 15 85 20 83 25 78 30 75 35 75 40 80 45 82 50 97, Over what output levels do econ..
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