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Writing Assignment: Life in a Centrally Planned Economy
Top Scores (A-B) - The top scoring students will do the following:
John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper. Who has the comparative advantage in ironing? What is the opportunity cost of Jon ironing a shirt? What is th..
Suppose a market becomes more competitive over time. What happens to the elasticity of demand for a particular firm's good as its market becomes more competitive?
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Suppose that both wheat and corn have an income elasticity of 0.2. a. If the average income in the economy increases by 2 percent each year, by what percentage does the quantity demanded of wheat increase each year, holding all other factors constant..
The Trump administration has asked you to develop a new trade agreement between the U.S. and Asian countries. In order to maximize economic benefits.
If workers do not have the skills that are required in the job market, which of the following will occur? When the economy is below full employment, it is producing. How has the unemployment components of the natural rate of unemployment changed over..
What is the “ethic of giftedness”? What values does Sandel argue are realized in embracing this ethic? How would Sandel view uses of technological enhancement that are generally accepted (prosthetics, eyeglasses, etc…)?
q.a corporation is allowing for building a bridge across a river. the bridge would cost 2 million to build as well as
Compute the ”Capitalized Costs” for Alternates “ R” and” S” using the interest rate of 10% and then select the best choice. “ R “ First Cost - $120,000, Annual Operating Cost - $40,000, Salvage Value - $50,000, and Life (years) - 5. “ S “ First Cost ..
In the 1920’s, General Motors purchased its auto bodies from an independent firm, Fisher Body. GM decided to build a new plant and, in order to improve the reliability of supply and also to decrease shipping costs, GM asked Fisher Body to build a new..
Suppose the production function for T-shirts can be represented as q = L^0.25 K^0.75. When K = 1 and q = 2, what is the slope of the isoquant? If there is insufficient information to answer the question, describe what information is additionally need..
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