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Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states: Nebraska Virginia Wheat 9 5 Cotton 7 2 e) Suppose the two states decide that they want to produce 590 units of wheat together (not 590 units of wheat each). What is the maximum amount of cotton that they could produce? f) Draw the graph of the PPF for each state, and then draw the graph for the PPF of the two states combined. On each graph, put the quantity of wheat on the vertical axis, and the quantity of cotton on the horizontal axis. Be sure to label your graphs carefully.
Law of demand does not hold since attendance at the major league parks has dropped while at the same time ticket prices have fallen.
Illustrate what was the value of the government expenditure multiplier. Suppose that investment declined by $40 to a level of $60. What will be the new level of equilibrium income.
Global studios are thinking of producing a mega film, Aqua world, which could be a mega hit or a mega flop.
Discuss the policies that Keynes as well as Hayek supported regarding how federal government ought to manage economy. What are differences between each school of thought.
The market demand and supply function for VCR movie rentals are: QD= 10 - 0.04p and QS 3.8P = 4. Calculate the equilibrium quantity and price.
Calculate output, price, total revenue and total profit at revenue maximizing activity level and n at profit maximizing level.
Explain why does this happen. Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented supply and demand factors.
The Circular Flow diagram is model of how the economy works. Explain how the model would change if the following events ocurred:Households increase savings.
Illustrate what is the total contribution to GDP from the above events. The university bookstores received 4 million euros.
Elucidate five specific actions which can be expected to cause the equilibrium of ice cream to increase.
Assume the economy starts out at point A. After that, the public anticipates that the Fed will use expansionary monetary strategy to shift the AD curve from AD1 to AD2.
a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
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