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1. The following table shows output per hour for Fred and Barney who mow lawns and trim hedges:
Output per Hour
Fred
Barney
Lawns Mowed
2
1
Hedges Trimmed
8
6
What is the opportunity cost of mowing a lawn for Fred? What is the opportunity cost of trimming a hedge for Fred? Who has a comparative advantage in mowing lawns? How can you tell?
2. The following table shows output per hour for Mexico and Canada, two countries that produce beer and T-shirts:
Mexico
Canada
Beer (thousands of bottles)
5
10
T-shirts (thousands)
12
What is the opportunity cost of a bottle of beer for Mexico? What is the opportunity cost of a T-shirt for Mexico? Who has a comparative advantage in producing beer? How can you tell?
3. Suppose that Rosie and Betty spend their free time making cakes and cookies. Is it possible for Betty to have an absolute advantage in the production of both cakes and cookies? Is it possible for Betty to have a comparative advantage in the production of both cakes and cookies? Explain.
4. Papa Ray owns a pizzeria. He is more efficient at making pizza than anyone he could hire. Does this mean that he should make all of the pizzas himself?
What is the prospective rate of return after taxes if straight-line depreciation can be used to write off these assets for tax purposes in 8 years?
QuadPlex movie is the only movie theater in Idaho Falls. The nearest rival cenima theater.
in a simple economy assume there are no taxes thus y is disposable income the consumption function isc 500 0.75y.the
where P is the price in cents per kilo and Q is the quantity in millions of kilos. Canada is a small producer in the world chick pea market, where the current world price (which will not be affected by anything we do) is 60 cents per kilo. The Gov..
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It is clear that more education results in higher average life time earnings. Therefore, can we conclude that it is always a good investment to spend more income getting more education?
Because government subsidies are paid with tax dollars and tax dollars are often used to purchase any surplus milk, consumers effectively pay more than the retail price per gallon of milk when considering the amount they contribute to dairy farmers t..
Suppose the government decides to decrease spending and increase taxes in an attempt to decrease its deficit. Is it possible for the Fed to ease the macroeconomic effects of the spending and tax changes? Explain
Discuss the immediate effects of the following events ondemand or supply in each respective market. Assume eachmarket is perfectly competitive. Indicate if you think demandor supply will shift right or left. Discuss how any shift indemand or supply w..
a. What is the marginal tax rate in Waxwania? percent The average tax rate? percent Which of the following describes the tax system: proportional, progressive, regressive?
Explain how do you calculate the free market wage rate given the labor supply and demand functions.
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