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George and Bill are stuck together on a desert island. There are two goods, Coconut (C) and Bananas (B). George has production function 5C+B=40, while Bill has production function C+3B=36. If they could not trade, George would choose to product 6C, while Bill would produce 8B. 1: Figure out George's opportunity cost;2: Figure out Bill's opportunity cost;3: Figure out each party’s comparative advantage;4: Determine which good each party should specialize in, and determine production.
Decrease will have on the desired proportions of capital and labor used in producing the given level of output at minimum total cost.
Select the scenarios that result in lower prices if they were to occur in isolation? Consumers can make costly mistakes when not enough information is available. Which of the following represents a market solution to obtaining costly information?
q1. consider the following market demand and supply curves.p9 .4 qsp30 - .3qdwhere p is the price per unit in dollars
Compute the profit-maximizing output for the price leader. Illustrate what the market price is given the price leader's output in (c). Elucidate how much does each competitive firm produce.
1. explain why work done at home is not incorporated however housing services that are also done at home are
Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for these favourite activities. Making pizza and brewing root beer they decide to aside 6 hours for these activities. What is the opportunity cos..
You are considering adding a new food product to your store for resale. You are certain that, in a month, minimum demand for the product will be 5 units, while maximum demand will be 8 units.
Calculate the maintained mark up percentage for a department under the following conditions:
If an economy experiences a decrease in consumer spending, most economists believe:
What are financial intermediaries and what do they do. What information problems exist in financial relationships and how do financial intermediaries help solve them.
In the typical signaling model, it is assumed that the costs of acquiring an education are higher for low-ability than for high-ability workers. Suppose that the government steps in and subsidizes low-ability workers for the higher costs they incur i..
If the tax multiplier is -1.5 and a $200 billion tax increase is implemented, what is the change in GDP, holding everything else constant?
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