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Q. Suppose there are 2 Economies. In each economy there are 2 outputs, bacon and eggs, which are produced with perfectly substitutable inputs. In Economy A 10 Eggs or 4 bacons can be produced with complete specialization. In Economy B 3 bacons and 12 eggs can be produced with complete specialization. Which economy has the absolute advantage in bacon? In eggs? Which economy has the comparative advantage in bacon? In Eggs? If each economy specialized in its comparative advantage, what range of prices would bacon trade at in terms of eggs?
Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets?
Suppose the T-account for ABC bank is as follows: assets: reserves($150000), loans(250,000)and deposits $400,000.if the fed requires banks to hold a 10 percent of deposits as reserves explain how much in excess reserves does ABC holds.
Suppose the short-run Phillips Curve shifts from SRPC1 to SRPC3. At a 5% inflation rate, will the unemployment rate increase or decrease? By how much?
Suppose that Kristen and Anna can sell all their wristbands for $1 each and all their pot holders for $5.50 each. If each of them worked 20 hours per week, how should they split their time between wristbands and pot holders? What is their maximum joi..
(a) What is market concentration and how can you know whether a market is concentrated or not (b) What are the causes of market concentration (c) Are business mergers good or bad for the economy Explain why
Illustrate what is James' opportunity cost of producing chickens. Which person has an absolute advantage in which activities.
If r is 1 percent, what is Y along the LM curve? If r is 3 percent, what is Y along the LM curve? If r is 5 percent, what is Y along the LM curve?
If Englad can produce either 15 units of corn or 30 sweaters in one unit of labor and Portugal can produce 10 units of corn and 5 sweater in one unit of labor as well, explain how would each nation benefit (numerically) from trade.
Compute the real GDP per person for this nation in 2001, in 2000 euros per person. Round your answer to the nearest euro.
Sketch the extensive form of the game, carefully labelling the players that move and the actions they have available
Using an indifference curve, illustrate Lorne's decision if he decides to work 10 hours every day.
q1. suppose there is a 50-50 chance that a risk adverse individual with a current wealth of 20000 will contract a
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