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How do you define one person that has a comparative advantage over another if his or her opportunity cost of performing a task is lower than the other person's opportunity cost?
A rural utility organization gives standby power to pumping stations using diesel-powered generators.
Starting with nation 2 pregrowth production frontier, draw a production frontier for nation 2 showing neutral technical progress that doubles the productivity of labor and capital in the production of a. both commodity b. X commodity only c. Y commod..
Assume that the payouts of the game were changed (if necessary) such that it results in gamblers having a positive expected value.
Assume a randon variable x, that is uniformly distributed between 25 and 50. a. What is the mean of x? b. What is the standard deviation of x? c. What is the probability that x is between 28 and 37?
Illustrate the following situation by using supply and demand curve. a. The federal government "supports" the price of wheat by paying farmers not to plant wheat on some of their land. What will happen to the equilibrium price and the equilibrium ..
Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase.
Describe the process/approach a perfectly competitive firm uses in determining it profit-maximizing level of output AND be sure to explain why the firm doesn’t have to establish a profit maximizing selling price for its product. Be specific in your a..
Will the homeowner retrofit also which insurance policy will the homeowner buy. Explain will the insurance company make a profit (on average) given the homeowners choice.
Assume a market is controlled by a three firm oligopoly where the market demand curve is given by p = 75 - 3Q and marginal cost is equal to 5. How much does each firm produce and at what price if they form a profit maximizing cartel where each fir..
Suppose this society produces twenty million tons of food and six million tractors per year. Is it operating on its production possibilities frontier? d. What factors might cause this nation to produce at a point within its production possibilities f..
Why does the aggregate demand curve slope downward?Give at least three reasons and examples when addressing thisquestion. Identify an event that would shift the AD curve and whichdirection the AD curve will shift.
Evaluate the result in (2) from perspectives of efficiency and equity drawing upon price/cost margins for your explanation. You may want to also consider issues involving the stability of collusive cartels.Then tell us what that means for rational ..
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