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We can imagine two countries that make two different things, just like Amy and Benny. For example, countries can make new medicines, which is an industry we call pharmaceuticals, or they can make casual fashion, like H&M. Germany has a huge pharmaceutical industry. Bangladesh has a huge clothing production industry. Let's assume Germany has a comparative advantage in pharma and Bangladesh has a comparative advantage in clothing. Let's also assume that Germany has an absolute advantage in both. Draw one graph that represent the PPF for pharma and clothing in both countries. Put clothing on the Y axis and pharma on the X axis. Assume the PPFs are straight lines.
To pay off $41,000,000 worth of new construction bonds when they come due in 20 years, a water municipality must deposit money into a sinking fund. Payments to the fund will be made quarterly. If the interest rate for the sinking fund is 8% compounde..
Recently proposed energy legislation has caused concern in West Virginia, particularly in respect to impact on the coal, oil and gas industries.
Eric Winsborrowgives a compelling TedX talk that describes the evolution of malware and provides an excellent description of the most well known Cyber attack on Industrial control systems--Stuxnet. Watch this video to gain an appreciation for the ..
A regression analysis between sales (in $1000) and advertising (in $100) resulted in the following least squares line: y = 75 + 6x. This implies that if advertising is $900, then the predicted amount of sales (in dollars) is
Suppose that Omar’s marginal utility for cups of coffee is constant at 5.5 utils per cup no matter how many cups he drinks. On the other hand, his marginal utility per doughnut is 11 for the first doughnut he eats, 10 for the second he eats, 9 for th..
Explain any terminology, features, or tasks that may have been new to you. If the information was not new to you
Who sells permits and Explain how many do y sell. Who buys permits and Explain how many do y buy. Briefly explain why sellers and buyers are each willing to do so. Illustrate what is total cost of pollution reduction in this situation.
A firm is producing where its marginal costs are at the lowest level. What can one most likely infer from this?
You are going to display what happens in the long run in perfectly competitive markets when firms are operating at a loss. Demonstrate the shift that will occur in the market in the long run if all firms in this market are operating at a loss. Identi..
Software developers at Acme systems, Inc., have developed an iPhone App that analyzes an individual’s golf swing. Should the developers attempt to de-bug the program completely or not? Use the basic principles of economics and a simple graph to suppo..
Suppose Mary is allergic to eggs and therefore cannot eat them; but she loves seafood. Mary's sister Francine is allergic to seafood and cannot eat.
For each of the following cost-output relationship, describe the shape (U-shape, Decrease, increase, constant) of the average total cost and marginal cost function (C=total cost, Q = output).
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