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If the world had no borders, where would production happen? In the place where it could be done at lowest opportunity cost, benefiting us all?
Why do the addition of artificial political borders change this self-evident distribution of production. Why would we ever want to raise prices (by tariffs or other trade restrictions) for no reason at all?
Everyone,everywhere,needs jobs. Why would we not want them all to have the best (and highest paying) job they could ?
Suppose a firm had two methods to assemble a new smartphone. The first method utilizes 2 hours of labor and 4 units of capital, while the second method uses 4 hours of labor and 1 unit of capital. Under which conditions would the firm want to use the..
UPS offers overnight package deliver to canadian business customers .UPS has recently decided to expand its facilities to better satisfy current and projected demand. current volume total 2 million packages per week at price of $ 12 each ,and average..
Why do marginal costs first fall and then begin to rise? Why are marginal costs important to a firm when making decisions to increase or decrease production?
Evaluate the pricing strategies - You must then use economic analysis to evaluate the pricing strategies your firm has adopted for its main product(s).
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. Draw several indifference curves to illustrate Carl's preferences. Are Carl's preferences co..
The Pizza Company is considering entering the marketplace in your community. Use the information from "The Pizza Company Data" worksheet, located in Week 3 of your course shell, to complete this assignment.
Why might college students’ price elasticity for vacation rentals on HHI be 3.0 while active seniors’ price elasticity be 1.0?
Privatization can be defined as "the process of returning to the private sector property or functions previously owned or performed by government". The basic idea is that there may be some services that the government is providing right now that the ..
Assume you are a U.S. Senator. The Senate has been asked for its "advice and consent" to a treaty negotiated by the Executive Branch. The treaty would require every nation of the world to reduce its carbon emissions by 20% by the year 2035. Exactly h..
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
Explain why most economists believe it is absolutely necessary to allow free trade in an economy. Why is it harmful (under most circumstances) to have tariffs and trade barriers?
Given that the market borrowing and lending rate is 10%, and his expected production function is y2 = 220 * (the square root of Initinail Investment) What is the optimal amount Jerry should invest in his business in period 1? According to a), what is..
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