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"Consider the singlefactor production function, l' = AL, for Island A and B. Each island has 100 units of labor {and they cannot move across islands). Island A can produce one unit of agricultural product with 4 units of labor and can produce one unit of electronic product with 2 units of labor (i .e., A is U4 for agriculture and U2 for electronics}. Island B can produce one unit of agricultural product with 5 units of labor and produce one unit of electronic product with 4 units of labor {i.e., A is US for agriculture and U4 for electronics). People on both islands must consume both goods; for example, if no agricultural product is produced, its price will go to in?nity. Assume the two islands can trade with each other at no cost. Please note that Island A and A (in italics) are different. with the latter representing (in this production function) the amount of labour effort required to make one or the other goods.
Why are people very interested in the economics of cancer care? how does its cost affect the economic aspects of the society (forecast using macroeconomic tools for analysis like opportunity cost, inflation rate, GDP..)
Some ethicists argue that we shouldn't think developing our ethical knowledge is important in order to live a good life morally.
Alice is an excellent statistician and is very precise. In fact, she knows that one of her indifference curves is precisely described by the following equation x2 = 20 − 4 √ x1 . If Alice chooses the bundle (x1, x2) = (4, 12), what is her marginal ra..
Identify whether each of the following events in this scenario occurs in the resource markets or the product markets.
The long-run average total cost curve of a natural monopolist:
Can this model explain the fact that unilateral divorce law increased the divorce rate temporarily.
In times of deflation, is it better to buy now, or in the future? Why?
Using the SEE-I method, discuss the topic of Present and Annual Worth Analysis.
Why do some oil companies drill for their own crude oil and others buy crude oil in the market?
Why does Vellus export through local distributors rather than set up its own sales force in country? What are the risks associated with using local distributors? How can these risks be reduced? What lessons about successful exporting can be derived f..
Consider the demand for hamburgers. If the price of a substitute good (for example, hot dogs) increases and the price of a complement good (for example, hamburger buns) increases, can you tell for sure what will happen to the demand for hamburgers? W..
Find an example of a merger that has been in the news within the past 6 months. What is the economic justification for the merger? Are there any antitrust concerns with the merger? Is there a role for government in regulating this merger?
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