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Smith cannot tell the difference between rice and wheat and spends all her food budget of $24/wk on these foodstuffs. If rice costs $3/1b, draw Smith's price- consumption curve for wheat and the corresponding demand curve. Repeat the preceding problem on the assumption that rice and wheat are perfect, one- for-one complements.
Explain how opening up for trade at world relative prices results in greater welfare gains to a country if the country originally had a monopoly in the good
Draw a diagram showing the combined labor market for secretaries, nurses, and teachers. Draw a diagram showing the combined labor market for all other fields. In which market is the wage higher? DO men or women receive higher wages on average?
Discuss various competitive strategies market leaders can use. Give examples.
Suppose we want to find the k smallest numbers in a list of n numbers, where k=n^1/2. Design an algorithm that solves this task in worst-case time.
India and Japan is a possible new market for a new video game system, the M-Box by MES-Sim Corporation.
Consider each of the following events. For each, identify whether it should be included in the U.S. BOP table; where relevant, determine whether it is a debit or credit entry; and calculate the statistical discrepancy entry for the U.S. BOP table. Fo..
You borrow $10,000 from a bank on January 1st. You must repay the loan in 36 equal monthly payments, due on the 1st of each month beginning February 1st. If interest is 12% annually compounded monthly, what will be your equal monthly payments?
An industry said to be characterized by monopolistic competition is the apparel industry. Suppose you were hired as a consultant by a firm in this industry. How would advise the firm as to the levels of output, price, input usage, and advertising?..
From 1990 to 2004, the Celtic Tiger, Ireland, experienced annual growth in RGDP of 6.4% while the capital stock grew at 4.8% per year and employment grew at 2% annually. Labor’s share of Income was 60%. What was the growth rate of Total Factor Produc..
If income elasticity of demand is 2.12, it means that quantity demanded will __________ by 2.12 percent for every __________ percent __________ in income.
(a) In "Wanted, Dead or Alive? Kidney Transplantation in Inmates Awaiting Execution", Jacob M. Appel takes a particular view of whether death row inmates are en
Illustrate what determines whether or not economic efficiency is achieved. What determines whether or not economic efficiency is achieved.
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