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Examine the first diagram showing the monthly production possibility frontier for the Tivoli and the monthly production possibility frontier for the Frivoli.
a. Which tribe has the comparative advantage in spaghetti production?
b. Which tribe has the comparative advantage in meatball production?
What is the accounting profit that Fred would get in his venture? What is the economic profit that Fred would get in his venture? Would you recommend Fred go ahead with his venture? Why?
Your system (Aircraft, etc.) has a reliability of .80 after operating for 1000 hours. What can you do to meet the customers' required reliability? Explain in detail.
The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate..
full over the last month, are you optimizing. Illustrate wow about if it is 75% full at 9 am.
The demand for good x1 is given by: (m/p1) - (p1/p2), where p1=1, p2=1, and m=10.Which of the following accurately describes the INCOME elasticity of demand?
Four years after the $13,500 deposit, half of the accumulated funds is transferred to a fund that pays 8% interest compounded quarterly. How much money will be in each account six years after the transfer?
q1. discuss one recent price change that you have noticed while visiting your local supermarket. determine whether or
Graphically show and verbally argue that a Walrasian equiblirium in an economy is Pareto efficient as long as preferences are locally non-satiated. How about convexity? ?s it important for this theorem to hold ?
q1. find the equilibrium price and quantity after the shift of the supply curve.q2. a machine used to cereal boxes
Compute point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points.
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Should the company produce co..
explain why a rise in the price of gasoline is likely to have more of an effect on consumers than a rise in the price of strawberry milk shakes.
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