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The following data represents the production possibilities of two people in solving math and economic problems. If they devote their total effort and time to math, A can solve 10 math problems and B can solve 10 math problems. If they devote their total efforts and time to economics, A can solve 10 economic problems and B 5 economic problems. Percent of Resources Devoted to: A B A. Who has the absolute advantage? A B. Who has the comparative advantage? B C. Assume that each will be self-sufficient and devoted half of their resources to math and half to economics. The outcome follows A A B B Alone- no trade Math Economics Math Economics 5 5 5 2.5 Now assume that they specialize according to comparative advantage. How much math and how economics will they produce together? What are the gains from trade?
How do the five competitive forces in Porter’s model affect the average profitability of the industry? For example, in what way might weak forces increase industry profits, and in what way do strong forces reduce industry profits?
In 1796, Gottfried Christoph Härtel, a German music publisher, calculated the cost of printing music using an engraved plate technology and used these estimated cost functions to make production decisions. Graph the total cost, average total cost, av..
This means that in the particular year the economy produced no capital goods at all." Do you agree. Why or why not? Explain: "Though net investment can be positive, negative, or zero, it is quite impossible for gross investment to be less than zer..
Introduce the debate surrounding abolition vs. equality and how it led to the American Civil War. Why were there significant fears about the impact of freed slaves in the North? Who had the most to win/lose? Your response must be at least 200 words i..
Political Instability Abroad Suppose that political instability in other countries makes people fear for the value of their assets in these countries so that they desire to purchase more U.S assets. Refer to Political Instability Abroad. What would t..
The smith company made and sold 10,000 metal tables last year. When output was between 5,000 and 10,000 tables, its average variable cost was $24. In this output range, each table contributed 60% of its revenue to fixed cost and profit.
Ken and Daniel always eat miso soup and sushi in exact proportions – one miso per twosushi. They throw away any extra soup or sushi as it would not give them any pleasure. Draw the Edgeworth box for Ken and Daniel. Please put Ken at the origin and Da..
The demand for borrowed funds is, The income of Lebron James, for example, is determined by, The income to someone such as Lebron James is
Velocity remains constant at 8 and the money supply increases from $200 billion to $300 billion. The? original, nominal GDP was $ __ trillion? The ?new, nominal GDP is $ __ trillion?
In your opinion, are you better off saving money or spending money? Why? Please explain? Then take the question from a more macroeconomic perspective...does your spending or saving make the economy as a whole better off (and thus indirectly you)? How..
A woman wishes to make a uniform deposit every three months to her savings account so that at the end of 10 years she will have $10,000 in the account. If the account earns 6% annual interest, compounded quarterly how much should she deposit each thr..
If real income in a country falls, then the demand for money will ____________ , leading to a ________ in the interest rate and a ____________ of the currency.
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