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Tarzan and Jane live alone in the jungle and have trained cheetah both to patrol the perimeter of their clearing and to harvest tropical fruits. Cheetah can collect three kilograms of fruit an hour and currently spends six hours patrolling, eight hours picking, and 10 hours sleeping.
a. What are the public and private goods in this example?
b. If Tarzan and jane are each currently willing to give up one hour of patrol for two kilograms of fruit, is the current allocation of Cheetah's time pareto efficient? Should he patrol more or less?
A perfectly competitive constant-cost industry has a large number of potential entrants. Assume that each firm minimizes its LRAC at an output of 20 units and at an average cost of $10/unit. Market demand is given by QD = 1500 – 50P. Draw a graph of ..
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Bob and Karl are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72 hours of work are shown below. Bob and Karl have to write music for 8 songs and lyrics for 12 songs (4 songs already have music)..
(Advanced Analysis) Given the following diagrams: Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price point b is $45 per bag. The price at point a is $85 and the price at point c is $5 per bag. What is the dollar value of the deadw..
The marginal cost of producing the 101st unit of output is $300. Illustrate what is the total cost of producing 101 units
In this problem, assume that letter A is equivalent to 0. The subscripts do not affect the value of the keys (which are letters).
One of the demands of railroad in recent labor negotiations has been to eliminate the caboose from trains, cutting train crews from four to three. The unions have resisted this because of the loss of jobs. Are the unions right? Would removing the cab..
Recognize the importance of trade to Canada. (explain briefly with references)
The Chair of the council of Economic Advisers has requested that you write a short paper explaining how economic policy can be used to stabilize the economy and achieve a high level of economic growth during the next five years. Current situation in ..
A profit maximizing firm will continue to hire labor inputs as long as a) it pays the workers a low wage b) the workers are productive c) the demand for labor is low e) the marginal revenue product is greater than the wage rate
How Milton Friedmans theory of free market capitalism would impact or relate to today's modern economy and society?
Discuss the differences between relative and absolute poverty. Reference specifically how we can measure these two kinds of poverty.
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