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George caught 300 fish and 10 wild boars. John grew 300 bunches of bananas. The 2 person economy that George & John set up, fish sell for 1 clamshell each, boars sell for 10 clamshell each, and bananas go for 5 clamshells a bunch. George paid John a total of 30 clamshells for helping him to dig bait for fishing, and he also purchased five of John's mature banana trees for 30 clamshells each. What is the GDP of George and John's island in terms of clamshells?
Discuss the role of advertising also the desired impact on the industry's demand curve. Contrast this to advertising at the industry level.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Who has the comparative advantage in what product. Once they specialize, how much does output increase. What are the terms of trade if the United States trades 1 can of soda for 5 units of clothing.
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Calculate the purchasing power parity exchange rate between the Swiss franc and the dollar. Based on your calculation, is the SF overvalued or undervalued.
Illustrate what is the opportunity cost (in civilian output) of a defense buildup that raises military spending
In what conditions will an increase in the price of a product lead to a reduction in total spending for that production.
In light of the externalities involved in the market for gasoline, how do the tax changes affect society's total welfare. Elucidate the effects on each individual component of total welfare.
If your employees are self-interested, how much output would you expect each individual worker to produce absent monitoring.
What would be a short-term impact on the production of the corporation. Illustrate what would be the long term.
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