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Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Kris takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. a. What is each roommate’s opportunity cost of making a pizza? Who has the comparative advantage in making pizza? b. If Pat and Kris trade foods with each other, who will trade away pizza in exchange for root beer? c. The price of pizza can be expressed in terms of gallons of root beer. What is the highest price at which pizza can be traded that would make both roommates better off? What is the lowest price? Explain.
We are all familiar with fluctuating prices of gasoline at the pump. Explain why does this happen.
Customers arrive at an automated coffee vending machine at a rate of 4/min, following a Poisson distribution.
Which of these two strategies do you think would have the greatest impact on sales volume. Explain
Illustrate what is each firm's equilibrium output and profit if they behave noncooperatively. Use the Cournot model. Draw the firms' reaction curves and show the equilibrium.
Explain how "history" affects ability of firms in this game to achieve an outcome superior to that of one-shot version of game.
how must you consider the issues regarding diminishing marginal returns and economies of scale.
When design dominance is discussed, what company name comes to mind.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
Evaluate change in costs over period in real terms, first in 2004 dollars and m in 2005 dollars. Are your answers same. Explain why or why not.
Report demand graphic as well as independent variables that are relevant to absolute a demand analysis providing a rationale for the selection of the variables.
Find the value of the test statistic (to 3 dec pl). Can we conclude that the proportions have changed during the year.
What will the effects of the tax be in the short run on industry output and price. Will the price rise by the full ?ve cents in the short run.
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