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Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
Nebraska VirginiaWheat 12 15Cotton 6 10
A) Who has the absolute advantage in the production of cotton? Who has the comparative advantage in the production of wheat?
B) In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Wheat Cotton36020013001500
C) In Virginia, what is the marginal rate of transformation between wheat and cotton?
The 2003 Zagat Restaurant Survey provides food, décor, and service ratings for some of the top restaurants across the United States. For 15 top-ranked restaurants located in New York, the average price of a dinner including, one drink and tip, wa..
All costs are given in thousands of dollars and negligible salvage values are assumed at the end of a 50-year life. Using a social interest rate of 8% in the Benefit/Cost analysis, determine which project(s) should be selected if the alternatives ..
Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag.
Calculate the change in u (ut - ut-1) for each of the following values of gyt: 5%, 7%, 9%. How much has output growth increased? What happens to the change in unemployment due to this increase.
q1=20 Q2=15 Q3=27 mARKET EQUILIBRIUM IS $45 price at A=85 C=5 F=59 G=31 what is the dollar value of the dead weightloss when output level q2 is produced what is the total surplus wen output q2 is being produced
What is the probability of getting two reds and one blue in any order? c) What is the probability of getting three reds, given that the first marble is red? d) What is the probability of getting three primary colors (blue or red) given that the first..
A competitive firm has a production function described as follows. "Weekly output is the square root of the minimum of the number of units of capital and the number of units of labor employed per week." Suppose that in the short run this firm must..
at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each da..
A researcher estimated that the price elasticity of demand for automobiles in the U.S. is -1.2, while the income elasticity off demand is 3.0. Next year, U.S. automakers intend to increase the average price of automobiles by 5 percent, and they ex..
An electronic device is available that will reduce this year's labor cost by $10,000. The equipment is expected to last for 8 years. If labor costs increase at an average rate of 7% per year and the interest rate is 12% per year: a. What is the m..
(a) just to provide the 2.7 billion "severly" poor population with $1 more output per day (b) to raise the incomes of the worlds "severely poor' population ( income less than $2 per day) to the official threshold of us poverty
Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant.
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