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Production Possibilities for two bakeries.
BAKERY 1Cookies Pies0 1810 1220 630 0
BAKERY 2Cookies Pies0 930 660 390 0
a. What is the opportunity cost of a pie at Bakery 1b. What is the opportunity cost of a cookie at Bakery 2c. Which bakery has a comparative advantage in the production of cookiesd. Draw the production possibilities curve showing the combined effort with specialization.
Suppose that population increases led to an increase in labor supply (a rightward shift) of 5 thousand professors. What are the equilibrium wage and employment level in this market Why is the increase in employment less than 5 thousand
Consider again the Solow growth model and the following production function: a). If A = 2, L = 20,000, and K = 400, what is output b). Suppose the labor force grows by 5% so that it is now 21,000. By how much does output increase
The purchasing manager for a firm is trying to determine what the safety stock should be for a particular product. She has developed the following table, which gives the distribution of demand during the lead-time and the probabilities.The carryin..
The European Engine Corporation is a multi-national producer of small gasoline and diesel motors. European Engine Corporation has estimated the following cost experience for a new 3.5 hp engine over a sample of 122 observations,
Refer to the above data. If the product price is $75 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be?
The given information is the quarterly sales of gasoline in the U.S. in millions of barrels during part of the 1980s and the 1990s. Determine the linear trend and use it to forecast sales for first quarter of 1992.
Imagine a simple economy with only two people, Leroy and Percy. If the Social Welfare Function is W = UL + UP, and the Utility Possibilities Frontier is UPF = UL + 2UP, what will be the societal optimum
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity, price) points of (100, $20) and (300, $10). (b) Calculate the cross-price elasticity of demand coefficient ..
Remembering that the change in the capital stock is investment less depreciation, use a calculator or a computer spreadsheet to show how the capital stock per worker will evolve over time in both countries. calculate income per worker and consumpti..
All the numbers after the x's are subscript. Y=13.20 + 2.10x1 +1.24x2 +0.62x3 where Y= monthly sales revenue (in $1,000's) x1= monthly advertising expenditure (in $100s) x2= (x1)^2 x3= a time trend x3=1 in month 1, x3=2 in month 2 etc.
When the price of gas in Italy is $5 per gallon, Joe consumes 1,000 gallons per year. The price rises to $5.50 and, to offset the harm to Joe, the Italian government gives him a cash transfer of $500 a year. Will Joe be better or worse off after t..
A random sample of 40 companies with assets over $10 million was selected and asked for their annual computer technology expense and industry. The ANOVA comparing the average computer technology expense among three industries rejected the null hyp..
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