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Using all of their resources Country X can produce 30 cars OR 10 trucks, while Country Z could use all of their resources and produce 50 cars or 25 trucks. Their maximum production for each good is shown in the table. Use this information to answer questions.
1. Which country has the absolute advantage in producing cars?
2. What is the opportunity cost of producing 1 car in Country X?
3. What is the opportunity cost of producing 1 truck in Country X?
4. What is the opportunity cost of producing 1 car in Country Z?
5. What is the opportunity cost of producing 1 truck in Country Z?
To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. Did Winston make a good decision? Support your answer by showing your calculations and explain your answer..
What are the two subfields into which economics is divided? Explain what each subfieldstudies.
Draw a real expenditures curve on a graph showing a recessionary gap. Explain what happens to real GDP when it is initially to the right of the equilibrium point and why. Indicate two public policies that would be appropriate for addressing this s..
Digby's product manager is considering lowering the price of the Dim product by $2.50 and wants to know what the impact will be on the product's contribution margin. Assuming no inventory carry costs, what will Dim's contribution margin be if the ..
Consider the following information for a prfectly competitive firm during a one month time period. Assume that Q = the level of output and all costs are economic costs.
Calculate and interpret price and income elasticity of demand, and explain why the price elasticity of demand tends to increase in the long run.
soft selling occurs when a buyer is skeptical of the quality or usefulness of a product or service. for example suppose
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Suppose an economy economy has two consumers, A and B, and two commodities X and Y. A's utility function and initial endowment are:
What is the difference between monetary policy and fiscal policy?
Which of the following goods or services would be most likely to be subject to (1) external economies of scale and (2) dynamic increasing returns? Describe your answers.
What is the equation of exchange? Use the equation of exchange to determine by how much the price level increases if the economy is at full employment, velocity is constant, and the money supply increases by 7.6%.
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