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A number of Latin American countries export coffee and import other goods. A long-term drought now reduces coffee production in the countries of this region. Assume that they remain exporters of coffee. Explain why the long-term drought in the region might lead to an increase in the region's well-being or welfare. What would make this gain in well-being more likely?
Calculate the own price elasticity of demand at this values of prices, income, and advertising.
The Solow growth model predicts that Chinese economics growth rate will eventually fall to approximately the rates experienced by high income countries.
What is the "purchasing power parity" theory of exchange rates? If the price of a representative bundle of tradable goods is currently $5000 in the U.S. and 550000 yen in Japan, is the $ undervalued or overvalued when the exchange rate is 90 yen per ..
A group of vitamin manufacturers formed a cartel that lasted through most of the 1990's. State the starting and ending dates of the cartel. Just show the dates. More importantly, explain the effect that the cartel appears to have had on vitamin price..
An economy has $72, to divide between Hamlet and Ophelia. Hamlet has the utility function u[H] = U[H] (m[H]) = 3m[H], where m[H] denotes his quantity of money. Ophelia has the utility function u[O]= U[O](m[O]) = 42sqrt(m[O]), where m[O] denotes her q..
Illustrates what the advantage of using capital in the production. Illustrate what is mean by the term division of labor.
What is the probability that 5 or fewer parts will be defective? Answer to at least four decimal places.
Comment on the difficulty of calculating opportunity costs (the economic concept) as compared to accounting costs (explicit costs). Do you have any suggestions for making the calculation of implicit costs easier?
How does the Cournot model of oligopoly differ from the Stackelberg model?
Consider the iron ore production industry, and assume that there are just two producers, FM and BHP. Initially assume that both firms are identical in terms of their production costs. If the two firms can cooperate, what should they do in order to ma..
A loaf of bread costs $2.00. Based solely on this information, what is the value of the dollar (in terms of loaves of bread)? A loaf of bread costs $2.00. Based solely on this information, what is the value of the dollar (in terms of loaves of bread)..
Which of the following always decreases as output increases? The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor..
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