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Suppose that Kiribati can produce 1000 tons of breadfruit or 500 tons of fish, and that Tuvalu can produce 750 tons of breadfruit or 1875 tons of fish.
What is the opportunity cost of 1 unit of fish in Kiribati? Show your work.
What is the opportunity cost of 1 unit of fish in Tuvalu? Show your work.
Which country has a comparative advantage in producing fish? Explain why.
Suppose that trade takes place between Kiribati and Tuvalu. Which good will Kiribati imports from Tuvalu? Explain why.
Spend 2 or 3 hours observing the organization in which you are employed. During the observation, identify internal and external interactions of the organization. You can talk to stakeholders who might have information relating to external interact..
These asumptions lead to probably the simplest form of a predator-prey system: Find the critical points of the system and describe them in biological terms. Calculate the Jacobian matrix and linearize around each critical point. Classify the criti..
What are the determinants of demand? What happens to the demand curve when ant of these determinants changes? Distinguish between a change in demand and a change in the quantity demanded, nothing the causes of each
The current payroll tax is 7.65% on both employers and employees (as of 2013). Who do you think bears the economic burden of this payroll tax-firms or workers? Why? Using the tax incidence approach, support your answers using economic principles.
Suppose ABC Corp. is a firm producing newsprint in a perfectly competitive industry. We have the following information about the firm's production:
Describe the Quantity of Money theory and identify whether this is a Keynesian or Classical cornerstone. Explain what happens when, based on this theory, the money supply is increased D istinguish the concepts of active and passive stabilization
Describe an important insight of Keynesian economics (aggregate supply and demand equilibrium, aggregate expenditures and income expenditures equilibrium) and give an example.
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese.
Many people find the current unemployment figures for Australia at 5.5% unbelievable. Why is this? Why might the official statistics be inaccurate
A suggested approach is to begin with a workstation running a web browser and trace a connection to a public web server (i.e. facebook; eBay; etc).
What is the estimated elasticity of demand for Liquid Ozarka? Is demand elastic or inelastic? What would be the percentage change in price required to increase sales of Liquid Ozarka by 10 percent?
A competitive firm in a perfectly competitive market produces and sells hats. Last year, it produced and sold 1,000 hats at the equilibrium price of $10. It incurred average variable costs of $6 and earned total economic profits of $1,000. What..
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