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If Michelle devotes all her resources to growing potatoes, she can raise 200 pounts of potatoes per year. If she devotes all her resource to raising chickens she can raise 50 chickens per year. (If she apportions some resources to each then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pound of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year. (If he apportions some resources to each, then he can produce any linear combination of chickens and potatoes that lies between those extreme points).
What is Michelle's opportunity cost of producing potatoes?
What is Michelle's opportunity cost of producing chickens?
What is James' opportunity cost of producing potatoes?
What is James' opportunity cost of producing chickens?
Which person has an absolute advantage in which activities?
Which person has comparative advantage in potatoes? Which person has comparative advantage in chicken?
the European central bank euro area statistic for the most recent last-year period since the outburst of the global financial crisis. have their growth rates been similar what implications does this have for the conduct of monetary policy
Calculate real GDP in each year using 2010 as the base year. Present your results in a table by adding a column titled "Real GDP, blns" to the right of the above table. Calculate the percentage change in nominal GDP and real GDP (add two new colu..
The president of a small industry has been complaining to his controller about rising labor and material costs.
Use the price-cost formula to determine whether or not the firm's operations are productively-efficient. (e) Use the price-cost formula to determine whether or not the firm's operations are allocatively efficient.
Elucidate how these economic concepts can be used to address the firm's problems and opportunities.
Illustrate what happens if the government is trying to stimulate the economy with their spending, but this leads to a greater output than projected.
Technological advance, that date has played a relatively small role in U.S. economic growth.
An increase in the dollar price of yen necessarily means a fall in yen value of dollars. Do you agree? Discuss and explain; The critical thing about exchange rates is that they provide a direct link.
How much is equilibrium level of income or output if Fed decides to set the rate of interest at 10 percent (r=0.10).
The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers.
The city of Bookburg initially allows only one book store, which sells books at a price of $20 and an average cost of $11. Suppose the city eliminates its restrictions on book stores, allowing additional stores to enter the market. According to an..
What describes a tax that is assessed according to benifits received principle. Those who pay the tax recieve the benifits the tax provides or else.
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