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Answer the following questions using the information given by the accompanying table:
Number of bicycles
produced per hour
Number of snowboards
a. Complete the table for this problem
b. Which country has an absolute advantage in the production of bicycles? Which country has an absolute advantage in the production of snowboards?
c. What is the opportunity cost of bicycles in terms of snowboards at Home? What is the opportunity cost of bicycles in terms of snowboards in Foreign?
d. What product will Home export, and which product does Foreign export? Briefly explain why.
Calculate the value of each of the following, before the tax and after the tax, to complete the table that follows: 1. The Equilibrium quantity produced Equilibrium Quantity (Millions of units) Before tax? After tax? 2. The equilibrium price consume..
Suppose the government transfers 100 units of B's good 1endowment to A. How will the consumers' choices of good 1 in competitiveequilibrium change? Explain. (You should answer without repeating the utilitymaximization calculations.)
The amount of water consumed each day by a healthy adult follows a normal distribution with a mean of 1.54 liters. A sample of 10 adults after the campaign shows the following consumption in liters: 1.35 1.68 1.76 2.00 1.84 1.84 1.50 1.82 1.86 1.6..
Suppose that there are only three types of fruit sold in the United States. Annual sales are 1 million tons of blueberries, 5 million tons of strawberries, and 10 million tons of bananas.
the claims for a new long-life battery were justified, a consumers' group tested a random sample of 20 batteries. Each battery was subjected to a standard heavy load until burnout, providing the following 20 lifetimes ( in minutes): 65.1 58.4 64.9..
What is the cost function, marginal cost function, and average cost function for each plant? b) What is the efficient scale and minimum average cost for each plant? c) What is the cost function for the firm?
Will you change your preferred mode of transportation if your wage rate rises to $20 per hour. Assume you work five days a week and time spent riding on a bus or driving a car does not directly enter your utility.
Maximum possible combinations of food and clothing that can be produced in a given period of time: Units of food (millions) Units of clothing (millions)Draw a PPF for this economy. b. What is the opportunity cost of moving from producing 4 mi..
If the costs are expected to increase by $250 each year for the next 4 years (i .e., through year 5), what is the equivalent annual worth of the costs (years 1 through 5) at an interest rate of 18% per year? Please use P=A(P/A, i, n) or whatever y..
Dertermine the profit maximizing level of output to be produced and sold in each submarket. What price should the firm charge in each submarket. Evaluate the price elasticity of deman in each submarket.
A sales engineer has the following alternatives to consider in touring his sales territory. (a) Buy a new car for $14,500. Salvage value is expected to be about $5000 after 3 years. Maintenance and insurance cost is $1000 in the first year and inc..
When the colts won the super bowl the demand for peyton manning's jersey was: P = 210 - 0.002Q with a corresponding marginal revenue of: MR = 210 - 0.0004Q IF the marginal cost of producing a jersey is $10, how much are the trademark licensing rig..
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