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Tom can produce 40 balls per hour or 4 bats per hour. Tessa can produce 80 balls per hour or 4 bats per hour.a. calculate Tom's opportunity cost of producing a ball.b. calculate Tessa's opportunity cost of producing a ball.c. who has a comparative advantage in producing balls?
Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
Develop a budget and see what happens. Were you successful in balancing the budget? If not, how much of a deficit or surplus did you end up with? What does this exercise tell you about the process of creating a balanced budget? Reexamine the budge..
Include a brief explanation of each choice and indicate whether you were very sure of your choice or whether you thought the classification depends on how the market is defined Write a classifying each of the following industries into the appropriate..
What are the two firms' best response functions? Show you calculations and what will be the market price, the market output, the output of each firm and the firms' profits?
how can an economy that is below its potential output level attain equilibrium at potential output and shift the aggregate demand schedule to the left?
What is the relationship between productivity and the cost of production, and how does the cost of production vary over the short- and long-run?
Calculate Alex's income elasticity of demand for bagels and what is the pasta sauce makers' estimate of the cross elasticity of demand for pasta sauce with respect to the price of pasta?
Imagine your company has put you in charge of developing a sustainability plan, a common framework your organization will use to achieve its sustainability goals. Devise two strategies you would have your company adopt, and explain why you believe..
Suppose it costs each person $20 a day to fish and that fish sell for $10 each at the market. At the social optimum, how much would it hurt all the other fishermen (combined) if one more person started fishing?
Define the barriers to entry into an industry. Describe how each barrier can foster either monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable?
Guaranteeing a price for new capital to the issuing firm.Selling stock over the Internet.Issuing stock and using the proceeds to purchase bonds.
(a) Plot crowding out for the following situations on a graph, and explain why you get the results: (i) Perfectly inelastic ID curve (vertical) & perfectly elastic SS curve (horizontal). (ii) Perfectly inelastic SS curve (vertical) & perfectly elasti..
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