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Suppose Sam and Kevin can produce pens and pencils as shown in the table below. Pens Pencils Sam 12 hours 8 hours Kevin 4 hours 6 hours Who has a comparative advantage in producing pens? Who has a comparative advantage in producing pencils? Suppose Sam and Kevin have to each give Flip, a common friend, 10 pens and 10 pencils. Is there a trade that will make both of them better off? If a trade that would make both of them better off exists, describe such a trade. If there is no such trade that would make both of them better off, explain why.
q1. calculate the range of marginal revenues on the vertical portion of the mr curves at the level of output where a
According to the National Association of Colleges and Employers, the 2013 mean annual salary of business degree graduates in accounting was $54,950. In a follow-up study in June 2014, a sample of 48 graduating accounting majors provided the following..
Suppose the hotel in the lecture example raised its price from $30 to $30.50. With the new price, the hotel expects 96 guests to arrive 5% of the time, 97 guests 10% of the time, 98 guests 20% of the time, 99 guests 30% of the time, 100 guests 25% of..
Mining is proposed for a wilderness area that provides two benefits: recreation (due to backpacking opportunities) and biodiversity (there are endangered wildlife and plants). Which discount rate makes the best case for mining? What is the present va..
Compute the average revenue and the marginal revenue of a fully competitive firm and illustrate in diagrams both the curves of the average and the marginal revenue.
If countries are first ranked by level or real GDP per capita, and then by the value of the Human Development Index, would you expect the ranking of countries to be similar or different?
A car dealership typically determines a distinct price for a car for each customer. This is an example of what type of price discrimination? Why is the dealership able to carry out this type of price discrimination?
Federal Reserve lowers the required reserve ratio from 0.10 to 0.05. How does this affect the simple money multiplier.
Illustrate what is James' opportunity cost of producing chickens. Which person has an absolute advantage in which activities.
Estimate aggregate consumer and producer surplus before quota. Estimate new consumer and producer surplus after quota.
Suppose that Chinese manufacturers develop the ability to build a good car that costs only $5,000. They start shipping it to the U.S. For each of the following groups, say whether they are likely to win, lose or not be affected much by the Chinese..
How would each of the following affect the Canadian market supply curve for corn?
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