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How can the calculate the opportunity cost for the following question:
Tom can produce either 5 kites and 3 jigsaw puzzles an hour or 3 kites and 4 jigsaw puzzles an hour. Tessa can produce either 6 kites and 2 jigsaw puzzles an hour or 2 kits and 5 jigsaw puzzles and hour.a. Calculate Tom's opportunity cost of a kite:
b. Calculate Tessa's Opportunity cost of a kite:
c. Who has a comparative advantage in producing kites?
d. Who has a comparitive advantage in jigsaw puzzles?
e. If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?
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The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
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Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. Is the deadweight loss for this firm greater than or less than $60?
You're in Management for IBX Steel Components. J. D. Brotsky is a top labor leader and just announced that her union will go on strike against management unless you grant the workers a significant pay raise.
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
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Suppose you are an industrialist begninning a biotechnology company. If your research is successful, technology can be sold for $30 million. If your research is unsuccessful, it will be worth nothing.
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Explain how this transaction would be recorded in your firm's financial statements. Additionally, your hospital has experienced negative levels of net income for the last five years. The total amount of accumulated deficits is $5 million
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
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