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Two friends, Rachel and Joey, enjoy baking bread and making apple pie. rachel takes 2 hours to bake a loaf of bread and 1 hour to make a pie. Joey takes 4 hours to bake a loaf of bread and 4 hours to make a pie. Please calculate to opportunity cost of baking bread for both rachel and joey. (teacher recommends using 4 hour blocks)
Who has the absolute advantage in baking bread?
Who has the comparative advantage?
Who should specialize in bread?
Who should specialize in pie?
A good compensation scheme: All of the costs associated with a principal interacting with an agent are called: Decentralization of decision-making authority is consistent with which of the following? Principal-agent relationships:
The Commerce Department is considering lifting the ban on the import of Brazilian oranges (the world’s largest producer of oranges) into the United States. In your explanation, be sure to distinguish between a change in demand and a change in quantit..
Whenever there is an outflow of funds from any of the balance of payments accounts, it is recorded as a __________ , and called _______ .
q1. suppose you want a lump sum payment of 100000 three years from now. rounded to full dollars how many current
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p). What happens to t as real wage in..
Pierre, a Frenchman with a weakness for champagne, recently received a raise. His income rose from $25,000 to $40,000 a year. As a result, Pierre's consumption of Andre Champagne decreased from 15 bottles a week to 5 bottles a week. Calculate Pierre'..
studies on the comparative work habits of the wealthy tell a different story. Research by professors Mark Aguiar. Explain which wealthy person has reservation wage.
Provide an example of income effect and substitution effect in regards to supply of labour. Illustrate what is opportunity cost of work in this case
q1. consider a firm as we did in the notes that maximizes it profits by selecting how many workers and how much capital
Which of the following are characteristic of principal-agent conflicts that often exist in a firm? Managers do not always operate in the best interest of owners because owners are generally more risk averse than managers.
Is the equilibrium price higher or lower, or is the change indeterminate. Is the equilibrium quantity higher or lower, or is the change indeterminate.
Suppose the government of Washington is considering the addition of a new tax on firms. You have been called in to provide expert analysis on how such a tax would affect employment of labor. Compare the plans in terms of their scale and substitution ..
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