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Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
Nebraska VirginiaWheat 5 2Cotton 6 3
A) Who has the absolute advantage in the production of cotton? Who has the comparative advantage in the production of wheat?
B) In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Wheat Cotton200240600550
C) In Virginia, what is the marginal rate of transformation between wheat and cotton?
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Determine what is the state of the economy in brazil versus the united states and discuss the GDP of brazil and the united states?
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How sensitive is the relationship How many more sales can be expected for each ten additional inches of snow snowfall in inches sale of snowblowers 0 0 10 25 20 50 30 75 40 100 50 125 60 150 70 175 80 200 90 225 100 250
Consider two possible designs for a product which are sold for $0.70 each. There are only two differences in the production of both designs: operation 1 and operation 2. The first product, A, requires 16 hours of operation 1 and 4.5 hours of opera..
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