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a) Nathan can mow 12 lawns in a day or prune 36 trees in a day. Draw Nathan's production possibilities curve for mowing lawns and pruning trees. Assume the production possibilities curve is linear and put the quantity of lawns mowed per day on the horizontal axis and the quantity of trees pruned per day on the vertical axis.
b) David can mow four lawns in a day or plant four trees in a day. Draw David's production possibilities curve for mowing lawns and planting trees. Again, assume a linear production possibilities curve and put the quantity of lawns mowed per day on the horizontal axis. What is David's opportunity cost of planting trees? What is David's opportunity cost of mowing lawns?
c) Given the production information in parts a and b above, who has the comparative advantage in planting trees? Mowing lawns?
Suppose in Belgium the opportunity cost of producing a trombone is 8 clarinets. In Denmark the opportunity cost of producing a trombone is 6 clarinets. What is the opportunity cost of producing a clarinet for Denmark?
Consider a two currency model where there are U.S. Dollars ($) and the Euro (€) being exchanged. Suppose a permanent decrease in the money supply causes the U.S. exchange rate ($/€) to change in the long run. Will the long run U.S. exchange rate be a..
Describe one argument in favor of reducing the deficit or balancing the budget.
Suppose that the parents of a young child decide to make annual deposits into a savings account, with the first deposit being made on the child’s 5th birthday and the last deposit being made on the 15th birthday. Then, starting on the child’s 18th bi..
Suppose there is an increase in the population growth rate. A. Show graphically how this affects the growth rate of both output per capita and total output in the short and long run.
The participation of women in the U.S. labor force has risen dramatically since 1970. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change i..
Describe the impact of a payroll tax on wages and employment in a competitive industry. Why is part of the tax shifted to workers? What is the deadweight loss of the payroll tax?
Considering a machine which will have an estimated service life of 10 years with a salvage value of 10% of the investment cost. Its expected saving from annual operating and maintenance costs are estimated to be $60,000.To expect a 15% rate of return..
Suppose that there is an increase in the demand for personal computer systems. Explain the likely effects on marginal revenue product, marginal factor cost, and the number of workers hired by the firm.
q1. why do economists attempting to forecast short run future changes in real gdp and employment look closely at data
What are the difference between the primary and secondary markets as used in the stock market? I am having quite a hard time trying to understand. Please help.
Chopra and Meindl (2016, p. 33) state, 'Strategic fit requires that both the competitive and supply chain strategies of a company have aligned goals'.
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