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If Kansas can formed either 400 tons of wheat or 100 tons of corn and Nebraska can formed 300 tons of corn or 200 tons of wheat then it makes sense for the two states to specialize and trade. Which of the following accurately states the amount of grain that will be produced (Suppose corn and wheat can be formed in constant ratios) and the terms of trade?
explain main features of short run engineering cost theory
The economy, however, is facing inflationary pressures. To deal with the macroeconomic problem, the government uses expansionary fiscal policy to decrease taxes and, as an indirect
Iso-quant: The dots in the above Figure denotes the various combinations of (L, K) that the producer can pick up from form to produce. Among these combinations, there can be t
how to find pareto efficient output using algebra
The prevention of major swings in economic activity can be handled most easily by the
How would you convert from moles of iron(III) oxide to moles of carbon monoxide?
what are the practical importance of income elasticity of demand?
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
Research has revealed the following information about the market for Thomas chocolates; the demand schedule can be represented by the equation Qd=850 @20 dollar. The supply schedul
when does market equilibrium occur?
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