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Consider the two economies shown in Figure 3.1. When there is free trade, are we sure that each country should specialize completely in producing only one of the products? For instance, perhaps each country should shift along its production-possibility curve only about halfway from the no-trade production point S0 to the intercept point S1. If the countries still traded with each other at the relative price of 1 W/C, would producing at the halfway point be better or worse for each country (compared to completely specializing at point S1)?
q1. the price of a laptop increases by 20 and there is a 40 drop in the quantity demanded. the price of a pack of
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
Two processes can be used for producing a polymer that reduces friction loss in engines. Process T will have a ?rst cost of $750,000, an operating cost of $60,000 per year, and a salvage value of $80,000 after its 2-year life.
For each of the following utility functions, calculate the MRS. For each utility function, plot a representative indifference curve for a utility level equal to 2. Not every point on your indifference curve needs to be accurate.
What effect did the tax have on LeAnn's output level. How LeAnn's did profits change.
Using lists (bullets and numbers) in documents
Purchase the machine it is currently renting for $150,000. This machine will require $20,000 every year in ongoing maintenance expense.
Linda Sims is the manager of the accounting department and Jose Martinez is the manager of the sales department for a production company. This is a fast growing firm, and the staff of the accounting department (11 employees) is often over whelmed wit..
Alliance, Inc. sells gas lamps to consumers through retail outlets. Total industry sales for Alliance's relevant market last year were $100 million, with Alliance's sales representing 5% of that total. Contribution margin is 25%. Alliance's sales for..
Economists often assume that insurers set premiums (nearly) equal to the AFP for that plan. Is that an accurate assumption? Is a higher “load” on insurance premiums necessarily a bad thing for consumers? When might a higher load be a sign of problems..
Suppose the market for eggs is in equilibrium at a price of $2 per dozen eggs. If the government decides to enact a new price floor at $1.50 per dozen eggs, what outcome does economic theory predict will occur?
Discuss the idea of DRG-based prospective payment mechanism for hospitals. Discuss the potential effects of DRG payment on quantity of services produced by the hospitals, composition of different types of services offered, incentives for adoption of ..
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