Compute each countrys productivity

Assignment Help Microeconomics
Reference no: EM13688037

Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods.

1. Which country is better off?

2. Compute each country's productivity and real GDP per person.

Reference no: EM13688037

Questions Cloud

Effects location of countrys production possibilities curve : Describe how if at all each of the following events effects the location of a country’s production possibilities curve
Demand for plastic surgery is price inelastic : Suppose that the demand for plastic surgery is price inelastic. Are the following statements true or false? Describe your answer for full credit. When the price of plastic surgery increases, the number of operations decreases
Production possibilities curve for an economy : Draw the probable 'production possibilities curve for an economy which produces 'Capital' goods and 'Consumer' goods. Assuming that the Economy is producing approximately twice the level of customer goods as opened to Capital goods, indentify this pr..
Draw the circular flow model of a simple economy : Draw the Circular Flow Model of a simple economy with the roles of firms, Households, Government and a foreign sector. In addition, identify the factor and product markets in this economy. Identify in the diagram the flows for all injections and leak..
Compute each countrys productivity : Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods.
Draw a production possibilities curve : Draw a production possibilities curve (PPC) with an aggregate gauge of medical services Q, on the horizontal axis and an aggregate measure of all other goods and services, Z on the vertical axis. Discuss the implications of the following changes on t..
The price elasticity of demand : The price elasticity of demand. The measure of the sensitivity of the quantity demanded of one good to a change in the price of another good is ________ elasticity.
How can it make the whole model collapse : Normal 0 false false false EN-US X-NONE X-NONE What are the assumptions we re..

Reviews

Write a Review

Microeconomics Questions & Answers

  Monopolistic competition-determining cost function

You're the manager of monopolistically competitive firm. The present demand curve you face is P=100-4Q. Your cost function is C(Q)=50+8.5Q2 (That's Q squared).

  How the government is increasing the minimum wage

Assume you are the owner of a small cafe that employs 15 people, 10 of whom are front-line, unskilled workers, and currently paid the minimum wage. The state government is considering increasing the minimum wage. As a business owner, would you su..

  A random sample of 10 economists produced the

a random sample of 10 economists produced the following forecasts forpercentage growth in real domestic

  A complete the table above you do not have to complete any

a. complete the table above. you do not have to complete any cell with - in it. be careful calculating mc and mr note

  Infer about the market share of each firm

Presume 2 firms are found on the real line [0,1]. Firm 1 is located at a=.15, and Firm 2 is located at 1-b, where b=.15. Suppose P1=P2=$10. Consumers face a distance cost of $2 per square unit of distance.

  Should students drink beer rather than tequila

Alcohol is illegal in dorms at ACME college. Why are students more likely to sneak in a couple bottles of, say, tequila, rather than cases of beer even though most would rather drink beer than tequila

  Who is willing to purchase additional units at any price

A monopolist has two types of customers. There are 100 Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must charge..

  Suppose opportunity interest rate is 8 find the present

a generous university benefactor has agreed to donate a large amount of money for student scholarships. the money can

  Explain the rationale

Analyze the various exchange-rate systems (floating, managed floating, adjustable pegged, and crawling pegged) and determine which would be most beneficial to the following stakeholders: the U.S. Government

  Multiple linear regression model- analysis

Estimate the linear model described in part (a) using Ordinary Least Squares regression and display your regression results.

  Encouraging monopoly to social efficiency

Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?

  Which individual invests more in schooling

Assume there is an imperfect capital market. Draw a graph to show the optimal years of schooling for an individual with high access to funds but of low ability and an individual with low access to funds but with a higher ability level. Which ind..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd