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Home is as described in problem 1. There is now also another country, Foreign, with a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1.
a. Graph Foreign's production possibility frontier.
b. Construct the world relative supply curve.
Problem 1
Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2.
a. Graph Home's production possibility frontier.
b. What is the opportunity cost of apples in terms of bananas?
c. In the absence of trade, what would the price of apples in terms of bananas be? Why?
Comparing their combined output with the output when the MC of each firm is $6, explain why the totals differ.
Each firm's decision will affect its own profits, as well as profits of its competitor. The following payoff matrix shows the possible outcomes for this game between Coke and Pepsi. Here Coke is the row player and Pepsi the column player.
(1) A payment of $10/day is to be given this year to each person who was classified as poor last year; and (2) each person classified as poor will be given a benefit equal to 20 percent of the wage income he earns each day this year.
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Research suggests that taxing pizza and soda would reduce the incidence of obesity in the U.S.A. Suppose you were required to choose between a price ceiling and a floor price to achieve the same result.
As a result of the tax, the equilibrium price increases from $0.20 to $0.22. What fraction of the incidence falls on consumers On firms Suppose the supply elasticity is 0.6. What must the demand elasticity be.
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Abby consumes only apples. In year 1, red apples cost 1$ each, green apples 2$ each, and Abby buys ten red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples.
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