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Suppose USA has 2,400 units of labor available. It can produce two goods, apple and bananas. The unit labor requirement in the apple production is 3, while in banana production, it is 2. Suppose Canada has a labor force of 800. Canada's unit labor requirement in apple production is 5, while in banana production is 1.
a. Graph Canada's production possibility frontier.
b. Construct the world relative supply curve.
Suppose the interest parity condition holds and that the domestic interest rate is greater than the foreign interest rate. What does this imply about the current versus future expected exchange rate? Explain.
Madison has 5 times the marginal utility of consumption as Seth. If the government wants to achieve maximum societal happiness, should it transfer wealth from Seth to Madison?
Which of the following would NOT cause a shift in demand for Coca-Cola:
His uncertainty about total sales of the book can be represented by a random variable with a mean of 30,000 and a standard deviation of 8,000. Find the mean and standard deviation of the total payments he will receive.
Which of the following best describes the position of the U.S. budget, as of fiscal year 2010, when all current spending and future entitlement obligations are taken into account?
If Plonk and Brew operated in a Cournot oligopoly, explain how much output will each of them produce in equilibrium.
When an economy is at full employment, the Production Possibilities Frontier illustrates which Principle of Economics: A. Prices rise when the government prints too much money. B. Trade can make everyone better off. C. People respond to incentives. D..
A company specializing in lubrication products for vintage motors produce two blended oils, Smazka and Neftianikov. They make a profit of $5 per litre of Smazka and $4 per litre of Neftianikov. How many litres of each product should they make to maxi..
Do changes in fixed cost alter the profit maximizing level of output for a profit maximizing firm in the short-run? Why or why not? Under what conditions is it more profitable for a firm to operate at a loss than to shut down production temporarily?
The marginal revenue product of labor for an electronics firm is MRPL = 50 - L, where L = the number of workers. If the wage of electronics workers is $20 per worker, then how many workers will the firm hire?
What is the capitalist, free enterprise ideal? U.S, Japan, European companies are usually the first to design, invent and innovate products. What happens toward the end of these new products international life cycles? What must happen to the economie..
Amazon’s new tablet computer, the Kindle Fire, has slim margins at its $199 retail price. Admittedly, this product is trying to change the way we read books. Categorize the listed costs as variable or fixed and calculate a contribution margin percent..
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