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One person-day of labor produces:
China 9 rice 3 computersIndia 4 rice 2 computers
a) Does any country have an absolute advantage? If so, which one?b) For India, what is the resource (or opportunity) cost of rice (R) in terms of computers (C), and C in terms of R?c) For China, what is the resource (or opportunity) cost of R in terms of C, and C in terms of R?d) Which country has a comparative advantage in what product?e) Under what terms of trade will mutually beneficial trade occur?
Assume a typical customer’s inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q.
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An $85 billion sequester (called automatic federal government spending cut) that went into effect on March 1, 2013. This was an across-the-board spending cut in federal government's various existing programs and services, including maintenance of ..
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Assume that you are the chief economic advisor to the president of the U.S..
The own price elasticity of demand for Kodak film was -2.0 and the market elasticity of demand was -1.75. Suppose that in the 1990s, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll.
An automobile company is building a new factory in your town. what may be a positive externality of this event?
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Elucidate what is the difference among real GDP and nominal GDP.
Describe how a nurse's pay is determined and how the salary is structured. Discuss what your chosen state can do to increase the supply of nurses.
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