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felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to producing both. Felix- corn (tons per acre)10. alfelfa(tons per acre) 5 Kim-Corn(tons per acre) 12. alfelfa (tons per acre) 4 ___________(Kim or Felix)has an absolute adantage in production of corn and _______(felixx or kim) has an absolute advantage in production of alfelfa Felix's oppertunity cost of producing one ton of alfelfa ______________(2,3,4,5 tons of corn)whereas kims oppertunity cost of producing one ton of alfelfa is _________(2,3,4,5 tons of corn) Because felix has a ______(lower, Higher) oppertunity cost of producing alfelfa then kim,______(felix or kim)has a comparative advantage of alfelfa and ______(kim ,felix) has a comparative advantage of in the production of corn.
The price of good 1 (nuts) is $2 and the price of good 2 (berries) is $1. How many units of nuts will Anthony demand?
Suppose you have 10 indivduals with vales ($1, $2, $3, $4, $5, $6, $7, $8, $9, $10. . our marginal cost of production is $2.50. What is the profit-maximizing price?
Estimate the regression model (E) using the OLS estimator and provide a summary report of the result (i.e., the estimated equation with the standard errors and/or t-ratios with other relevant statistics).
Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score?
What are the potential consequences of a country having a large overall national or public debt? If you were in the position to implement a solution for the country's long-term debt, what would it be and why?
What is the CPI (Consumer Price Index) and what significance does it hold in regards to goods and services? Please explain in detail.
Industry and general pattern of change and hypothesize the basic short-run and long-run in a market economy
Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon.
How does an increase in the price of widgets affect the: And describe the effects in detail?
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
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