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Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of producing 3 bushel of wheat is 1 bushels of corn. At present, Iowa produces 100 million bushels of wheat and 600 million bushels of corn, while Nebraska produces 100 million bushels of corn and 600 million bushels of wheat.
a. Explain how, with trade, Nebraska can end up with 120 million bushels of wheat and 600 million bushels of corn while Iowa can end up with 120 million bushels of corn and 600 million bushels of wheat.
Imagine a person's utility function over two goods, X and Y, where Y represents dollars. Specifically, assume a Cobb-Douglas utility function:
As a near-term solution, its engineers recommend a cooling technology known as an absorption chiller, which uses plain water as a refrigerant and semiconductors that cool down when charged with electricity. B&E is considering two options: Option 1..
The government will tax good for many reasons, resulting in a fall in equilibrium quality while the prices increase. Could someone explain how price controls and taxes have influenced your purchasing choices.
Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
In an effort to estimate the mean amount spent per customer for dinner at an Atlanta restaurant, data were collected for a sample of 42 customers. The data collected resulted in a sample mean of $29. Based upon past studies the population standard..
The first step in comprising the value of this stock today, is to compute the value of the stock when it reaches constant growth in year.
Good W and Y are made with intermediate goods A & B. The market value of A is $10 and the market rate of B is $13. The market value of W is $23, and the market rate of Y is $4.
Use the line drawing tool to draw a line showing the relationship between the number of deliveries (on the horizontal axis) and your total cost (on the vertical axis). Draw the lnie between zero and 20 delieries. Label this line 'Cost'.
Imagine two naton , Glacierland, and Swampland. Glacierland is producing everything at a lower absolute cost than Swampland. If the two countries trade what is the reason.
What is the role of advertising in each of the four market structures? As you answer these questions, illustrate your points with original examples.
Identify a particular industry that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and equity.
Find out the profit maximizing level of price and output. Discuss an alternative regulatory regime, and discuss the merits of both.
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