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As part of their chores on Saturday mornings, they have to clean the bathrooms and wash the floors of the house while their parents go grocery shopping. In one hour's time, Mike can clean two bathrooms or wash six floors. Linda, on the other hand, can clean three bathrooms or wash seven floors. The house has four bathrooms and ten rooms' worth of floors. All along, Mike and Linda have been splitting up the work in half for each job, and thus every Saturday, each has been cleaning two bathrooms and five floors respectively
Who has an absolute advantage in cleaning the most bathrooms and floors in the least amount of time?
On the basis of comparative advantage, who has a comparative advantage in cleaning bathrooms in the least amount of time, and who has a comparative advantage in cleaning floors in the least amount of time?
If Mike and Linda wish to reduce their opportunity costs of spending time cleaning on Saturdays, how much time will each save each Saturday if specialization based upon comparative advantages is used to divide up the work?
Antitrust authorities at the Federal Trade Commission are reviewing you company' recent merger with a rival firm. The FTC is concerned that the merger of two rival firms in the same market will increase market power.
Economists agree that an economy cannot increase without savings. This means forgoing current consumption, saving, and investing in capital goods.
Elucidate the difference between GDP and GNP. What adjustments needs to be made to GDP to arrive at GNP.
Discuss ballpark estimates for the overall economic impact of crime. Break down your estimate(s) into broad categories: for example, roughly what fraction of the overall cost of crime is due to murders, what fraction to illegal drug use.
Identify and discuss two aspects of firms' credit policy. Identify one difference in the credit policies of different company and describe why this difference may be important to consumers.
you select to work more hours or fewer when offered a higher hourly salary.
What do Tom's indifference curves relating Hamburgers (horizontal axis) to Hot-dogs (vertical axis) look like Graph and explain the shape of your indifference curves. Do these indifference curve imply that Tom will only eat hamburgers
The kinked-demand schedule that an oligopolist believes confronts the firm is given in the table below. Compute the oligopolist's total revenue at each of the nine prices
Money is an interesting topic and there is much to learn that is not common knowledge regarding how we create money, especially money that is just printed!
Prepare a table/graph for inflation in "your country" (use North Korea for the country; if no data is available, use India) for about the latest ten year period for which you have data.
Joe enjoys fishing & goes out about 20 times per year. One day, Sara told him that fishing is too expensive of a hobby. She thinks he should stop going because she calculated that it costs about %28.75 for every fish he catches because he usually ..
Now determine equilibrium quantity and graph the two equations to substantiate your answers and label these two graphs as Dl and SI.
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