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England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 80 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 20 scones per hour or 2 sweaters per hour.
Give an example of a trade, which would benefit both countries.
Suppose the government imposed a price ceiling on a monopolist. Let denote the price ceiling, and suppose the monopolist incurs no costs in producing output. True or false: If the demand curve faced by the monopolist is elastic at the price, then the..
Suppose nuclear power plants are banned in the U. S. What are the opportunity costs of this decision?
Jack sees commuting by bus and train as perfect substitutes (U = B + T), that is, he would exchange one commute by bus for one commute by train. The price of a bus ticket is $1.50 and the price of a train ticket is $ 2.00. Jack has $6.00 to spend on ..
Identify one positive or negative supply shock in the last decade and what is the impact that the shock has had in our economy.
Some lenders charge an up-front fee on a loan, which is subtracted from what the borrower receives. This is typically described as "points" (where one point equals 1% of the loan amount). The federal government requires that this be accounted for in ..
The costs of inflation include:
Describe your matter, with a brief summary of the key things which make your matter interesting. Illustrate what are the key positive also normative questions surrounding your matter.
Which of the following events may increase labor supply? Check all that apply.
Software developers at Acme systems, Inc., have developed an iPhone App that analyzes an individual’s golf swing. Should the developers attempt to de-bug the program completely or not? Use the basic principles of economics and a simple graph to suppo..
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the consumer surplus in the market?
q.firms often face the problem of allocating an input in fixed provide among different products. find out the optimal
Studies Explain how among which of the delivery curve bananas have shifted. All of the subsequent could be possible explanations for the shift except one. Which is the exemption.
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