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If the country whose production possibilities curve is on the curve at the bottom and wishes to move to a position further up on the curve, it will:
a. Find this impossible to achieve given the resources it currently possesses.
b. Have to employ all currently unemployed resources to accomplish this
c. Incur an opportunity cost of having to give up some butter in order to make additional amount of guns desired
d. Be able to make the desired switch only if there is a significant improvement in the technological base available to the nation
your economy is in full employment equilibrium. suddenly an improvement in technology moves the lras to the right. what
What determines whether an international environmental agreement is needed to address a given pollution problem, or whether action by individual governments is sufficient?
Show, using Shorthand Economic Form, how you would calculate an equivalent uniform annual amount for cash flows of 800, 200 and 700 in years 1 -3 respectively with an annual interest rate, compounded annually, of 8% for year 0 – 1, 10% for year 1-2 a..
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should the club cover explicit and implicit costs? imagine that you are asked to consult with a drama club that puts on
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Hasbro is approached by a savvy economist who has figured out a way to identify each market and segregate them. The demand from bronies and little girls is as indicated above.
Suppose that there is a decline in the cost of a unit of capital. In the long run a.) What will be the substitution effect of this change on use of capital and labor, and why How would this be shown on an isoquant diagram (a diagram isnt needed, j..
consider the market for shiraz wine. the market demand and supply are given byqd 10 - pd and qs 4 2 psa. find the
What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.
By comparing the world price of horseradish to Cropland’s domestic price of horseradish, we can determine whether Cropland
Can you determine precisely by how much producer surplus has increased as a result of the $14.82 increase in the average fare? If you cannot be precise, can you determine whether it will be less than, or more than, a specific amount?
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