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The production possibilities frontiers in the figure to the right show how many bananas and coconuts you? (Y) and your neighbor? (N) can consume without trade. Suppose you are initially consuming 10 bananas and 4 coconuts and your neighbor is initially consuming 10 bananas and 4 coconuts. ?Now, suppose you and your neighbor specialize by each only producing the good for which you have a comparative advantage. You give your neighbor half of your production for half of what he produces. ?(Enter all responses as? integers.) If you trade with your? neighbor, then you will have (?) additional? coconut(s) after the trade and (?) additional? banana(s). At the same? time, your neighbor will be able to consume (?) additional? banana(s) and will be (worse off/better off) as a result of trade.
Less-Developed Countries (LDCs) are caught in a vicious circle of poverty. For output to increase, they must build up capital. To build up capital, they must save and consume less than what they are producing. How should developed-countries and inter..
Draw the short run Phillips curve and relate it to our economy today. Make sure to label both axis and include a dot on the curve that represents our state of economy. Explain your graph.
A market is characterized by a demand curve that can be expressed as P = 96 – (1/3) Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 12 q. If the 2 duopolists behave as independent, symmetric C..
Goodspeed Automobiles manufactures 100 disc brake cylinders. At this output level, its marginal revenue is equal to its marginal cost. If the revenue per unit of output is $500 and the cost per unit is $350, its profit is:
Draw the demand and supply curves for the market for pediatric visits. Label the curves and the axes with titles, and calculate and label the equilibrium price and quantity.
Suppose that you are promised $100 per year for the next ten years. Which of the following statements is CORRECT for any r > 0? a. The present value of the annuity will be greater than $1,000. b. The future value of the annuity at t = 10 will be less..
The stock is now selling at $62.50 per share. If the current price holds until the first of the month, and Sam exercises his option, how much will he make this year?
Draw simple labor supply and demand graphs for the occupations of school teachers and plumbers to show the labor market in each profession. Show the reduction in output from discrimination. Show the economic gains from eliminating discrimination. Wit..
Define velocity of money and discuss the major determinants of velocity. Assume GDP is currently $14,000 billion per year and the quantity of money is $1,750 billion. What is the velocity of money? The nation collectively holds enough money to financ..
Other channels of monetary policy. Consider this quote:” Monetary policy does not work simply through lowering interest rates. Sometimes it can directly affect particular credit markets in the economy.” Can you give an example of actions that the Fed..
A supplier of a factor of production has a reservation price of $100. The purchaser of the factor of production has a reservation price of $200. If the factor of production is unique, then: Ingrid has been waiting for the show "Mamma Mia!" to come to..
Given that it takes 5 yards of textile to make a suit whose free trade price is $150.00 and that the textile sells for $20.00 per yard. Calculate (i) the NRP and the ERP if the government is to impose a $30.00 tariff per suit and (ii) what happens to..
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