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1. A worker in Rhode Island can produce 1 pound of corn in 15 minutes and 1 pound of shucked oysters in 10 minutes. A worker in South Carolina can produce 1 pound of corn in 20 minutes and 1 pound of shucked oysters in 60 minutes. Which state’s worker has an absolute advantage in corn and which state’s worker has an absolute advantage in shucked oysters? Which state has a comparative advantage in corn and which state has a comparative advantage in shucked oysters? At what price will trade occur between the two states for corn and at what price for oysters? Explain your answers.
2. We discussed the possibility that a start up firm in San Francisco plans to 3-D print Rhinoceros horns that are indistinguishable from real horns. Assume they are able to produce these horns cheaply. If successful, what will happen to the market price and quantity of horns in the market? (real and 3-D printed are sold in one market for “horns”) Explain your answer thoroughly.
3. Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint method in your calculations) Why might this elasticity depend on the time horizon?
4. If there is a sudden improvement in the production of heroin and cold medication (the production of both products are improved by the same amount) how will the changes in the market differ? Provide a detailed economic analysis.
Explain how many histories/game tree nodes are there where P2 has to move? P1.
How much the person should must get? And is it taken from any person who works in US? My country is paralyzed to impose this tax due to oligarchs heavy influence. I just wanted to gain some knowledge.
Which of the following statements do economists NOT agree on?
On hearing that you are undertaking a subject in accounting as a part of your degree you are approached by a friend, Michael Graham, to give him advice regarding the potential purchase of a business.
q1. assume that serendipity bank has overload reserves of 8000 and checkable deposits of 150000. if preserve ratio of
Suppose a stock market crash makes people feel poorer. What are the effects of this decrease in wealth?
Suppose that a 12 percent rise in the price of pancakes decreases the quantity of pancakes demanded by 22 percent and increases the quantity of waffles demanded by 14 percent. Price elasticity of demand for pancakes. Cross elasticity of demand for wa..
Measles has become an epidemic here in Orange County. About 1 in 1000 people will die after contracting the disease. Because this is such a high rate, health officials in Orange County would be well advised to pay for anyone to get a vaccination.
Ytilizing a single diagram of the saloon's demand curve and its cost curves, show the price and the quantity combinations favored by each of the the three partners.
Illustrate what alternative decisions might you be able to make in the long run. Explain" "Clearly explain the factors to consider as your "fixed factor".
What is the most that Jo should be willing to pay the consultant for the information.
Identify market structure Identify elasticity of the product Include rationale for the following questions: How will pricing relate to elasticity of your product?
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