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The following data represents the production possibilities of two people in solving math and economic problems. If they devote their total effort and time to math, A can solve 10 math problems and B can solve 10 math problems. If they devote their total efforts and time to economics, A can solve 10 economic problems and B 5 economic problems. Percent of Resources Devoted to: A B A. Who has the absolute advantage? A B. Who has the comparative advantage? B C. Assume that each will be self-sufficient and devoted half of their resources to math and half to economics. The outcome follows A A B B Alone- no trade Math Economics Math Economics 5 5 5 2.5 Now assume that they specialize according to comparative advantage. How much math and how economics will they produce together? What are the gains from trade?
Fiscal policy is the responsibility of the Congress of the United States. Describe what tools are available to the Congress and how those tools have been used to affect the economy over the past several years. If possible, explain why the economic mu..
Please compare how the Solow model views a fall in the population growth rate with the many issues that countries with falling population growth rates face in the real world. Be sure to describe an issue that aging economies face.
What is the common thread that links together most of the IAC/InterActiveCorp Web properties? How do the properties leverage the unique qualities of the Web?
You are a perfectly competitive firm and P = $5 . Your cost function is: C(Y )= Y2 + Y + 4. What are your firm’s variable costs? Fixed costs? Write down your firm’s profit function. Write down the firms first order condition for profit maximization a..
Suppose that in DanLand two goods can be produced: light bulbs and wires. It takes 3 hours to make a light bulb in DanLand and 4 hours to make a wire in DanLand. If there are 800 labor hours available in both DanLand and YouLand show graphically each..
Under current law, smoking is banned on airplane flights within the United States. The government bans smoking because it believes that, when some people smoke, everyone on the airplane has difficulty breathing. Assume that this scientific conclusion..
What factors underlie whether specialization in production will be partial or complete on an international basis.
Boyd Company sold a futures contract (one) on Treasury bonds that specified a price of 93-00. When the position was closed out, the price of the Treasury bond futures contract was 94-20. Did interest rates increase or decrease? How do you know? What ..
The aggregate demand curve portrays the relationship between price level and real GDP. What are the three reasons this relationship is a negative or inverse relationship? Provide brief illustrations of each. What role do imports play in aggregate dem..
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. Compute the price elasticity of demand between these two points. Compute total revenue at the three meal prices
The absolute value of Mars' MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
Describe some forms of private spending which represent consumption some forms which represent investment.
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