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What is meant by complete specialization? by incomplete specialization? Why do both nations gain from trade in the first instance but only the small nation in the second?
Explain what differentiates them ? Why will a firm choose to produce where MR = MC? Why not choose a quantity where MR > MC? Describe profit maximization in terms of marginal revenue and marginal costs.
Fred is a salesman who can sell enough to generate $200,000/year worth of profit for his company. He earns only $110,000 in compensation.
Prove that the steady-state equilibrium is unique and globally (saddle-path) stable. What is the impact of a higher rate of technological progress?
Determine the long-run effects of this on the quantity of capital per worker and output per worker?(b) In the short run, does aggregate output grow at a rate higher or lower than the growth rate of the labor force?(c) After World War II, growth in r..
What are the autarky prices of food and cloth?
advanced analysis given the following diagrams q1 12 bags. q2 7 bags. q3 19 bags. the market equilibrium price point
Its properties are tm = 42?C, M = 350.6, logKow = 5.11, and, Kaw = 4.16 × 10-3 atm P/mol. Estimate its vapor pressure using only the given data
The City of Greenville needs to raise revenue. Alderman Black has proposed a $10 tax on red cars in the city, currently numbering 2,000. Mayor White, who wants more than $20,000 in revenue, proposes taxing these cars at $100 each.
Use the McDevit-Long equation from the text. ? = 0.0025. Oxygen solubility in pure water is 8.4 mg/P at 298 K and 1 atm total pressure.
1. a. under a strict command-and-control framework suppose abatement standards are set equally across polluters. assume
Collect data on the tuition rates of your own college in the last twenty years and compare that increase to the overall rate of inflation using the CPI. What do you observe? Can you suggest some productivityenhancing measures?
Catalytic converters are required on all new cars to reduce tailpipe emissions. Explain how this technology could have a beneficial impact in the short run but a less beneficial impact in the long run.
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