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Suppose the Nation of Arcadia produces only two goods, teapots and surfboards. If Arcadia produces only teapots it can make 80 per day. If Arcadia produces only surfboards, it can make 30 per day. What is the opportunity cost of 1 teapot in Arcadia?
A 3/8 of a surfboard
B 8/3 of surfboards
C 30 Surfboards
D 80 surfboards
The demand and supply equations for the pear market are: Demand: P = 12 - 0.01Q Supply: P = 0.02Q where P= price per bushel, and Q=quantity. Calculate the equilibrium price and quantity. What is the size of this shortage or surplus? Provide a numeric..
Elucidate how production possibilities table or curve reflects law of increasing opportunity costs. Illustrate what do points along PPC recurrent (with respect to available resources).
What type of risk behavior does the person exhibit who is willing to pay $5 for the chance to bet $60 on a game where 20% of the time the bet returns $100, and 80% of the time returns $50? Explain
Two goods are complements when a decrease in the price of one good
Evaluate each of the supply and demand scenarios below, How will each affect equilibrium price and equilibrium quantity in a competitive market? Will price and quantity rise, fall, or be unchanged? Based on the magnitudes of the shifts, will the answ..
A 10% increase in the price of pizza causes a 10% drop in the quantity of both pizza and beer sold. Describe elasticities and the nature of the two products.
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
According to Keynesian theory:
Social Security payments to retired persons is an example of: Answer A. a transfer payment. B. government spending shortages, and they always lead to deficits. C. income measured by using the value-added approach. D. a government purchase.
A limit on special-interest contributions to national political campaigns
What is the effect of capital goods on capital stock for example if the price of capital god dropped what effect would this have on capital goods and capital stock ?
Out of the people who wear seat belts, northeast has 148. Out of the people who don't wear seat belts, northeast has 52. A total of 858 wear seatbelts in the United States. Illustrate what is the probability of seat belt usage by region of the cou..
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