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The following numbers measure the tradeoff betweengrades and income:TotalHoursHoursStudying GPAHoursWorking Income60 60 4.0 0 $060 40 3.0 20 $10060 30 2.0 30 $15060 10 1.0 50 $25060 0 0.0 60 $300a. Calculate the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 grade point average (GPA) rather than a 2.0 GPA.b. Is the opportunity cost the same for a move from a 0.0 GPA to a 1.0 GPA as it is for a move from a 1.0 GPA to a 2.0 GPA?c. What is the opportunity cost of an increase in income from $100 to $150?
Suppose a second individual has the followingtradeoffs between income and grades:TotalHoursHoursStudying GPAHoursWorking Income60 50 4.0 10 $6060 40 3.0 20 $12060 20 2.0 40 $24060 10 1.0 50 $30060 0 0.0 60 $360a. Define comparative advantage.b. Does either individual (the one in exercise 4 or the one in exercise 5) have a comparative advantage in both activities?c. Who should specialize in studying and who should specialize in working?
Plot the PPC of a nation given by the following data.Combination Health CareAll OtherGoodsA 0 100B 25 90C 50 70D 75 40E 100 0a. Calculate the marginal opportunity cost of each combination.b. What is the opportunity cost of combination C?c. Suppose a second nation has the following data.Plot the PPC, and then determine which nation has whether the two nations can gain from specialization and trade.Combination Health CareAll OtherGoodsA 0 50B 20 40C 40 25D 60 5E 65 0
where P is the price per crate of grapes and quantities are in crates per month. Suppose long-run entry into this grape market forces Altobella to produce at the minimum ave
Suppose "miles driven" is expected to fall by 2% and new auto sales to fall by 13% (due to forecast recession). What is the predicted change in the sales quantity of tires I
In round numbers, real output doubled two times in the 40 years between 1950 and 1990, so it doubled every 20 years. This means that real output grew at a rate z that solves
Table 1 shows the distribution of money income in Australia. Calculate the cumulative distribution of income for Australia and draw the Lorenz curve for Australian income.
Consider the Bertrand model in which each firm has a positive fixed and sunk cost and a zero marginal cost. What are the Bertrand equilibrium prices? What are the Bertrand e
Below is the production possibility information of small nations Arboc and Arbez, which can produce two goods, wheat, and coffee. The maximum quantity of each good is shown
Let us imagine you are a consultant who has just been hired by a small business owner as an industry specialist. For this discussion you will identify one specific small bus
Given a two period model and an inverse demand curve for a depletable resource is P= 10 - 0.2q and the Marginal Cost is constant and equal to 3. a)What is the static efficie
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