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Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2.
a. Graph Home's production possibility frontier.
b. What is the opportunity cost of apples in terms of bananas?
c. In the absence of trade, what would the price of apples in terms of bananas be? Why?
Explain why this might reduce child labor. (Related to Application 7 on page 176.)
Insert your typed answers immediately following the corresponding question.Handwritten graphical responses are permitted; however, they too should be inserted immediately following the corresponding question (leave space so you can hand-draw your ..
Discuss the procedures used to test one of these objectives.
You are a newspaper publisher. You are in the middle of a one-year rental contract for your factory that requires you to pay $500,000 per month, and you have contractual labor obligations of $1 million per month that you can't get out of.
Find a current event article (dated within the last 6 months) that addresses fiscal policy issues in the United States today. Explain the problem and the recommended strategies being debated.
Brainger, Inc., is purchasing new production equipment to support its facility expansion. The equipment will cost $175,000 in year zero, and it will generate $122,500 sales revenue in its first year of operation, $132,000 in its second year, and $..
a. Use a T-Account to show the impact of this transaction on the FNB's balance sheet. The funds a bank has on deposit at the Fed count as part of its reserves. b. Assume that before receiving the discount loan, FNB has no excess reserves.
If XYZ Corp. can undertake the following projects: Project 1: Required investment: $10 million Expected rate of return: 12% Project 2: Required investment: $2 million Expected rate of return: 15% Project 3: Required investment: $5 million Expected ra..
Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound.
Next, assume you paid $700 in interest on your student loans last year, put $2,000 into a health savings account (HSA), and deposited $5,000 into an individual retirement account (IRA). These expenditures are all tax exempt.
Suppose that Sam considers starting with all of his land in corn. Then he thinks about increasing the amount of wheat that he grows. What is the opportunity cost, in bushels of corn, of the first bushel of wheat that he grows
If John were to lower his price by $1, he would sell more carwashes, and still be able to charge a price above his marginal cost. Explain intuitively why it would not be profit-maximizing to do so. What price should John set for a carwash.
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