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1. In the analysis of an exchange between two people, suppose both people have identical preferences. Will the contract curve be a straight line? Explain. Can you think of a counterexample?
2. Give an example of conditions when the production possibilities frontier might not be concave.
a. A monopsonist buys labor for less than the competi- tive wage. What type of inefficiency will this use of monopsony power cause? How would your answerWhich country has a comparative advantage in the production of each good? Explain.
b. Determine the production possibilities curve for each country, both graphically and algebraically. (Label the pretrade production point PT and the post-trade point P.)
c. Given that 36 pounds of cheese and 9 bottles of wine are traded, label the post-trade consumption point C.
d. Prove that both countries have gained from trade.
e. What is the slope of the price line at which trade occurs?
Many critics however contend that the American Recovery and Reinvestment Act of 2009 were not effective at all except too much budget deficit
management function and behaviour1. how can the field of ob contribute to the effective functioning of organizations
Proponents argue that tolls have long ago paid for the cost of building the road; now they just provide cash for tax bureaucracy. A number of economists are opposing the repeal of tolls on the grounds that they serve to internalize externalities.
A wood products company has decided to purchase new logging equipment for $100,000 with a trade-in of its old equipment. The old equipment has a BV of $10,000 at the time of the trade-in.
A country has had a steady value for its floating exchange rate (stated inversely as the domestic currency price of foreign currency) for a number of years. The country now tightens up on (reduces) its money supply dramatically.
Calculate the elasticity of demand from point A to point B. Calculate the elasticity of demand from point C to point D. Calculate the elasticity of demand from point E to point F.
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Evaluate the "Accuracy" of the forecast for the "hold out period" using RMSE and MAPE error measures used from forecast period residuals and comment them.
at what point is average total cost minimized? ltbrgt ltbrgt240 ltbrgt113.3333333 ltbrgt73.3333333 ltbrgt54
Write the production function for strawberry harvesting. Find the cost function for strawberry harvesting. What is the minimum price per box that Ms. Simon must receive in order to warrant picking the strawberries?
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
A. The future of airport development. With terrorist-driven declines in air traffic will there be a need for new airports? Are existing airports adequate for current passenger and freight needs?
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