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In Narnia, 1 binky can be produced with 2 workers and 1 sippy cup can be produced with 0.25 workers. In Bedrock, 1 binky can be produced with 1 worker and 1 sippy cup can be produced with 0.50 workers. a. What is the opportunity cost of producing 1 sippy cup in Narnia and in Bedrock? b. Which country has the comparative advantage in sippy cups? c. Suppose that each country has 100 workers and completely specializes in its comparative advantage. How many units of output of sippy cups and binkys will each country produce? d. Before trade, Narnia produces 25 binkys and 200 sippy cups, and Bedrock produces 50 binkys and 100 sippy cups. Show how specialization and free trade can make each country better off than it was before the trade situation.
Explain what was happening to the economy in terms of the AS/AD model, including what would need to happen to bring us out of the "recessionary gap". In other words, using the AS/AD model as a starting point, explain the economic situation of 2008..
Complete the firm's new short run labor demand schedule in the table below and plot the information on the graph above. Label the curve D2. What does the increase in the demand for widgets do to the demand for the labor used to produce widgets.
In each of the cases listed below determine what this consumer needs to do (in terms of purchasing X and Y) to maximizes their utility.
Assume government imposed a minimum wage above what otherwise would be equilibrium wage rate for the segment of labor market.
Raymond producing is a privately held corporation; all long-term finances are from the Raymond brothers in the form of equity interests.
Jason enjoys DVDs and spy novels and spends $60 a month on them. The price of a DVD is $20 and the price of a spy novel is $10. a. What is Jason's real income in terms of spy novel?
Illustrate what is the present rate of unemployment and the current rate of inflation
Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations. Determine the nature of the Return to Scale as exhibited by the above production function.
Offers automobile brake analysis also repair at a various of outlets in the Philadelphia area.
Illustrate what would the Fed do if wanted to raise interest rates. What if it wanted to lower interest rates.
Compute the implied arc income elasticity of demand. Holding all else equal, would a further increase in price result in higher or lower total revenue.
In this case there will be a cash outlay of $550,000 at the end of the first yr followed by a cash payment of $650,000 at the end of the second year.
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