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If Michelle devotes all her resources to growing potatoes, she can raise 200 pounts of potatoes per year. If she devotes all her resource to raising chickens she can raise 50 chickens per year. (If she apportions some resources to each then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pound of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year. (If he apportions some resources to each, then he can produce any linear combination of chickens and potatoes that lies between those extreme points).
What is Michelle's opportunity cost of producing potatoes?
What is Michelle's opportunity cost of producing chickens?
What is James' opportunity cost of producing potatoes?
What is James' opportunity cost of producing chickens?
Which person has an absolute advantage in which activities?
Which person has comparative advantage in potatoes? Which person has comparative advantage in chicken?
Assume the market demand curve in an industry is characterized by P=1-Q, where P is the market price and Q is the total quantity supplied to the market. Assume there are three firms in this industry.
Comprise a reconciliation of the differences among the forecasts for GDP and a rationalization for which forecast
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Suppose following estimates from the 1990s of shares of income of each group. Draw a rough Lorenz curve for each country. Which has most nearly equal distribution,
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You are the manager of a firm in a new industry. You have gotten the jump on the only other producer in the market.
Discuss why the number of children that a family has may differ between an Industrial Society and a Third World Agrarian Society.
What accounts for whether case a or case b occurs? d. Suppose that a scalper had secretly learned before the announcement that Aaron Han would not play in the next game. What actions do you think he would take?
Note that the first set of numbers represents the various incomes; whereas the second set of numbers represents the number of people earning each of these incomes. For example, in Avataria there are 50 people with the income of $100, 25 people wit..
Income from the mining of mineral deposits usually decreases as the resource becomes more difficult to extract. Determine the future worth in year 10 of a mineral lease that yields income of $12,000 in years one through four and then amounts that..
In a simple economy assume that all income is either compensation of employees or profits. Suppose also that there are no indirect taxes. Compute gross domestic product from the following set of numbers.
So many states provide firms with an investment tax credit that effectively reduces the price of capital.
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