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Suppose Sam and Kevin can produce pens and pencils as shown in the table below. Pens Pencils Sam 12 hours 8 hours Kevin 4 hours 6 hours Who has a comparative advantage in producing pens? Who has a comparative advantage in producing pencils? Suppose Sam and Kevin have to each give Flip, a common friend, 10 pens and 10 pencils. Is there a trade that will make both of them better off? If a trade that would make both of them better off exists, describe such a trade. If there is no such trade that would make both of them better off, explain why.
Why does a newspaper dispenser open to a stack of newspapers and essentially “trusts” a consumer to take just one copy whereas a soft drink vending machine does not “trust” consumers and dispenses one can for each purchase? Describe how marginal util..
The terms of trade between two countries refer to
A local video store estimates its average customer’s demand per year is Q = 7 − 2P, and it knows the marginal cost of each rental is $0.5. How much should the store charge for an annual membership in order to extract the entire consumer surplus via a..
What is money and why do people hold money even though it pays a lower return than other forms of financial assets. The Fed wants to reduce the money supply what are the three ways it can do that? What is a banking panic? Prior to FDIC, why might a s..
A company offers $2.5 million for the rights to a patent. If the patent can bring in $500,000 in royalties over the next six years, should the offer be taken? Assume an interest rate of 6% per year.
What are the major institutional changes that take place with economic development? Are these institutional changes causes or mere correlations of growth? Or is growth a cause of institutional change?
Zero salvage value with the SL method. This machine will produce metal parts that will generate revenues of $180,000 (time zero dollars) per year. It is a policy of the company that the annual revenues will be increased each year to keep pace with th..
Suppose we have two types of consumers (for simplicity we’ll assume that there is one person of each type). They have inverse demand curves given by: p1 =110−2q1 and p2 =70−4q2. What rents do the low-type consumers earn in any equilibrium? What about..
Discuss the e?ciency properties of the following liability rules, by predicting the outcome under the rule. Also, discuss who bears the accident cost under the predicted outcome. Assume unilateral care accident contexts, i.e., only the potential inju..
Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller? Why?
Should healthcare policy analysts try to deal with the fundamental causes of healthcare issues (lifestyle choices, obesity, poverty, etc.) or aim instead for a more pragmatic and limited approach that may be more realistic and more politically accept..
The Fireyear and Goodstone Rubber Companies are two firms located in the rubber capital of the world. These factories produce finished rubber and sell that rubber into a highly competitive world market at the fixed price of £60 per ton. The local gov..
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