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Q. Jake takes 40 minutes to fry a chicken and 2 minutes to toast a slice of bread. His brother Elwood takes 20 minutes to fry a chicken and 5 minutes to toast a slice of bread. Calculate each brother's opportunity cost for one hour of work.
a. Who has a comparative advantage frying chicken?
b. Who has a comparative advantage toasting bread?
c. Will the brothers gain if they specialize? Illustrate your answer with an example.
Sketch a graph which shows the lost gains from trade that result from having a monopoly.
What is the value of net domestic product (NDP)? What is the value of national income (NI).
Hiro Nakamura is CEO of the Cola King Bottling Company, a small regional producer operating in the Pacific Northwest. Nakamura is considering two alternative expansion proposals
a homeowner can insulate his house and save $50 each year in heating bills. If the interest rates are 6%, should the house owner insulate or not.
Now suppose the factory develops an innovation that allows it to produce a shirt for the equivalent of 1 loaf of bread. What is the new radius of the factory's market area.
Suppose now that the government reduces (t) and increases (t') so that the government budget constraint continues to hold. What will be the effects on an individual con-sumer's consumptionin present
Despite this finding, the government mandates that new cars have air bags, rather than taxing their use. Is this policy a contradiction.
As control variables, Quinn's data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
The Performance by Patrice (PbP) Company purchased a Centaur Computer controlled manufacturing milling machine for $635,000 for use in its rear end manufacturing operations on November 8, 2007.
Identify your fixed and variable costs at your fast food restaurant, and explain the changes to each of these costs, given the increased demand.
Find the equilibrium price and quantity after the shift of the demand curve.
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