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In class we built a Production Possibility Frontier (PPF) where each sector exhibits constant returns to scale technology and where sectors use deferent capital-labor ratio. Suppose now that both sectors exhibit increasing returns to scale.
(i) Provide a dentition.
(ii) Build the production possibility frontier for a two sector economy by using the same technique as in class (i.e. with the use of an Edge worth box) and by assuming that the two sectors use the same technology. Explain your answer.
(iii) Do the same as in (ii) when the two sectors use different technologies. Explain your
What is the role of money in the modern economy? How well would our economy function without money? What would the consequences be?
Analyze how the different forces will come together to create a convergence between the interests of stockholders and managers.
Export Development Canada (EDC) provides insurance to Canadian exporters for their accounts receivable from foreign buyers. If EDC charges an insurance premium that reflects the average level of risk of the exporting firms, it is only the most risky ..
A Wartburg engineering student has been out of school and working for a few years when they decide to buy a house that costs $233,000. They intend to pay a down payment of 20% and finance the rest at 5.75% per year compounded monthly on a 30-year mor..
From observations over many years, the company has concluded the fill amounts in their 2 litre bottles is normally distributed with a mean of 2.01 litres and a standard deviation of 0.11 litres. What fill amount (in litres) will see 97% of all bot..
Illustrate what are the opportunity costs of producing X and Y for Leah and Tim; and if specialization is possible, which good should Leah specialize in? and How about Tim.
Suppose that an individual's demand for the number of physician visits per year, Q, can be represented by the following equation: Q=5-0.40P, where P, the market price of an office visit, equals the marginal cost of $100. Determine the efficient numbe..
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Using a supply and demand diagram and a "tax wedge," show whether the buyers or the sellers will bear the bigger burden of a soda tax. Please actualy draw the supply and demand diagram for a full rating!
In 2013, the furniture store PB produced 13 mahogany desks. One of them is sold to Jeanine for $3,349, later that same year Jeanine sold the desk to Pamela for $1,919. The remaining desks were not sold to anyone that year and stay in PB's inventory a..
Demand and Supply". Use the linear demand and supply curves shown in the figure to answer the following questions: The economic value of the 10,000th unit is $_______, and the minimum price producers will accept to produce this unit is $ ________.
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