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Calculate the slope of the budget constraint M=P1X1+P2X2
a. using the equation for a straight line
b. using the rise/run method
c. Demonstrate how you would find the slope of an indifference curve
d. Explain how the slope of an indifference curve provides information about how much a consumer likes one good relative to another
q1. explain carefully if all workers and jobs were indistinguishable there would be presently one wage rate pretentious
Set up a Ricardo-type comparative advantage numerical example with two countries and two goods. Distinguish “absolute advantage” from “comparative advantage” in the context of your example. Then select an international terms-or-trade ratio and explai..
Suppose that when the price of X goes up, you respond by consuming less Y . Illustrate the substitution and income effects of an increase in the price of X. How does your graph illustrate the information in italics above? Is Y a normal good or an inf..
Illustrate what would happen if too more labor is hired without an addition to capital. Elucidate using economic terms.
What are the possible sources of ingredients information? Describe how each of the sources will help you in getting the needed information for project ingredients.
International trade has pros and cons. Economists generally support free trade. International trade has played a significant part in promoting economic development and technology transfer among countries.
Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
Critical Thinking: Human beings are odd creatures. We can predict the negative consequences of certain actions, and yet, we proceed with those actions. If people were logical and thought long term, no one would eat more doughnuts than fruit, no one w..
Why do some low-wage countries, such as China, pose a threat to manufacturers in industrial countries, such as the United States, whereas other low-wage countries, such as Haiti, do not?
In short-run, I see the question on slide 10 (Firm supply) used MC=SAVC to find the crossing point between MC and AVC, so does it mean that we can also take derivative of AVC with respect to Q and set it equal to zero to find minimum or maximum and t..
Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Each player ha..
Japan's rapid growth pushed its real GDP per capita above that of the United States. Growth rates in follower nations such as South Korea and Hong Kong averaged about 10 percent per year.
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