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It takes Melissa eight hours to produce a bushel of corn and two hours to wash and polish a car. It takes Greg six hours to produce a bushel of corn and one hour to wash and polish a car. Therefore: Question 2 options: Greg has a comparative advantage in producing corn. Greg has a comparative advantage in washing cars. Melissa has an absolute advantage in producing corn. Melissa has an absolute advantage in washing cars. Save
You are a member of Congress in 2007-2009 when the economy is in a recessionary gap. If your goal is to achieve full employment, you should vote for. One of the objectives of supply-side policies is to
Assume the average value of P is $ 3 and the average value of Po is $ 6. Illustrate what is the price elasticity at the average values of P and Po.
Determine its level of profit. (b) Suppose that a fixed costs increase to $75. Verify that this change in fixed costs does not affect the firm's optimal output.
Which distribution of income is more unequal?: Which country has a more UNEQUAL distribution of wealth, Lower Slobovia or Upper Vulcania?
1. small mistakes are the stepping stones to large failures. how might this saying apply to this lesson as well as do
The relationship between international aid and economic growth for less developed countries is:
One form of price discrimination is bundling. Rather than make up a problem and require you to solve it, you make up a problem for me! Here are the rules: Keep it simple: 3 consumers and 2 goods. The good has zero marginal cost of production and no f..
Suppose a monopolist has a constant marginal cost of $20 per unit, and a fixed cost of $100. The demand curve for the product of the monopolist is given by P=100-Q, and its corresponding marginal revenue is given by MR=100-2Q, where Q is the amount o..
A local ice cream shop in a beautiful Miami beach realizes that its ice cream sales go up along with the number of shark attacks. Assume you are the owner of the shop and you realize that shark attack can be an excellent predictor of ice cream sales ..
After set up there is a marginal cost of $ 4 for each CD. Set up the total, average and marginal revenue functions for GDM. Write out the company TM s total average and marginal cost functions.
When aggregate demand shifts left along the short run aggregate supply curve, then unemployment?
Calculate the range, variance, and standard deviation for this data series. Which measure does the best job of describing the dispersion in this variable.
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