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Fetzer valves can be made in either China or the United States, but because labor in the United States is more skilled, on average, than labor in China, the production technologies differ. Consider the two production isoquants in the figure. Each represents either the production technology for the United States or for China. Based on the MRTS, which production isoquant is more likely to represent the United States and which represents China? Explain.
Graph the long run equilibrium for perfect competition. Using a similar average cost curve, graph the long run equilibrium for monopolistic competition.
graph the equation y 14 - 2x. your graph should be carefully labeled with y on the vertical axis and x on the
If the government subsidizes private colleges and sets the subsidy so that the efficient number of students will enroll in college, what is the subsidy per student? How many students will enroll?
The U.S. imposes a quota of 45 million units per month on this good and what will be the price U.S. consumers will pay for the good now?
Describe how the price system answers the five fundamental questions of economics, and discuss at least two of the short-comings of the capitalist price and market system.
Yearly demand and supply for the Entronics corporation is given by: Qd= 5,000 +0.5I+0.2A-100P and Qs=-5000=100P where Q is the quantity per year,
How can two countries both be better off as a result of trade? How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs? Explain. Who are the winners and losers from trade restrictions? Given that trade restrictions impose loss..
suppose in the short run the level of aggregate output in an economy decreases at the same time the aggregate price
Show, using Shorthand Economic Form, how you would calculate an equivalent uniform annual amount for cash flows of 800, 200 and 700 in years 1 -3 respectively with an annual interest rate, compounded annually, of 8% for year 0 – 1, 10% for year 1-2 a..
question 1your boss who is the general manager of the pontiac rangers an adequate aa baseball team has heard that you
why might you expect to see flat royalty payments in home-based franchises but revenue-based royalties in franchises
Potatoes cost Janice $0.50 per pound and she has $6.00 that she could possibly spend on potatoes or other items. Presume she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third pound is worth $1.05, and a..
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