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Suppose USA has 2,400 units of labor available. It can produce two goods, apple and bananas. The unit labor requirement in the apple production is 3, while in banana production, it is 2. Suppose Canada has a labor force of 800. Canada's unit labor requirement in apple production is 5, while in banana production is 1.
a. Graph Canada's production possibility frontier.
b. Construct the world relative supply curve.
Discuss the social and economic effects of colonization? How did it contribute the “Price revolution”? What were the main tenets of bullionism/mercantilism? What policies and events combined to bring an end to the Spanish hegemony?
Gains from trade will result if a country specializes.
Which is the safer investment, Company A Stock, Company B Stock, or a porfolio containing half of each If you make a lucky prediction about the prices of the stocks of the two companies, will you earn more or less if you invest in that company rat..
q1. compare and contrast inflation and deflation. what are some of the damaging effects that each has on an economy?
U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and illustrate what does it not tell us, about the well-being of U.S. residents
A brewery produces regular beer and a lower carb light beer. steady customers of the brewery buy 10 units of regular beer and 15 units of light beer monthly. while setting up the brewery the management decided to produce extra beer, beyond that neede..
What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008? What was national income (NI) for 2008? What does national income tell..
Suppose the UN has two pure strategies: It can either inspect facilities X and Y (both of which are geographically close to each other) or inspect facility Z. Find a Nash equilibrium in mixed strategies.
Jane obtains utility W1/2 from wealth W. Jane has $100, but there is a 25% chance she will require surgery which costs $64. Sketch this utility function, indicating the values of Jane’s wealth if she does and if she does not need surgery. calculate t..
One thousand Patients called up Dr. Kalikorn and asked him to perform a new surgical procedure. Dr. Kalikorn booked all 1,000 and told them that he could perform twice as many procedures, if only he had more patients. What is his quantity supplied?
which of the following is the best explanation for the state's historic reliance on severance taxes on oil and gas production.
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 2. Determine how much the consumption of this good will chang..
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