Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens, she can raise 50 chickens per year. (If she apportions some resources to each, then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pounds of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year. (If he apportions some resources to each, then he can produce any linear combination of chickens and potatoes that lies between those extreme points.)
Potatoes Chickens Michelle 200 50 James 80 40
What is Michelle's opportunity cost of producing potatoes? What is Michelle's opportunity cost of producing chickens? What is James' opportunity cost of producing potatoes? What is James' opportunity cost of producing chickens? Which person has an absolute advantage in which activities? Which person has comparative advantage in potatoes? Which person has comparative advantage in chicken? Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off? Explain. How would you extend the above narrative to businesses, society as a whole or nations? Explain.
consider an economy with the following aggregate demand ad and short-run aggregate supply sras schedules.
Toys Corporation has estimated its demand and cost function what will be theprice and quantity if Toys would like maximize profits
What is the relationship of the demand curve and marginal cost of equilibrium in a perfectly competitive firm and a monopolistically competitive firm
you have been hired as a consultant by your local mayor to look at the various market structures. your role is to
assume that the price of silk ties in a perfectly competitive market is 19 and that the typical firm confronts the
enzyme-linked immunosorbent assay elisa is the most common type of screening test for detecting the hiv virus.nbsp a
What is the policy credibility and how is it relevant to the problem of reducing high inflation How is credibility related to the time inconsistency problem What are the evidence of the Phillips curve.
1. what types of products are phone services and electricity?2. why does a firm spend an enormous amount on advertising
the operator of a centralized market for electrical energy has received the bids shown in the table below for the
suppose the united states economy is represented by the following equationsz c i g c 500 .5yd t 600 i 300yd y -
part-1assume preferences can be represented by the following utility function ux1 x2 3 ln x1 ln x2a.nbsp is the
Provide alternative perspectives from experts on technology
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd