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Draw the production possibility frontier for the Home country with cloth on the horizontal axis and food on the vertical axis. Suppose the economy is engaged in free trade and the free trade relative price of cloth is given.(a) In your PPF diagram show where the economy will produce. What condition holds at that point? (Note: Do not illustrate the consumption point - just where production takes place.)(b) Now suppose the economy's endowment of land - the specific factor used to produce food - increases. In your PPF diagram, show the economy's new production possibility frontier. Briefly justify your answer.(c) If the free trade relative price of cloth remains constant, illustrate in your diagram where production will now take place. Will production of food increase or decrease?
When te price of milk increases from $2.35 to $2.50 per gallon, the quanitity demanded falls from 100 gallons to 90 gallons. When the price of paperback books fall from $7.00 to $6.50, the quantity demanded rises from 100 to 150.When the rent on apar..
the table below shows the hypothetical baskets of consumption goods for a typical penn state college student for 2012
Describe the conditions under which revenue will rise and explain the process of revenue at NSU.
leadership is the process by which a person exerts influence over other people and inspires motivates and directs their
Determine what would be present value of an product that has a salvage value of $25,000 at the end of 5-years? Suppose a discount rate of 3.8 percent for an end of year factor.
suppose that france and austrailia both produce fish and wine.frances oppurtunity cost of proucing a bottle of wine is
verizon wireless atampt t-mobiles and sprint together provide over 90 cellphone services in the us wireless voice amp
Suppose your marketing department does a survey of potential users and finds that these users place the following values on the two versions of your software If the numbers of home and commercial users are equal, and you cannot distinguish between ..
How do Minimum Wage Laws affect the equilibrium in the Labor Market? For your selected product, if the government places a mandated price ABOVE the equilibrium price, how would this affect the market equilibrium?
o Determine whether the change is an increase or a decrease. o Show the change in demand and/or supply on the graph of the initial equilibrium. (You will have one graph for each event.) Identify the result on the equilibrium price and quantity of den..
Use the DD-AA diagram to analyze the effects of a temporary tax cut on income and the current account.
Defines the price of the imported good as the foreign market price before it is loaded into the ship, train, or plane for shipment to the importing country.
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