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Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts.
a. Draw the production possibility curve
b. Who enjoys the absolute advantage of producing both?
c. Who has a higher opportunity cost of making T-shirts?
d. Who has a comparative advantage in producing hamburgers?
If this economy were an open economy with a flexible exchange rate, would the usual crowding out forces be supplemented or offset by forces from the international sector
Describe the likely economic impact to a company if its bonds are down-rated from AA to A in its annual review from Moody's and S&P. Find the price of a 20 year bond that has a coupon rate of 8%, pays semi-annual interest, and has a $1,000 face amo..
When an increase in aggregate demand exceeds the increase in aggregate supply,
How do the GDP per capita change after accounting for price indices. Why is it important to use price index adjustments.
What is the point, based on the Equimarginal Rule, which has equal marginal benefit (or the closest) for the two purchases?
Mike spends all his money on Jelly Beans and Gummy Bears and these two products are perfect substitutes for Mike. A few of Mike’s indifference curves are shown in the figure below. The dark line L is Mike’s budget line at current prices.
If economy has full flexible prices and demand unexpectedly increases you would expect that the economy’s real GDP would tend to Increase, Decrease. Remain the same? What happens when demand fluctuates lower than expected? What happens when demand fl..
An entrepreneur seeks $4 million from a venture capitalist. They agree that the entrepreneur’s venture is currently worth $12 million and that, when the company goes public in an IPO three years hence, it will have an expected market capitalization o..
All workers face tradeoffs. Self-selection allows workers to exploit these tradeoffs when choosing jobs, thus maximizing utility. One trade off is between pay and safety. Some workers are willing to take a hazardous job if it is accompanied by higher..
Which of the following is not an example of a "lag" that diminishes the potential impact of fiscal policy?
q1. assume that a national restaurant firm called bbq builds 10 new restaurants at a cost of 1 million per restaurant.
Illustrate what is the marginal cost of one of the 50 newspapers folded also bagged by the fourth student.
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