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Suppose that Kiribati can produce 1000 tons of breadfruit or 500 tons of fish, and that Tuvalu can produce 750 tons of breadfruit or 1875 tons of fish.
a. What is the opportunity cost of 1 unit of fish in Kiribati? Show your work.
b. What is the opportunity cost of 1 unit of fish in Tuvalu? Show your work.
c. Which country has a comparative advantage in producing fish?
d. Suppose that trade takes place between Kiribati and Tuvalu. Which good will Kiribati import from Tuvalu? Explain why.
Comparative statics examine in economics is best illustrated as comparison of equilibrium points before and after changes in market have occurred.
The bar discovers that the customers for this promotion are not its usual clientele. Instead, the customers tend be politicians who consume an amazing amount of liquor.
Employ an isoquant and isocost diagram and words to show how firms will respond to the decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.
.if individuals are free to produce whatever goods they want, then when excess profit is being made, more people will enter into the production of that good and consumers will benefit as the price is pushed down.
Suppose that the banking system is in reserve equilibrium. The Fed conducts an open market buy of Treasury securities in the value of $1 billion.
The companies in the detergent market closely fit the mold of the monopolistic competitive firm. Research the company in this market and describe how it fits some of the characteristics of the monopolistic competitive firm.
Using regression analysis, find an equation that best fits the data to represent the TVC function and at what sales/output level will marginal costs (MC) reach a minimum?
Will fields with both oil and gas have greater difficulties in unitization, than the fields with oil or gas alone? Explain.
the present value of his endowment would be what? I know the answer is 2500, but I need to know HOW you get this?
There're many different kinds of monopolies which exist in the market. you're going to talk about the different kind of monopolies, their place in the market, and their effect on society. please describe the following:
Compute the Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.
Find the sample mean and variance of the Credit Score variable and find the sample covariance and sample correlation coefficient of Wait Times and Credit Scores.
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