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felix and kim are farmers.each one owns 5 acres of land the following table shows the amount of corn and alfelfa each farmer can produce on any given acre. both farmers can chose wheater to devot 5 acres for producing corn only, alfelfa only,or to producing both. Felix- corn (tons per acre)10. alfelfa(tons per acre) 5 Kim-Corn(tons per acre) 12. alfelfa (tons per acre) 4 ___________(Kim or Felix)has an absolute adantage in production of corn and _______(felixx or kim) has an absolute advantage in production of alfelfa Felix's oppertunity cost of producing one ton of alfelfa ______________(2,3,4,5 tons of corn)whereas kims oppertunity cost of producing one ton of alfelfa is _________(2,3,4,5 tons of corn) Because felix has a ______(lower, Higher) oppertunity cost of producing alfelfa then kim,______(felix or kim)has a comparative advantage of alfelfa and ______(kim ,felix) has a comparative advantage of in the production of corn.
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
All of the questions in this Part refer to the market for gasoline. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately. Huge new crude oil reserves are discovered in th..
Suppose a firm has the following demand equation, Assume the company decreased the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule.
how can an economy that is below its potential output level attain equilibrium at potential output and shift the aggregate demand schedule to the left?
What does this change show about how our understanding of the way the price system works to allocate resources has evolved? If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and ..
A firm is making production plans for upcoming quarter, but the manager doesn't know what the price of the product will be next month. She thinks there is a 30 percent chance price will be $500 and a 70 percent chance price will be $750.
What are the benefits of the staggered movie times allowed by multiple screens? What is the benefit to a multiscreen theater of locating at a shopping mall?
Explain the assumptions behind the model of perfect competition and explain the sources of the recent housing price "bubble"? Provide a chart if needed?
Monopolies are price makers and as such should be able to set price where they will make a profit. Is this statement true? Why or why not?
Examine who the winner and loser would be - either the borrower or the lender in the given scenario. Provide support for your response.
Write down some similarities and differences between monopolies and oligopolies. How would you classify Microsoft? How would you classify the power industry in your area?
According to scientific nutritional studies in most nations, income of $1 a day does not provide sufficient food, shelter and clothing to live. Under these situations the medical risk of death is high.
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