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Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of producing 3 bushel of wheat is 1 bushels of corn. At present, Iowa produces 100 million bushels of wheat and 600 million bushels of corn, while Nebraska produces 100 million bushels of corn and 600 million bushels of wheat.
a. Explain how, with trade, Nebraska can end up with 120 million bushels of wheat and 600 million bushels of corn while Iowa can end up with 120 million bushels of corn and 600 million bushels of wheat.
Compute the point price elasticity of demand for bearing grease. Compute the optional price for bearing grease if marginal cost is $4.50 per unit.
Since the fast-food business is very competitive, the manager would like to ensure that sufficient ground beef is available in her restaurant each day so that the probability is no greater than 1% that the day's supply is exhausted.
maria and emmanuel need to cut logs for shelter or gather food to stay alive per day. maria produces 10 cut logs of shelter and 10 baskets of food. emmanuel produces 5 cut logs of shelter and 8 baskets of food. a) what is the opportunity cost for m..
This post denotes a practice question for the Sherman Act.
How much profit does an individual producer make in a month? Is this a long-run equilibrium? If the answer is yes, simply state that it is a long-run equilibrium. If the answer is no, explain whether or not the equilibrium price will rise or fa..
These specials comprises of a significant price reduction on selected menu items purchased before some pre-determined time
After 25 years, the level of GDP in the second country is more than 25% larger than that of the first country. Why? And what does this show of the importance of small differences in the rate of growth?
Show your budget constraint between labor and wages, and show your optimum point.b. Suppose that the tax law is changed so that all wages are subject to a 25% tax. Do you now work more or less than 10 hours? Does the government collect more or les..
Explain why is it that increased productivity leads people to take out more loans - which then leads to more growth.
Explain when is equilibrium achieved in the foreign exchange market. Why is foreign exchange hedging beneficial to an organization.
Explain how a voluntary exchange results in a win/win situation to both parties.
Assume that demand for oranges is given by the following equations, With quanity measured in oranges a day and price measured in dollars per Orange.
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