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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.
New Horizons Airlines wants to forecast the mean number of unoccupied seats per flight to Germany next year.To develop this forecast, the records of 49 flights are randomly selected from the files for the past year, and the number of unoccupied sea..
Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction What happens to aggregate output and the price level in..
An order written by the exporter instructing the importer, or their agent, to pay a specified amount of money at a specified time is a: Note Payable, Draft, Promissory Note, Check.
If you had a business exporting goods to Britain, and U.S. inflation fell as discussed above in this example, would you plan to expand production or cut back? Why?
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so that families could choose what kinds of non-toxic, all natural products they'd like ..
One critical aspect of the skills that managers lack is planning. You have been asked by your manager to conduct a preliminary search of recommending the two most common types of contemporary planning techniques-project management and scenario pla..
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
The long-run aggregate supply curve is vertical at economy's potential output level. Why is the long-run aggregate supply curve situated at his level of output rather than below or above the potential output level?
Am I right in saying an isoquant for an output produced using 2 inputs that can be perfectly substituted for each other can be represented by a straight line
Walt Disney World Theme Parks offer visitors a wide variety of ticket options. The one thing these ticket options have in common is that they entail a fixed entrance fee and allow customers to take as many rides as they want at no additional charg..
Demand for DVD rentals at a video store is described by the equation: Q= 4,000-500P, where Q denotes the number of DVDs rented per week and P is the rental price in dollars.
Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? (final answer should be $7778).
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