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As part of their chores on Saturday mornings, they have to clean the bathrooms and wash the floors of the house while their parents go grocery shopping. In one hour's time, Mike can clean two bathrooms or wash six floors. Linda, on the other hand, can clean three bathrooms or wash seven floors. The house has four bathrooms and ten rooms' worth of floors. All along, Mike and Linda have been splitting up the work in half for each job, and thus every Saturday, each has been cleaning two bathrooms and five floors respectively
Who has an absolute advantage in cleaning the most bathrooms and floors in the least amount of time?
On the basis of comparative advantage, who has a comparative advantage in cleaning bathrooms in the least amount of time, and who has a comparative advantage in cleaning floors in the least amount of time?
If Mike and Linda wish to reduce their opportunity costs of spending time cleaning on Saturdays, how much time will each save each Saturday if specialization based upon comparative advantages is used to divide up the work?
Illustrate what price should the theater charge for a ticket if it wants to maximize profit. how big will its profit be. What price would you like to charge.
From the information in the following table, calculate the income elasticity of demand for this good if income increases from $10,000 to $20,000, and if income increases from $40,000 to $50,000.
You manage a US based company that makes shoe laces that you sell in a highly competitive marke
The socio-economic shortcomings that China experienced
Ellucidate what happens to the price of a bond that pays a fixed percent of the face value every year when interest rates in the economy increase.
If you could identify which the group to that each consumer belong to explain how would you go about setting prices.
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 16,000 - 4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 4,000QL and CF (QF) = 6,000QF. a. What is the follower's reaction function
The plant engineer estimates the machine has a useful life of 5 years and no salvage value. Compute the depreciation schedule using: (a) Straight-line depreciation (b) Sum-of-years'-digits depreciation (c) Double declining balance depreciation.
Consider a market where supply and demand are given by QXS = -14 + PX and QXd = 91 - 2PX. Suppose the government imposes a price floor of $42, and agrees to purchase any and all units consumers do not buy at the floor price of $42 per unit.
Estimate possible macroeconomic arguments might President Obama use to defend his $862 billion fiscal stimulus package as a part of his economic recovery plans?
Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption. The price of Diet Cola Brand Y falls. a. What happens to the demand for Diet Cola Brand X? b. What happens to the demand for Diet Cola Brand Y?
As of 2011, 38 percent of black children under the age of 18 were living with both parents, while the corresponding figure for non-Hispanic white children was 77 percent. In addition, the existence of racial residential segregation results in blac..
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