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How can the calculate the opportunity cost for the following question:
Tom can produce either 5 kites and 3 jigsaw puzzles an hour or 3 kites and 4 jigsaw puzzles an hour. Tessa can produce either 6 kites and 2 jigsaw puzzles an hour or 2 kits and 5 jigsaw puzzles and hour.a. Calculate Tom's opportunity cost of a kite:
b. Calculate Tessa's Opportunity cost of a kite:
c. Who has a comparative advantage in producing kites?
d. Who has a comparitive advantage in jigsaw puzzles?
e. If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?
Price elasticity of demand, Income elasticity of demand and Cross elasticity of demand of toyota corolla car.
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A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000.To maximize profits in the short-run, the monopolist should do.
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