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Question: 1. Explain the significance of exports, imports, absolute advantage, and comparative advantage.
2. Describing How do specialization and trade benefit both trading partners?
You run a small business that uses both capital and labor to produce your output. The machinery (capital) has a marginal cost equal to $25 per hour and a marginal product equal to 50 units per hour. The marginal cost and marginal product of capital a..
Aaron and Barry, living close to the entrance to the Yosemite National Park, sell the same kind of drinking water to tourists. Every day in the morning, Aaron carries some water to the park. Barry, observing how much water Aaron brings to the park, d..
Assume that the price of Smartphone’s increased from $420 to $444 per unit. The manufacturer decides to supply 15,000 units instead of 12,000. Calculate the price elasticity of supply.
A consumer receives income y in the current period, income y' in the future period and pays taxes of t and t' in the current and future periods, respectively. The consuer can borrow and lend at the real interest rate r. This consumer faces a constrai..
q.a competitive firm sells its product at a cost of 0.10 per unit. its total cost function istc 5 - 0.5q 0.001q2a
What goods and services will be? produced, how the goods and services will be? produced, and who will receive the goods and services are? determined:
The business cycle is measured in terms of changes in real Gross Domestic Product and is associated with changes in the unemployment rate. The financial performance of most industries is affected by the business cycle, although not equally. Consider ..
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 6%, the growth rate of the velocity of money is 2% and that the real economic growth rate i..
A large majority of Medicaid recipients
In the context of the TPG/DARC, an Implication is, or can be: As discussed in class, by convention datasets that are considered "well-structured" for analysis are organized as:
what might prompt the government to establish this price ceiling? next suppose that the government establishes a price floor of $4.60 for wheat. what will be the main effects of this price floor?
Which of the following would be the BEST method to assign the appropriate privileges?
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