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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 1 bushel of corn is 3 bushels of wheat. At present, Iowa produces 20 million bushels of wheat and 120 million bushels of corn, while Nebraska produces 20 million bushels of corn and 120 million bushels of wheat. Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat. If the states ended up with the numbers given in how much would the trader get?
Suppose that a perfectly competitive consant cost industry if initially in short and long-run equilibrium. In general, what will be the effect of an increase of $10 per uni in varialbe coss on he short-run equilibrium price, the short-run industry..
A company is considering replacing its asphalt parking lots with concrete, at first cost of $1,200,000, and an annual maintenance cost of $15,000. Another option is also available, which is resurfacing the parking lots with asphalt with a first co..
Alvin's utility function is U(W) = W. Barry's utility function is U(W) = W^2. Carl's utility function is U (W )= sqrt(W) . Each has wealth of only $100. An investment of that $100 has a 10% chance of netting $1,000 and a 90% chance of netting a lo..
What is the annual equivalent value of a geometrically increasing series of payments which has first-year base of $50,000 increasing by 10% per year for 10 years with an interest rate of 8% compounded continuously
At present, Zales has 100 rubies, 120 sapphires, and 70 hours of jeweler's labor. Extra rubies can be purchased at a cost of $100 per ruby. Market demand requires that the company produce at least 20 type 1 rings and at least 25 type 2.
Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q It finance department has estimated its total cost function as TC = 24,00..
Below is the production possibility information of small nations Arboc and Arbez, which can produce two goods, wheat, and coffee. The maximum quantity of each good is shown in the table below. Assume the two nations trade in a world containing man..
Suppose that 1984 the total output in a single good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2004 the price per bucket of chicken was $16 and that 22,000 bucke..
The following table shows the average retail price of butter and the Consumer Price Index from 1980 to 2000, scaled so that the CPI = 100 in 1980. 1980 1985 1990 1995 2000 CPI 100 130.58 158.56 184.95 208.98 Retail price of butter (salted, grade AA..
Consider a consumer that chooses a bundle of leisure time (r) and a composite good (c) to maximize the utility function U(c, r) = c + 16(r1/2), where c is the number of units of the composite good consumed, and r is the number of hours of leisure ..
The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units. Furthermore, she claims that 40 units is the firm's profit maximizing level of output.
The supply of paper is described by the following equation Qs= 5000 P where Qs is tons supplied per year and P is price per ton. demand is Qd= 400,000-1000 P there Qd is tons demanded per year. because of the pollution associated with paper produc..
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