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Sara devoted all her resouces for growing potatoes, she can raise 200 pounds of patotoes per year. If she devotes all her resources to raising chickens, she can raise 50 chickens per year.(If she apportions some resources to each, then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pounds of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year. (If he apportions some resourdes to each, then he can produce any linear combination of chickens and potatoes that lies between those extreme points).
Discuss how rapid inflation can undermine money's ability to perform each of the three functions.
How would you compare this case to the so called "prisoner's dilemma" case and how would you compare this case to the so called "Nash Equilibrium"? Explain the difference between this case and Nash Equilibrium clearly.
A sample of 500 business professionals found that 30% chose an airline based on price. a) If the population proportion of all business professionals who select an airline based on price is 0.27, then what is the probability that we would find a s..
Oligopolists have little incentive to introduce expensively new technology and produce new products when they currently are earning large economic profit using existing technology and selling existing products.
This solution shows graphically what could happens to quantity sold when a price ceiling or a price floor is imposed.
Outdoor Sports Corporation, with its main office in Iowa, is considering opening a branch office in Los Angeles. Under normal economic conditions, which have a 45 percent chance of occurring,
The invisible hand theory which essentially says, people through pursuing their own economic self interest, help allocate resources in the economy as if an invisible hand is at work to do so.
The impact of Energy price on the Aggregate Supply, this is a topic we have been discussing in my macroeconomics class and I am completely lost.
Explain why the Fed must normally add reserves to the banking system via open market operations, on most days, in order to maintain its interest rate target in the federal funds market.
Etta and Moorea run a stand where they sell lemonade and brownies. Their cost function is\(C(Q_{L}Q_{B})= .5Q_{L}+.25Q_{L}^{2}+Q_{B}^{2}-Q_{L}Q_{B}\)they can sell a cup of lemonade for $1.20 and a brownie for $0.95. What are Moorea and Etta's prof..
Elucidate action in the open market would the Fed have to take to prevent bank reserves from falling.
A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm's total costs are C(Q) = 50 + 10Q + 2Q2. a. How much output should the firm produce in the short run? b. What price should the fir..
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