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Country A can produce either 10X and 0Y or 0x and 20Y. Country B can produce either 30X and 0Y or 0X and 40Y. Identify the opportunity cost of producing each good for each country. Identify the comparative advantage of each country
The world willingness to pay for oil is given by P = 200 - Q, with P in dollars per barrel and Q in thousands of barrels per month, and OPEC is planning its strategy to set the world oil price. The competitive fringe of small firms takes the price OP..
The US government has been involved in the Persian Gulf regions, in Iraq and in Afghanistan, in order not to let the terrorist groups take over and control the oil supplies and the shipments of oil to the rest of the world.
Machine A costs $20,000 to purchase and is worth $5,000 in 6 years. Machine B costs $10,000 to purchase and is worth $2,000 in 4 years. Assume that these machines are needed for 24 years and can be repurchased at the same price in the future. (use 10..
When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded then:
Five years ago, XYZ, Inc. installed production machinery at a cost of $25,000. At that time initial yearly costs were estimated at $1,250, in cr easing by $500 each year. The market value of this machinery each year would be 90% of the previous year’..
Brice just finished a residence in internal medicine and wants to go into practice with Horace and Joyce. Brice tells you that while he needs to practice with other physicians for call coverage and for other reasons, he does not want to be personally..
Discuss the social and economic effects of colonization? How did it contribute the “Price revolution”? What were the main tenets of bullionism/mercantilism? What policies and events combined to bring an end to the Spanish hegemony?
The distribution of family income is preferable than the distribution of household income because. The long-run average-total-cost curve does not connect the minimum points of each of the short-run average-total-cost curves. The long-run average-tota..
Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs.
Suppose there is a new tax on data usage. The cum-tax monthly bill increases by 15%. If the price elasticity of demand is -0.45, how much does the quantity demanded change?
Does the nominal interest rate adjust more than one-for-one or less than one for one to expected inflation.
Describe the stakeholders involved in this ethical dilemma. What stake do they have in the situation? Are Bill's actions an ethical issue, a legal issue, or both? Explain your reasoning.
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