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Country X produces 800 units of bananas and 400 units of steel when it divides its economic resources equally between these two types of products. Country Y produces 400 units of bananas and 400 units of steel under the same conditions. identify which goods both countries should specialise in producing and the relevant terms of trade, assuming constant cost production.
The value of the marginal product of labor (VMPL=p*MPL) in the local saw mill is VMPL = 20 - 0.5L, where L = the number of workers. If the wage of saw mill workers is $10 per hour, then how many workers will the mill hire
Consider a piece of property that is jointly owned by two individuals, each with one half share. Suppose that, in order to sell, owner 1 requires $3,000 for his half share, but owner 2 requires $6,000 for her half share. A buyer arrives and offers..
The market demand curve will thus take the form P=a-bQ and the market supply curve will take the form P=cQ+d suppose that some market consists of 100 buyers and 10 sellers. Each buyer has an identical individual demand curve, P=300-3Q
Stress-strain data are plotted in Fig. P4.5 for the initial portion of a tension test on AISI 4140 steel tempered at 538?C (1000?F). Note that data points A and B are labeled with their stress-strain coordinates.
You are hired as a consultant to advise the Galactic Empire on this matter. Explain in words why such a price ceiling might be a good idea (i.e. could such a price ceiling be welfare-improving Consult page 372, on natural monopoly).
HealthPlan Northwest must install a new $1 million computer to track patient records in its three service areas. It plans to use the computer for only three years, at which time a brand new system will be acquired that will handle both billing and..
Assume that the firm has the property rights. If the government wishes to control the externality by imposing a tax, what should the tax be? How much revenue does it collect?
Suppose there are 100 indentical firms in the perfectly competitive notecard industry. Each firm has a short run total cost curve of the form STC= 1/300 q3 +?0.2q?^2+4q+10 and marginal cost is given by SMC = .01q^2 + .4q + 4
$4,000 were deposited at time 0 in an account that pays an interest of 10% compounded annually. how much should be withdrawn at the end of period 2 to have $4,000 at the end of period 4 available in the account
The long-run elasticity of demand (a year or longer) is .75. How much additional revenue can you expect in the first year, ignoring any growth in population of smokers? By how much will smoking be reduced? What about the second and subsequent year..
Based on the new information provided by this experience, should the firm produce more deliveries by increasing its workforce, or produce fewer deliveries by reducing its workforce? Explain, using the marginal principle.
the local botanical society wants to ensure that the gardens in the town park are properly cared for. the group
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