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Illustrate what is Michelle's opportunity cost of producing potatoes? What is Michelle's opportunity cost of producing chickens? What is James' opportunity cost of producing potatoes? What is James' opportunity cost of producing chickens? Which person has an absolute advantage in which activities? Which person has a comparative?
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off? Explain.
It has been estimated that private prisons are about 10 percent cheaper, on a every prisoner basis, than public prisons.
When would it make sense for a factory that is losing money to remain in operation
Calculate the forward premium on the British pound for the Dutch investor where exchange rates are in euros per pound. Is it positive or negative? why do investors require this premium/discount in equilibrium.
in which new trainees are paid relatively high starting salaries and are not expected to make substantial contributions to the company until after the program is over.
Illustrate what metrics would you propose to help in making the determination. Elucidate what historical data might be useful.
the standard product of labor is 6 flutes per day also the marginal product of labor is 8 flutes per day.
the first automobiles were built in 1901, they were manufactured by skilled workers using hand tools. Later, in 1913, Henry Ford introduced the moving assembly line, which lowered costs and speeded production.
Assume a central bank does not satisfy the Taylor principle. Use a graph to analyze the impact of a supply shock.
Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.
What arguments can be made for charging a lower than the profit-maximizing price. What price from the available prices do you recommend.
Explain how are money cost and opportunity cost related to each other. If markets function well, they are closely related. They are always identical in any economic system.
Kramer Smith owns a dry-cleaning service also is thinking about changing his advertising expenditures for the year.
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