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Dalton, Georgia has developed into a leading producer of carpets, despite its small size. What is the reason for Dalton's comparative advantage in carpet production?
A) the development of superior process technology
B) an abundant supply of unskilled labor
C) Dalton is located near a railroad hub that it uses to transport carpet.
D) external economies
Jane wants to buy a beautiful doll as a gift for her sister's birthday. What is the advantage to society to correct the externality?
Most industrial farms hire migrant workers, so the market for such workers is reasonably taken to be perfectly competitive. Suppose that all farms individually have a short-run elasticity of labor demand of 0.5. Explain why the reduction in employmen..
During a year of operation, a firm collects $175,000 in revenue and spends $80,000 on raw materials, labor expense, utilities, and rent. The owners of the firm have provided $500,000 of their own money to the firm instead of investing the money and e..
You have been hired to manage a small manufacturing facility whose cost and production data.
If fixed costs increase to $1200, what will happen to equilibrium price and quantity.
Suppose the demand for apartment rentals in New York is Q = 1000 - P and the supply of apartment rentals is Q = 4P. What is the equilibrium price and quantity of apartment rentals in New York?
suppose there are 50 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make in a month?
The senator is considering tax reform that would dramatically cut tax rates, leading to a supply function under the new tax policy Qs = 4.171P - 110. Illustrate how much money would a typical consumer save each month as a result of the proposed le..
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Dan and Neil are playing Settlers of Catan. Dan has rolled a seven and just put the stopper on a Field which touches one of Neil’s Settlements. Since Dan is a real jerk store, he decides to steal one of Neil’s two cards. Draw a payoff matrix for Neil..
Identify a job that you really like then identify a job that you disliked and wanted to quit. Assess both jobs in terms of the freedom you were given to make decisions.
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8,760 hours per year.
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