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Explain the nature of trade and benefits to people from trade. Discuss comparative advantage, specialization and gains from trade. Also, explain conditions where trade is not mutually beneficial.
Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function. How much time will Thoreau spend in leisur..
Jim currently pays premium $P for his health insurance, which he purchases in a competitive health insurance market, and covers 80% of all his healthcare costs (i.e. 20% coinsurance rate; no deductible or catastrophic cap). If he were to instead purc..
US imports oil at the world price, $55 per barrel. The domestic supply curve in barrels per day is S = 2500000 + 250000P with P in dollars. Domestic demand curve is D = 70,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate h..
Cain just offered you $14 for the ticket, while just abel offered you $15. At this moment in time, what are your sunk costs?
An economy adjust on its own to close a recessionary gap because there is
q.list at least one advantage and one limitation ofapplying international trade perceptions which simulation and
In a competitive labor market, the equilibrium wage rate and the number of workers employed are determined by labor supply and labor demand. Firms maximize profit where the MRP = MRC and hence hire labor up to this point. What do you think could be t..
The firm increases its entire size until it makes 30,000 units a week. What would total cost be if the firm faces constant returns to scale?
Illustrate what is the market elasticity of demand. What is your elasticity of demand in this Cournot oligopoly.
(a) What is the sample size and standard error of the data collected? (b) What is the probability that the sampled alumni have a mean salary of $58k or more?
In deciding between leasing and buying the computer, what is the incremental rate of return?
On July 1, Community Hospital expanded the number of patient beds from 156 to 200. Use the following information to determine the occupancy rate
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