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Q. Jake takes 40 minutes to fry a chicken and 2 minutes to toast a slice of bread. His brother Elwood takes 20 minutes to fry a chicken and 5 minutes to toast a slice of bread. Calculate each brother's opportunity cost for one hour of work.
a. Who has a comparative advantage frying chicken?
b. Who has a comparative advantage toasting bread?
c. Will the brothers gain if they specialize? Illustrate your answer with an example.
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
What is the relationship between marginal cost and marginal revenue when single-price monopoly maximize profit.
Should the CEO at Plain Truth cancel the audit and rely on a brief year-end summary from each sales account manager? Why?
Calculate the internal rate of return and the net present value to determine the desirability of this investment.
Discuss in detail any two supply-side policies and how they are supposed to work, and describe more generally the supposed benefits and disadvantages of supply-side policies as opposed to expansionary demand management policy options
MB is change in total benefit when adding one more unit and MC is change in total cost when adding one more unit. How many burritos should I eat.
A company currently sells 60,00 units a month at $10 every unit. The variable cost every unit is $6. The company decided to raise the price about 10%.
If there are n firms in the marketplace also every firm charges p. Illustrate what is total producer surplus.
while a decrease in price of pizzas rotates it rightward. How can we possibly speak systematically about people's preferences.
Compute the output and price of wood working if it is produced under competitive condition without regulation. Determine the socially efficient price and output of woodworking.
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium.
With fewer also fewer barriers to trade, countries are able to focus on producing those goods also services which they are best.
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