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Specialization and production possibilities
Suppose Sweden produces only trucks and camcorders. The resources that are used in the production of these two goods are specialized—that is, some resources are more suitable for producing trucks than camcorders, whereas others are more suitable for producing camcorders than trucks.
The shape of Sweden’s production possibilities frontier (PPF) should reflect the fact that as Sweden produces more camcorders and fewer trucks, the opportunity cost of producing each additional camcorder ______________________________ (decreases, increases, remains constant).
A higher steady-state capital stock has both a positive and negative effect on consumption per worker in the Solow growth model (assume no population or technological growth). Why?
q.assume you hire a furloughed wall street analyst to help you analyze your manufacturing process also she uses your
We've learned about the history of the school of the americas, the history of the modern day war on drugs, the "Black Grandma in the closet," and a more through accouting of Native American history. Compare this history you learned in your school (yo..
if a men's store sells 30 ties a day with a $5 price, but sold 50 ties per day when price dropped to $3, what's the absolute value of the price elasticity of demand? If a good has a price inelastic demand, what are the characteristics of this?
Felix chooses between clothing, q1, and food, q2. his initial income is $1000 a month, p1=100 and p2=10. at his initial bundle he consumes q1=2 and q2=80. Later, his income rises to $1200 and the price of clothing rises to p1=150, but the price of fo..
If a firm adopts a production process that is costly in order to reduce pollution, the results
An increase in the rent of two bedroom apartments in Austin is likely to:
What is the own price elasticity of demand when price is $100? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $100? What price should you charge in order to maximize the fir..
Critically evaluate measures used by governments and central banks to manage the economies of their countries.
Explain briefly the conceptual difference between choice based on maximization of a single objective versus choice based on maximization of multiple objectives. Give a specific example of where a decision maker is making a choice with multiple object..
What kind of output gap does this economy have? How large is this gap? If the government wants to close the gap by changing autonomous taxes only, what should be the size and the direction of the change in T°?
A shop has the following production function: f(E,K) = 2E3/5 K1/7. Find the short-run profit maximizing level of labor demand if capital is fixed at 30 units. Find the long-run profit maximizing level of labor demand and capital demand.
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