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Suppose that Rob and Big both raise animals and sell them. Because Rob and Big have different talents, they have varying abilities to raise these animals. In 1 day, Rob can produce either 10 cows or 20 pigs. In 1 day, Big can produce either 9 cows or 36 pigs. Assume that Rob and Big decide to specialize completely and trade with one another. Over the course of 1 month (30 days), Rob will produce ____ cows and ___ pigs while Big will produce _____ cows and ____ pigs.
After specialization, suppose that Rob and Big trade with each other and Rob sends Big 87.0 cows. In order for both Rob and Big to benefit from trade, Big must send Rob more than: (round your answers to two decimal places)
_____ Number pigs and fewer than
_____Number pigs
Why would it be valuable for a business to know cross elasticity of demand for two products it produces: peanuts and popcorn.
Would you rather receive $100 today or $120 in one year? b Would you rather receive $205 today or $240 in one year? c Would you rather receive $500 in one year or $610 in two years?
The saying "Give a person a fish also he shall eat today; teach a person to fish also he will eat forever" is most consistent with.
If each nation grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in terms of average income.
Why is it important, for an open economy, that investment not be consistently higher than saving? If this occurs how does it relate to national consumption, balance of trade and saving?
Compare the total costs in parts a and b. If the government does not know the cost of pollution reduction for each firm, is there still some way to reduce pollution to 50 tonnes at the total cost calculated in part a?
In general are becoming less integrated due to the widespread availability of interest rate and currency swaps
Why might consumers’ price elasticity for ice cream cones once they are in an ice cream store be .20 and their longer-term price elasticity be 1.2?
If a random sample of 400 clients is elected, what is the probability of Type I error using this decision rule.
Why is a market economy susceptible to coordination failures that can lead to unemployment and inflation? What do you think can be done to rectify these failures?
q1. which of the following is not a possible explanation as to why wage inequality increased markedly over the last 40
describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic.
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