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Suppose Jilbo can make 18 flower pots or 2 coffee mugs per day. Her cousin Jimbo can make 10 flower pots or 6 coffee mugs per day.
a. Graph both Jilbo and Jimbo's PPFs
b. What is the opportunity cost for Jilbo of producing 1 flower pot? of 18 flower pots?
c. What is the opportunity cost for Jimbo of producing 1 flower pot? or 10 flower pots?
d. Who has the absolute advantage in producing each good?
e. Who has the comparative advantage in producing each good?
f. Which cousin should specialize in each good? and at what price range should each good be traded for?
Using the selected concepts and terms from your selected readings, prepare a 1,050-1,750- word paper in which you describe a negotiation situation that you have participated in
Cars are lasting longer. The expected number of miles traveled over a vehicle's life has risen to 180,000 miles in 2001 from 128,000 in 1977. However, new car buyers tend to keep their cars about the same length of time before trading them in. Using ..
Government policies and regulations in host countries have a major effect on the operations of foreign companies. Which of the following does not reflect a typical regulation? Which of the following statements concerning the effects of fluctuating ex..
q1. a hearing is scheduled for your company to present arguments that your firm has not increased its market power
The purpose of the is assessment is to analyze a scenario based on how inflation tends to increase prices and diminishes the consumers’ ability to purchase goods and services over time.
Compute the equilibrium level of income, the size of the multiplier, and the change in equilibrium income for an increase in autonomous consumption of $50 million. Suppose the entire economy contains $5000 worth of one-dollar bills. If people fail to..
What does Autor mean by "polarization of job opportunities?" Illustrate what is the primary cause of this polarization.
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
Show the effects of an increase in the total factor productivity, z, on the Laffer curve, on the equilibrium tax rate, and on consumption, leisure, the quantity of labor supplied, and output.
Why do marginal costs first fall and then begin to rise? Why are marginal costs important to a firm when making decisions to increase or decrease production?
Problem 1: Shelly's preferences for consumption and leisure can be expressed asU(C, L) = (C - 200) * (L - 80). There are 168 hours in the week availableto split between work and leisure. Shelly earns $5 per hour after taxes. She alsoreceives $320 ..
Define carefully the difference between movements along the AD curve and shifts of the AD curve. Explain why an increase in potential output would shift out the AS curve and lead to a movement along the AD curve. What would be the effect of a decreas..
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