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The Kingdom of the North and the Iron Islands produce 2 goods, swords (S) and fish (F). Assume that ports (denoted by P) is a factor to the fish industry, and mines are a factor specific to swords (denoted M). Furthermore, assume White Walker labor (L) is freely mobile across sectors.
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The volume of fish increases within the fish region, it makes the port to be expensive. The decrease of the swords also makes the labor within the region to go high.The land intensiveness suits very well in the grazing of cattle compared to farming wheat. Wheat farming needs a lot of labor and capital until it is being harvested.
Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply.
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Lindenwood Valley believes the Massachusetts statute violates the U.S. Constitution by denying it due process of law. Lindenwood Valley also claims that the Massachusetts statute should be struck down because it violates the Commerce Clause. The..
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When the price of corn was "low," consumers in the United States spent a total of $3 billion annually on its consumption. When the price halved, consumer expenditures actually decreased to $1 billion annually.
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Show that the optimal amount of the public good isthe same in every Pare to efficient allocation. What is this amount? Will the optimalamount of the public good change if the initial wealths of the two individuals change?
Now suppose that a scientific study find that tap water is toxic, and everyone should drink only bottled water. Illustrate the impact of this study on the market and each firm. Use graphs to illustrate your answer.
Determine the defender's lowest EUAC what is the challenger's economic life? When, if at all, should we replace the defender with thechallenger?
What happens to the marginal rate of substitution as you move along a convex indifference curve? A linear indifference curve?
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