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1.The production possibilities curves above show all the possible combinations of helicopters and scooters that two towns, Millerville and Jamestown, can create using equal amounts of resources.2.Prior to answering this question, develop a rubric for scoring this assessment. Read the question carefully and determine where you think the College Board would award a point. Include an explanation for each point you identify. List points for each section on a separate line. You might set this up as a table if that is easier. The maximum number of points awarded should be between 8 and 12.a. Explain which country has the absolute advantage in the production of helicopters.b. Using the concept of opportunity cost that you learned in this lesson, explain which country has the comparative advantage in the production of scooters. You may include a table for your explanation. (Hint: Is this an input or output question?)c. If the two countries specialize and trade with each other, identify which country would import scooters. Explain.d.Assume Millerville was producing 30 scooters and 10 helicopters before specialization. If Millerville wanted to maintain production of 30 scooters, would they benefit from trade with Jamestown if the terms of trade were set such that one scooter is traded for one helicopter?
Is there any range of production characterized by scale of economies. At Illustrate what production level are scale economies exhausted.
Give some illustrations of managerial decision situations in that you think the linear programming technique would be utilize.
This grazing land was for whole town and families could allow their flock of sheep to graze free of charge. Why is it that grazing land was not protected by individual families.
A December 2007 issue of The Economist contained the following quote in an article about Germany: "The government has just chopped the payroll tax that finances unemployment insurance, which should encourage employment." Comment on this statement,..
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Economies of scale can be quickly exhausted not everyone wants to ‘shop' from same ‘store' size can also mean diseconomies of scale if focus Is lost and conflict of interest what matters to shareholders is profitability not Challenges (contd.) Do..
Be sure to include an analysis of the stages of production and describe why of the three stages, only one stage is rational for the firm.
Business firm that holds a global monopoly on a particular product but is currently selling the product only in its domestic market where its profits are substantial.
Suppose a wage increase from $25 to $27 an hour increases the number of job applicants from 52 to 66. Illustrate what is the price elasticity of labor supply.
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