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Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The production possibilities schedules in the table below describe their potential output in tons per year. Suppose the two islands agree to trade 10 pearls for 10 pineapples. (a) If Alpha produced 6 pearls and 15 pineapples and Beta produced 30 pearls and 8 pineapples before they decided to trade, how much would each be producing after trade became possible? Assume that the two countries specialize just enough to maintain their consumption of the item they export, and make sure each island trades the item for which it has a comparative advantage. Alpha would produce pineapples and pearls. Beta would produce pineapples and pearls. (b) i) How much would the combined production of pineapples increase for the two islands due to trade? Combined production of pineapples increases by . ii) How much would the combined production of pearls increase? Combined production of pearls increases by.
Greener Grass Company (GGC) competes with its main rival, Better Lawns and Gardens (BLG), in the supply and installation of in-ground lawn watering systems in the wealthy western suburbs of a major east-coast city. Derive algebraically the quantities..
Suppose the initially, real GDP is $14 trillion. The government wishes to increase real GDP to $15 trillion. The marginal propensity to consume (MPC) is 0.8 and every $1.00 increase in real government spending crowds out $0.50 in real plan investment..
Define and explain ‘Law of Diminishing Returns with the help of diagram. What are the different stages of production in the short run? Define and explain ‘Price Discrimination (PD)’ with the help of diagram. Also give examples of Price Discrimination..
Look at Demand and supply; and quantity demanded and quantity supplied; they sound alike, but are different. What causes movement along the demand and supply curves and what causes the demand and supply curves to shift left or right; that is; what ca..
q1. what is the appropriate balance between private and public i.e. government activity? think of a case where the
The primary reason women tend to be paid less than men on average is: The expected rate of profit is greater than the interest rate.
Consider a small community made up of two individuals, Joseph and Michael. The local hardware store is selling table lamps at a price of 6 dollars per lamp. Joseph’s demand for lamps is given by: qJ = (18−3P 0≤P
As the saying goes, "the only sure things in life are death and taxes." This saying points out the result that everything having to do with taxes is an automatic fiscal policy.
Crossing the San Francisco Bay] There are 2 main ways to enter San Francisco from Berkeley. The Bay Bridge provides access by car and takes 10 minutes if it is not crowded. In this problem, explain what externality arises from the use of the Bay Brid..
Suppose that the nominal interest rate on three-month Treasury bills is 8 percent in the U.S. and 6 percent in the U.K., and the rate of inflation is 10 percent in the U.S. and 4 percent in the U.K. a. What is the real interest rate in each nation? b..
q.a survey of households in a small town showed that in 850 of 1200 sampled households at least one member attended a
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
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