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Cartman and Kyle are castaways on an island and spend their days picking papayas and mangos. Cartman has a comparative advantage in picking papayas. Kyle has a comparative advantage in picking mangos.
Part 1: Use the infinite line tool to draw the linear production possibility frontier that illustrates Cartman's trade-off between picking papayas and picking mangos, label it as PPF.
Part 2: Assume that Cartman will consume all of what he produces. Plot a point that illustrates a consumption bundle for Cartman if he does not trade with Kyle. Label this point A.
Determine tax that would in a monopolistic market producing socially efficient output. Assuming that no attempt is made to monitor or regulate pollution, which market structure yields higher social welfare. Discuss.
In December 1992, the government began requiring that food contain labels with nutritional information. The information had to be verified by independent laboratories. The price of verification was $20,000 per food item. What impact would this have o..
Illustrate the use the orange points square symbols to plot the portion of the supply curve that corresponds to prices where there is positive output.
In the game "Plinko" on The Price is Right a contestant drops a chip, which randomly falls into a slot that is market with a dollar designation. There are nine slots, two of which are market $0. tow are marked S100, two are market $500, tow are marke..
For each of the following scenarios determine whether the good is exclusive, rival, both, or neither.
q.throughout history the most popular form of money has been gold.a. provide 3 reasons why gold has been such a popular
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase the German products, our demand for euro is going up or down? ..
Describe what happens after the technological change. What happens to the wage in the long run? What happens to the population size in the long run?
A manufacturing plant is planning to replace outdated equipment with more energy-efficient and environmental-friendly equipment. Two models are under consideration. Model A is sold for $159,000 and can produce at an optimum speed of 78 unit/hour.
What is the "purchasing power parity" theory of exchange rates? If the price of a representative bundle of tradable goods is currently $5000 in the U.S. and 550000 yen in Japan, is the $ undervalued or overvalued when the exchange rate is 90 yen per ..
Suppose you are the manager of a home-building company and the government is considering eliminating the deduct-ability of mortgage interest payments. A Typical consumer's marginal tax rate is 25% and the elasticity of demand for new homes is -1.5..
The world’s poorest countries are at a competitive disadvantage in every sector of their economies. They have little to export. They have no capital; their land is of poor quality; they often have too many people given available work opportunities; a..
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