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The following data represents the production possibilities of two people in solving math and economic problems. If they devote their total effort and time to math, A can solve 10 math problems and B can solve 10 math problems. If they devote their total efforts and time to economics, A can solve 10 economic problems and B 5 economic problems. Percent of Resources Devoted to: A B A. Who has the absolute advantage? A B. Who has the comparative advantage? B C. Assume that each will be self-sufficient and devoted half of their resources to math and half to economics. The outcome follows A A B B Alone- no trade Math Economics Math Economics 5 5 5 2.5 Now assume that they specialize according to comparative advantage. How much math and how economics will they produce together? What are the gains from trade?
How does social class impact a person's life? How are we socialized to view social class in America, various groups in poverty, and how do these perceptions shape social policies?
What must a person who is claiming they were harassed in the workplace allege in order to first state a case with the EEOC for each of the following types of harassment. I. Sexual harassment – quid pro quo II. Sexual harassment – hostile environment ..
A company is considering buying workstation computers to support its engineering staff. In today's dollars, it is estimated that the maintenance costs for the computers (paid at the end of each year) will be $50,000, $60,000, $64,000 $70,000, and $80..
The demand curve for salted codfish (saltfish) is D(p) = 200 − 5p and the supply curve is S(p) = 5p. 1 (a) On a graph with saltfish on the horizontal axis and the price of saltfish on the vertical, draw the demand and supply curves. What is the equil..
Describe the Harrod-Domar growth model, and explain precisely how the model illustrates dynamic instability. Why is it often called the knife’s edge model?
Suppose that the government increases spending from G to G1 while simultaneously raising taxes in such a way that, at the initial level of output, the budget remains balanced. Show the effect of this change on the aggregate demand schedule. How does ..
We are concerned with the water quality in the Mississippi River. There are 4 groups of people who use the river: environmentalists, fishermen, sightseers, and wastewater plant executives. What is the efficient level of water quality?
Consider the intertemporal production economy with money of Chapter 12( WIllamson). the government decides that the use of credit cards is bad, and introduces a tax on credit card balances. at is, if a consumer or firm holds a credit card balance of ..
Trace a copy of this diagram. Graphically depict the substitution and income effects. 2.2. Which effect is strongest? How can you tell?
Suppose the economy is in long-run equilibrium. If there is an increase in the supply of labor as well as an increase in the money supply, then we would expect that in the short-run,
Elucidate how production possibilities table or curve reflects law of increasing opportunity costs. Illustrate what do points along PPC recurrent (with respect to available resources).
Which pizza-baking oven would you select and why? State any important assumptions you make in your analysis.
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