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Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens, she can raise 50 chickens per year. (If she apportions some resources to each, then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pounds of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year. (If he apportions some resources to each, then he can produce any linear combination of chickens and potatoes that lies between those extreme points.)
PotatoesChickens
Michelle20050
James8040
What is Michelle's opportunity cost of producing potatoes?
Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table: Player B LEFT RIGHT Top 4 5 1 4 Player A Bottom 5 1 3 8
Suppose that the firm uses three inputs to produce its output: capital K, labor, L and materials, M. The firm's production function is given by Q = K^ (1/3) * L ^ (1/3) * M ^ (1/3). The prices of capital, labor, and materials are r=1, w=1, and m=1..
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You are planning to purchase your first home five years from today. the required down payment qill be $50,000. you currently have $20,000, but you plan to contribute $500 each quarter to a special savings account until you purchase the home.
The Federal Reserve has just purchased $100 million in Treasury bills from commercial banks. b. If the public holds a fixed amount of currency (so that all loans create an equal amount of deposits in the banking system), the minimum reserve ratio ..
A mega agricultural operation is considering the purchase of a new tractor. 1. Which tractor is better using the Net Present Worth (NPW) method 2. Which tractor is better using the Internal Rate of Return (IRR) method
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