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Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Kris takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. a. What is each roommate’s opportunity cost of making a pizza? Who has the comparative advantage in making pizza? b. If Pat and Kris trade foods with each other, who will trade away pizza in exchange for root beer? c. The price of pizza can be expressed in terms of gallons of root beer. What is the highest price at which pizza can be traded that would make both roommates better off? What is the lowest price? Explain.
A committee of 4 has to be chosen from 12 representatives, of whom 8 are men and 4 are women. If selection is random what is the probability that.
If the quantity of output demanded at every price level increases by $1 trillion, Illustrate what happens to equilibrium output also prices.
Assume instead that the industry can sell any also all of its output at the fixed marketplace price of P = 120. Find out the industries optimal output.
Every alternative has a value for bill as described in the subsequent. Illustrate what is bill's prospect cost for attending class
EXplain what is the short-run condition for the monopolist and what output changes would you recommend.
An airline transportation consultant offers the CEO of Blue Star struggling new commercial airline company
If a hard freeze eliminates premium coffee crop, illustrate what will take place to the price of premium coffee.
Elucidate how they will help to improve the GDP as a tool for measuring the well-being of a nation.
What is the Law of Diminishing Returns. Discuss a company's two short run options: 1. stay open or 2. shut down.
A farmer has a production function f(L) where the input is capital (L). The cost of this loan is L(1+i). The farmer also has an outside option (loan from family member) which generates a profit of A.
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
If Congress took steps to consolidate banks, thereby reducing total number to 2500, what would you expect to happen to costs within banking industry.
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