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Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states:
Nebraska VirginiaWheat 8 4Cotton 6 2
A) Who has the absolute advantage in the production of cotton? Who has the comparative advantage in the production of wheat?
B) In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Wheat Cotton200(cotton)240(cotton)680560
C) In Virginia, what is the marginal rate of transformation between wheat and cotton? (Assume wheat is graphed on the vertical axis.)
On a Supply/Demand diagram show the effect on Treasury Bond markets of using these surpluses to buy back outstanding treasury securities and reduce the governments' outstanding debt.
Calculate the equilibrium price and quantity. Sketch the supply and demand curves on a graph indicating the equilibrium.
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Industry supply and demand are given by QD = 1000 - 2P and QS = 3P. Determine the equilibrium price and quantity?
New Horizons Airlines wants to forecast the mean number of unoccupied seats per flight to Germany next year.To develop this forecast, the records of 49 flights are randomly selected from the files for the past year, and the number of unoccupied sea..
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Use a graphical illustration to describe briefly what the influence an increase in immigration on the market supply of labor
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Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px Derive the demand for good X and the demand for good Y as functions of the two prices and income.
Calculated the point price elasticity of demand for Papa burgers and calculate the optimal price for Papa burgers if marginal cost is $1 per unit.
On average college graduates earn significantly more income than those with less education and the disparity tends to widen into middle age. marginal external cost equals marginal private cost minus marginal social cost.
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