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Home is as described in problem 1. There is now also another country, Foreign, with a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1.
a. Graph Foreign's production possibility frontier.
b. Construct the world relative supply curve.
Problem 1
Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2.
a. Graph Home's production possibility frontier.
b. What is the opportunity cost of apples in terms of bananas?
c. In the absence of trade, what would the price of apples in terms of bananas be? Why?
Would you expect such information to increase productivity? Why or why not?
Under Plan A, Mr. Huan will sell the house at a price of 700,000 yuan with probability 85%, sell at a price of 760,000 with probability 10%, and sell at a price of 670,000 with probability 5%.
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do you think you will get a good deal from this company?
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