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For country Gamma the opportunity cost for producing 1 computer is 10 tons of steel. For country Beta the opportunity cost for producing 1 computer is 6 tons of steel. Which country has the comparative advantage in the production of steel?
Please consider the effect of prices on everything doubling. Suppose all prices doubled while you slept. A soft drink that sold for a dollar now sells for two dollars; a car that sold for $20,000 now sells for $40,000. The price of labor doubled as w..
Consider illegal immigration. How would illegal immigration be affected if all countries had property ownership rights as well defined as in the United States?
A newspaper recently lowered its price from $30 to $25. As it did, the number of newspaper sold increased from 20,000 to 25,000. What was the newspaper’s price elasticity of demand? Was it price elastic or inelastic? Explain and show your work. Given..
For 5 years you have owned and operated a small company, ABC Desks, that designs and manufactures high-end custom wooden desks. The business is incorporated and pays state and federal taxes separate from your personal income. Develop an Income Statem..
Suppose an economy that is initially at full employment faces a substantial increase in the factor cost of production. Discuss (with the aid of aggregate output market and money market diagrams) the short-run effect on output, unemployment, general p..
For this discussion question, you will apply cost principles to business problems. A sunk cost is one that has already been incurred and cannot be recovered. Economic theory supports that only prospective (or future) costs are relevant to a decision...
Suppose a country’s currency is a gold coin. One day, speculators find a large gold mine which doubles the supply of gold coins in the economy. In the short run:
Almost all programs need data to operate, and the data must be stored somewhere. Data structures serve the purpose of storing data in a program in an organized way.
Why are trade agreements important for the various countries involved? How is international trade related to the U.S. standard of living as opposed to the standard of living of a small industrial nation
Draw a Production Possibilities (PPC/PPF) graph and show what happens when new technology improves communication. Draw a Supply and Demand graph and show what happens in the market for housing when interest rates rise. Identify and define consumer an..
A mining company is interested in obtaining the demand curve for coal. The firm's research department informs you the price elasticity of demand is -0.748, and the current price and quantity are $41 and 1,206 respectively. Price is measured in dollar..
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