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1a) Papayas and grapefruit are substitute goods. A drought in California destroyed a good portion of the grapefruit crop. Ceteris paribus, what will occur?
1b) Graphically present the pre and post drought equilibrium for the substitute goods presented in 1a.
1c) Papayas and grapefruit are substitute goods. What would happen to a complement good?
Identify who has the absolute advantage in painting rooms? Who has the absolute advantage in installing windows? Briefly explain how you derived your answer.
You have won the lottery. There are two ways which you can receive your prize. You can either have 1 million in cash now, or you can have 1.2 million that is paid out as follows: $300,000 now, $300,000 in one year's time, $300,000 in two years' ..
The probability of getting ill is 25%. The utility function is U(W)= 3.2W ; U(W)=W2 , where W=wealth; log= logarithm base 10. Compute the expected wealth, expected utility (use up to 4 decimal places) and expected loss.
Suppose the production function is given by Q= 5K + 6L. What is the average product of labor when 8 units of capital and 10 units of labor are employed?
What are some of the considerations and concepts behind planet-wide laws In your opinion, is this a healthy step forward for humankind. In terms of technological but also social development, what do you think was the significance of the Bronze Age.
a study of the costs of electricity generation for a sample of 56 british firms in 1946-1947 yielded the following
According to Okun's law, what unemployment rates would we expect to see in this economy? b. Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of s..
Briefly describe the major categories of expected benefits and expected costs from undertaking the project and explain how and where the value of human lives saved or lost might enter this analysis, and explain whether all of these effects are addr..
Determine the price elasticity of demand at each quantity demanded using the arc or midpoint formula: Percentage change in quantity demanded ¼ (Q 2 Q 1)/Q 1 divided by percentage change in price ¼ (P2 P1)/P1.Redo exercise 1a using price changes o..
Discuss how do reducing tax policies on electricity and imported luxury cars in short run affect firm revenue, consumer expenditure and government tax revenue?
Which of the following is (are) most likely to be produced under conditions resembling perfect competition - automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.
The Heckscher-Ohlin theorem has been criticized from many angles. Which criticism is the most appealing to you (choose only one)? If this criticism is valid, or somewhat valid, what would be an alternative theory of international trade?
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