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Suppose that Kiribati can produce 1000 tons of breadfruit or 500 tons of fish, and that Tuvalu can produce 750 tons of breadfruit or 1875 tons of fish.
What is the opportunity cost of 1 unit of fish in Kiribati? Show your work.
What is the opportunity cost of 1 unit of fish in Tuvalu? Show your work.
Which country has a comparative advantage in producing fish? Explain why.
Suppose that trade takes place between Kiribati and Tuvalu. Which good will Kiribati imports from Tuvalu? Explain why.
Dot.com Products, offers storage containers for fine china on the Internet. The corporation is the low-cost retailer of these quilted boxes with fixed costs of $480,000 a year,
Describe a problem involving relationships that you could solve by applying a function. Determine the steps for solving this problem.
The government finances its purchases through lump-sum taxes on consumers, where T denotes total taxes, and the government budget is balanced every period, so that G = T. The solution for steady state capital per worker k.
Knowing this in advance, buyers will be unwilling to pay more than P = MC to begin with. How could such a monopolist escape this trap?
Assume you flipped an honest coin 10 times and heads came up 8 times.
Use the concepts of (i) substitutes in production versus pure complements in production and of (ii) gross substitutes versus gross complements to assess the likely impact of the rapid decline in the price of computers and related office equipment ..
The US economy borrowed heavily from the British in the nineteenth century to build a railroad system. What was the principal debt instrument used? Why did this make both countries better off?
Explain how many tonnes of wheat and how many tonnes of copper ingots will be produced if each country specializes.
Using the circular flow model, explain the flow of money and goods in an economy. How the economy coordinates society's independent economic actors? A country's gross domestic product (GDP) and how it is defined and calculated
Find the tangent line to y = 3x2 - 5x + 2 at x = 2. Express your answer in the form y = mx + b with slope m and y-intercept b.
Assume that the potato chip industry in the Northwest in 2007 was competitively structured and in long-run competitive equilibrium; firms were earning a normal rate of return, in 2008 two smart lawyers quietly bought up all the firms
This question concerns income distribution. Say that a country's income is split into quartiles as follows: 1st: 10%, 2nd: 15%, 3rd: 20%, and 4th: 55%.
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