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In Narnia, 1 binky can be produced with 2 workers and 1 sippy cup can be produced with 0.25 workers. In Bedrock, 1 binky can be produced with 1 worker and 1 sippy cup can be produced with 0.50 workers. a. What is the opportunity cost of producing 1 sippy cup in Narnia and in Bedrock? b. Which country has the comparative advantage in sippy cups? c. Suppose that each country has 100 workers and completely specializes in its comparative advantage. How many units of output of sippy cups and binkys will each country produce? d. Before trade, Narnia produces 25 binkys and 200 sippy cups, and Bedrock produces 50 binkys and 100 sippy cups. Show how specialization and free trade can make each country better off than it was before the trade situation.
Past month Jones Hat Corporation sold 100 hats at $10 each. This month it increased the value of hats to $11 and sold 101 hats.
In a simple model with no government or foreign sector, the amount of involuntary inventory accumulation at equilibrium is
Find the proportions of consumption spending and investment spending in US GDP. What proportion of US GDP is comprised of wages. The information can be found at the BEA website.
What is demand elasticity in the $35 - $50 price range? Is demand elastic, inelastic, or of unitary elasticity Calculate the value and show all of your work. Be sure to use the midpoint equation to determine elasticity. Assume demand elasticity ..
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
Suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand.
The demand for watermelons is highest during summer also lowest during winter. Yet watermelon prices are normally lower in summer than in winter.
In 2005, The economist reported that France's real exchange rate had increased relative to Germany's real exchange rate during the preceding two years. How can this be true if both France and Germany used the euro as their currency.
Discuss and explain some example of supply and demand that you have observed in the real world. Be do not use the example for the questions below, use something else.
amount of hours a week to be split between market-labor and home-labor. Assume that A can make $20 of market goods per week and $10 household goods per week; assume B can make $10 of market goods per week and $20 of household goods per week.
During August 2009. 80 people lost their Jobs and didn't look for f new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force,and 40 people entered the labor force to look for work. Calculate..
Imagine you are a consultant hired to give advice to a fast food restaurant which is faced with employees asking for a 25% increase in pay. In order to give good advice, you need more information. Create three to four (3-4) questions that you woul..
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