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If Michelle devotes all her resources to growing potatoes, she can raise 200 pounts of potatoes per year. If she devotes all her resource to raising chickens she can raise 50 chickens per year. (If she apportions some resources to each then she can produce any linear combination of chickens and potatoes that lies between those extreme points. If James devotes all his resources to growing potatoes, he can raise 80 pound of potatoes per year. If he devotes all his resources to raising chickens, he can raise 40 chickens per year. (If he apportions some resources to each, then he can produce any linear combination of chickens and potatoes that lies between those extreme points).
What is Michelle's opportunity cost of producing potatoes?
What is Michelle's opportunity cost of producing chickens?
What is James' opportunity cost of producing potatoes?
What is James' opportunity cost of producing chickens?
Which person has an absolute advantage in which activities?
Which person has comparative advantage in potatoes? Which person has comparative advantage in chicken?
As per much of the rest of the world remained characterized by low rates of economic growth.
Assume nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. In 1999 and 2001, real GDP rose by what percent?
In 2008, the box industry was perfectly competitive. The lowest point on the long run average cost curve of each of the identical box produces was $4,
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Explain how might we interpret this statement in terms of cost curves and revenue curves.
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Discuss briefly what you think the way in which the HDI is constructed. (Briefly means no more than five lines of text. Excesses are severely penalised.)
Explain the economic situation in the UAE based on the article. Summarize the articles with your own words
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