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The following table gives recent figures for yield per acre in Illinois and Kansas:
a. If we assume that farmers in Illinois and Kansas use the same amount of labor, capital, and fertilizer, which state has an absolute advantage in wheat production? soybean production?
b. If we transfer land out of wheat into soybeans, how many bushels of wheat do we give up in Illinois per additional bushel of soybeans produced? in Kansas?
c. Which state has a comparative advantage in wheat production? in soybean production?
d. The following table gives the distribution of land planted for each state in millions of acres in the same year.
(Both study time and number correct were negatively correlated with alcohol con- sumption during pregnancy, though, as expected, the correlations were not very high.)
Explain how rapid population growth can limit a nation's productivity. Are there any ways in which population growth can have a positive economic effect? Explain. Source: "2008 World Population Data Sheet," Population Reference Bureau, August 19, ..
Consider your current or former salary against the salary of pro sports players and movie stars. Michael Jordan made $40 million per year playing basketball and endorsing products in his day.
Stock prices subsequently decreased. Discuss how this might have affected consumption.
develop a preliminary description of possible benefit segments
Evaluate these three options in terms of feasibility, enforceability, and-assuming they could be implemented-cost effectiveness and actual pollution reduction.
a. Is the assumption that more is better satisfied for both goods b. What is the MRS for this utility function c. Is the MRS increasing, decreasing, or staying concstant as the consumer substitutes X for Y along an indifference curve
(Commodity Money) Why do you think rice was chosen to serve as money in medieval Japan? What would happen to the price level if there was a particularly good rice harvest one year?
What are the five types of analytical procedures?
Book sales are reaching record highs even as "bricks and mortar" bookstores such as Barnes and Noble are struggling financially? Explain this paradox in the context of market areas, technology, and the spatial relationship between supply and deman..
what amount will be required to purchase, on an engineer's 40th birthday, annuity to provide him with 30 equal semiannual payments 0f $1000 each, the first to be received on his 50th birthday, if the nominal interest is 4% compounded semiannually
Pete borrows $10,000 to purchase a used car. He must repay the load in 48 equal end-of-period monthly payments. Interest is calculated at 1.25% per month. Determine the the amount of the monthly payment.
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