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Two friends, Rachel and Joey, enjoy baking bread and making apple pie. rachel takes 2 hours to bake a loaf of bread and 1 hour to make a pie. Joey takes 4 hours to bake a loaf of bread and 4 hours to make a pie. Please calculate to opportunity cost of baking bread for both rachel and joey. (teacher recommends using 4 hour blocks)
Who has the absolute advantage in baking bread?
Who has the comparative advantage?
Who should specialize in bread?
Who should specialize in pie?
When government becomes heavily involved in tax-transfer activities, how will this involvement affect economic efficiency.
How would you go about measuring return, how would you decide if it is good enough to warrant investment and in what sense is education capital.
If import spending were the ONLY leakage from an economy and the marginal propensity to import is one-third, what fraction of any change in income will survive the leakage and go on to start the next round of spending?
Consider an individual who faces a gamble over two outcomes, In the first outcome he maintains the wealth of w1, and in the second outcome he faces a loss of wealth and is left with a final amount of w2.
A trucking company computes depreciation on its vehicles by a mileage basis. Suppose a delivery truck has a cost of $20,000, a salvage value of $2,000, and an estimated useful life of 200,000 miles. Determine the depreciation rate per mile.
q1. a community wants to construct a hazardous waste incinerator for household hazardous waste. the cost of the
All modern industrial states in the world have a socialized medical system, except south africa and the united states. Why do you think that is? Should the united states adopt a socialized medical system? Why, or why not? Why is economic growth and d..
The following equation represents the weekly demand that a local theater faces. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, Determine the profit maximizi..
she a reservation wage of $1,500 so that wage package is W = 1,500 + .2 Q where the CEO sets the incentive at .2 and Q = 200 e. If the CEO increases the incentive from .2 to .25, what happens to the Nelson's effort? Will profits rise or fall?
q1. illustrate what are the reasons for differences in price elasticity of demand between different products? explicate
In the numerical example given in the text, the inverse demand function for the depletable resource is P = 8 -0.4q and the marginal cost of supplying it is
why is growth in average labor productivity viewed as a key factor in determining long-run living standards?
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