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Brenda and Lela are sisters. They both like to make ice cream and cake. Brenda makes one batch of ice cream in eight hours and bakes a cake in two hours. Lela makes one batch of ice cream in 10 hours and bakes a cake in 5 hours.
Reference the scenario above to answer these questions:
Who has the absolute advantage in making ice cream? Explain how you determined this.
Who has the comparative advantage in making ice cream? Explain how you determined this.
Compare the absolute advantage of making cake to the comparative advantage of making cake for the two sisters.
Suppose consumer 1 has the demand function given by D1(p) = 15−p and consumer 2 has the demand function given by D2(p) = (20 − p)/3. At what price the total quantity demanded by the two consumers is 7?
Elucidate the marketing implication of the factors contributing to the successful development of a multinational market groups.
Using the debt-relief Laffer curve, make the case that debt relief can be in the best interest of both the developing and developed countries.
Provide a short example of how the law of diminishing marginal utility applies to a real-life situation. In your answer, explain why utility from consumption of these specific good or service increases quickly initially, peaks, and may eventually lea..
Suppose that some foreign countries begin to subsidize investment by instituting an investment tax credit. What happens to the investment in our small open economy? What happens to our trade balance? What happens to our real exchange rate?
q1. thomas schelling and expert on nuclear strategy and arms control observed in his book the strategy of conflict
If the prices of gold and other commodities increases how will this influence the value of rand. Explain how will a depreciation of the rand influence our exports and imports.
Illustrate what is her MPC (Marginal Propensity to Consume) in this case.
Clearly define “crowding out” and economic effects. Graphically illustrate the level of crowding out in an IS-LM model. Explain in detail how the interest elasticity of investment affects the level of crowding out. Be sure to explain why this is the ..
In this forum we discuss the different arguments that are made in favor of international trade protectionism and the important role of the politics of protectionism.
If the CD is cashed in before September 1, 2006, you lose all interest for the first three months and the interest rate is reduced to 1.9%, compounded monthly, after the first three months.
Assume that in year 1 an economy produces 1000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 1000 units of output, and sells it for $110 a unit, on average. Use year 1 prices to calculate real GDP..
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