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Following the tremendous success of the 'Matthew Hayden Cookbook', we are once more welcomed into the home-and, more importantly, the kitchen!- of Australia's gourmet cricketer for a feast of entertaining stories and mouth-watering recipes. ... As Matt says, 'If a cricketer can cook, surely you can have a crack at it!'
a. Does Australian test cricketer Hayden have an absolute advantage in cricket and food writing? Is this the reason for his success in both activities?
b. Does Hayden have a comparative advantage in cricket or food writing, or both of them, and is this the reason for his success in both activities?
c. Sketch a PPF between playing cricket and producing other goods and services for Hayden and for yourself.
d. How do you (and people like you) and Hayden (and people like him) gain from specialisation and trade?
What are the important functions to maximize total surplus? The market equilibrium maximizes total surplus since the market performs four significant functions are as follows:
Q=8000-800P
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1)The productive capability of an economy is such that to produce 5 units of military good it takes 2 workers to be employed while 10 units of consumer goods require 3 workers. Res
Factors determine the price elasticity of supply: The price elasticity of supply varies widely across different products. Some products have more leastic supply, while others
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Utility-Expenditure Duality: Consider the minimisation of the expenditures necessary to achieve a specified utility level. The solution for qi yields the compensated demand f
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