opportunity cost, Microeconomics

Assignment Help:
there are 1 million hours of labor available for making cars in the north, and another 1 million hours of labor available for making cars in the south. in a no-trade world, let''s assume that two-thirds of the auto industry labor in each region is used to make high-quality cars and one-third is used to make low-quality cars. solve for how many of each kind of car will be produced in the north and south and add up to determine the total global output of each type of car

Related Discussions:- opportunity cost

Economics 304 , 1. Implicit and explicit revenues minus implicit and explic...

1. Implicit and explicit revenues minus implicit and explicit costs equals: A. accounting profit. B. economic profit. C. zero profit. D. implicit profit. 2. A business owner mak

Find the elasticity of demand for a quantity, The demand curve for gasoline...

The demand curve for gasoline is P = 200 - 10Q. a.  Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change

Price responsiveness of supply, On Valentine's Day, the price of roses incr...

On Valentine's Day, the price of roses increases by more than the price of greeting cards.  Why? (Hint: Consider what makes roses and cards different and how that difference might

Second best, what is the theory of second best ? prove the theorem with the...

what is the theory of second best ? prove the theorem with the help of a diagram ?

Moving average methods, Moving Average Methods: Under this methods the movi...

Moving Average Methods: Under this methods the moving average to the sales of the past years is computed. The computed moving average is taken as forecast for the next year or peri

Draw a supply or demand diagram of the treasury bond market, 1) A) Suppose ...

1) A) Suppose that several months of data showed the CPI increasing at a 4.5% annual rate due largely to increases in the price of energy and food related commodities following sev

Explain about Growth and development of country, How might one assess if a ...

How might one assess if a country in experiencing both growth and development? This is a matter of explaining clearly both growth and development; growth is an enhance in GDP (

Government increases the taxes on car ownership, Government increases the t...

Government increases the taxes on car ownership. Explain the possible market outcomes of such a decision.  As this is a tax paid by owners, and therefore not levied indirectly

Describe the lucas supply function, Problem 1 : (a) What are the main a...

Problem 1 : (a) What are the main assumptions behind the macroeconomic theory of New Classical Economists? (b) Describe the Lucas Supply function and explain its policy imp

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd