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1. Imagine that two countries, Richland and Poorland can produce just two goods, computers and coal. Assume that for a given amount of land and capital, the output of these two products requires the following constant amounts of labour: Richland Poorland1 computer 2 4100 tonnes of coal 4 5 Assume that each country has 20 million workers. (a) Draw the production possibility curves for the two countries (on two separate diagrams). (b) What is the opportunity cost of a computer in (i) Richland; (ii) Poorland? (c) What is the opportunity cost of 100 tonnes of coal in (i) Richland; (ii) Poorland? (d) Which country has a comparative advantage in which product? (e) Assuming that price equals marginal cost, which of the following would represent possible exchange ratios? (i) 1 computer for 40 tonnes of coal; (ii) 2 computers for 140 tonnes of coal; (iii) 1 computer for 100 tonnes of coal; (iv) 1 computer for 60 tonnes of coal; (v) 4 computers for 360 tonnes of coal. (f) Assume that trade now takes place and that 1 computer exchanges for 65 tonnes of coal. Both countries specialise completely in the product in which they have a comparative advantage. How much does each country produce of its respective product? (g) The country producing computers sells 6 million domestically. How many does it export to the other country?(h) How much coal does the other country consume?
Analytical Hierarchy Process - Supplier Selection Supplier selection is a multi-criteria decision-making problem that the selection process mainly involves evaluating a number
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Question #1 A baseball team is trying to predict ticket sales for the upcoming season. They are also considering increasing prices. The market has a population of 2 million persons
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A sample of 58 mutual funds was taken and the mean return in the sample was 14% with a standard deviation of 9.3%. The return on a particular index of stocks (against which the mut
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QUESTION (a) Explain the term Balance of Payments (BOP) and how a government would intervene to correct a BOP deficit. (b) Explain the protectionist measures that a governme
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