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Firms in Namibia can produce 160 liters of oil or 60 kilograms of tungsten. Which country has a comparative advantage in the production of tungsten?
The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. I
In addition, Coke and Pepsi plan to launch an aggressive advertising campaign designed to persuade consumers that their branded products are superior to generic soft drinks. How will these events im
Uncle Shankar offers to loan him the money at 9% simple interest. If both loans are to be paid in a lump sum in 5 years, which loan should John choose?
Explain the difference between balanced and unbalanced growth. which strategy would you recommend for india?
A cost-benefit analysis involves a comparison of potential costs and potential benefits associated with a project. How do cost-benefit studies incorporate future costs and returns? What are the pote
Suppose you are part of a research team evaluating a proposal to clean up a hazardous waste site. You are in charge of assessing the incremental benefits. What method would you choose to derive the
Assume that government purchases decrease by $10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demanded for each of the followin
The values for the long-run ATC curves of three different firms are listed in the table below.
Construct a table showing the projected amount of money in each account at the end of each of the 5 years. Which do you prefer?
The firm is considering a quantity discount. The first 400 units can be purchased at a price of $120, and further units can be purchased at a price of $80. How many units will the consumer buy in t
It is a widely held belief by non-economists that outsourcing is as valuable a strategic choice as vertical extension. Argue for or against the notion, citing examples to support your position.
A major portion of the cost of production is fixed in the short run. Should these very large fixed costs be ignored when the executives are making output and pricing decisions? Why?
The text argues that individual behavior was not at the core of Enron's problems. What were the problems with this corporation from an organizational architecture point of view?
Demonstrate the situation described in 2004 with supply and demand curves, carefully labeling any excess supply and demand for college admissions. What is the market solution to the excess demand fo
Why does the assumption of independence of risks matter in examples of insuraces? what would happen to premiunms if the probabilities of houses burning were positively correlated?
Second-price sealed-bid auction. There are 20 bidders. Each bidder i values the object at vi > 0. The indices are chosen in a way so that v1 > v2 > ... > v20 > 0. Find a Nash equilibr
If the price at which wheat can be sold is $5 per bushel and if farmers want to earn a normal profit of $10 per acre, what is the most that any farmer would pay to rent your 10 acres?
If three-fourths of Crusoe's output is consumed and the rest is invested, calculate Crusoland's GDP with both the product and the income approaches and show that they must agree exactly.
You can use monetary and fiscal policies to affect aggregate demand, but you cannot affect aggregate supply in the short run. How would you respond to: A surprise increase in investment spending.
By what % will demand change if Airbeam cuts its price by 10%? Gasoline prices are estimated to rise by 20%. Given that Airbeam wants to increase its unit sales by 5%, by what % should it change its
Sales in joint facilities are lower than sales in two separate facilities. What do these numbers imply for the decision of when to open a shared facility versus two separate facilities?
In recent decades, women have worked more hours in paid jobs and fewer hours in uppaid housework. Explain how this increase in work hours affect GDP.
How many of the variable input should the firm use to maximize profits? Please verify. Note that in order to do this you need to use costs. What are the mx profits the firm can earn if it sells the Q