1. Suppose that there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of producing 1 bushel of corn is 3 bushels of wheat. Present production is: | |Iowa |Nebraska | |Wheat |20 million bushels |120 million bushels | |Corn |120 million bushels |20 million bushels | a. Explain how, with trade, Nebraska can wind up …show more content…
And Nebraska would produce 180m of wheat Part B: Trader would gain 40m bushels of wheat and 40m bushels of Corn extra. Answer 2 Given data: Number of Carpets Q=112,000-500P+5M Q= number of carpets P= price of carpets (dollar per unit M= consumers income per capita; expected value=$20,000 PART 1: Solving Q=112,000-500P+5*20000 Q=112000-500P+1000000 Q=2120000-500P --- 500P=212000-Q P=4240-Q/500 To get TR we multiply P by Q P*Q=4240 Q –Q^2 /500 MR=d(TR)/dQ MR=4240 – 2Q\500 MR =4240 –
The economy of Brazil is in the top ten largest economies along with the United States. It is the biggest in Latin America. Actually it is the seventh largest in the world. Brazil has used its newly found economic mechanism to syndicate its outcome in South America and show more of a role in the Global Businesses. The Obama Administration’s National Security Strategy recognizes Brazil as a developing center of effect, and greets the management of the country’s joint and global issues. The United States and Brazil associations mostly have been good in the recent years. But Brazil has other strengthening relations with neighboring countries and expanding ties with nontraditional partners in the South that’s developing.
Answer the next question on the basis of the following production possibilities tables for countries Alpha and Beta:
Your paper should be between 1750 and 2500 words, in APA format and structured as follows:
Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.
1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points)
-Mohair farmers have earned a subsidy from the federal government for decades because the mohair farmers can get large payments from the government without taxpayers ever really noticing because the farmers who get the subsidy care a lot about it, while the rest of us taxpayers (paying mere pennies extra in taxes) do not really care. And, “any politician with a preference for job security can calculate that a vote for the mohair subsidy will earn the strong support of the mohair farmers while costing nothing among other voters” (Wheelan 177).
The current economy has hurt many retail businesses. Every month another retail giant closes its doors. Retail stores which we never would have imagined have gone bankrupt. Retail sales have declined greatly. Major cause of this declination is because many people are unemployed and cannot afford to purchase anything. Retailers are forced to discount prices to increase sales, but discounting still hurts margins. Retailers are assuming a very
where P represents a reduction of one unit of pollution in the mines. It also feels that for every unit of pollution reduction the marginal increase in revenue (MR) is
A lot has changed over the past year in The United States (U.S.), the US has a new President, the Republican party leads with most seats in Congress, and the U.S. Economy is on the rise. The first two factors have a hand in how well the economy is doing. With a new president in office, there have been some recent changes to policies and government regulations. Currently, a new tax reform is being proposed for the 2017 tax year, which looks to cut 1.5 trillion dollars towards business and individuals (Rappeport & Kaplan, 2017). The tax break for individuals and businesses will influence the U.S. economy in one form or another. In the following pages the current state of the economy will be discussed, explore an environmental scan of today’s
What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?
This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.
Evaluate each of the following changes in supply and/or demand. How will each affect equilibrium price and quantity in a competitive market? Will price and quantity rise, fall, or be unchanged? Based on shifts, will the answers be indeterminate?
B1. Question # 1 of Ch 2 (8th ed. of the textbook) Canada and Australia are (mainly) English-speaking countries with populations that are not too different in size (Canada’s is 60 percent larger). But Canadian trade is twice as large, relative to GDP, as Australia’s. Why should this be the case? We saw that not only is GDP important in explaining how much two countries trade, but also, distance is crucial. Given its remoteness, Australia faces relatively high costs of transporting imports and exports, thereby reducing the attractiveness
Mr. Carney, the former Canadian central bank governor who moved to the Bank of England in July, said in a speech last month that the outlook for British growth had “improved considerably in recent months” but that the prospects over the next three years were “solid, not stellar.” The pace of recovery is widely expected to slow at the beginning of next year.