Country Denali Congaree Suppose that initially Denali uses 1 million hours of labor per day to produce shorts and 3 million hours per day to produce almonds, while Congaree. uses 3 million hours of labor per day to produce shorts and 1 million hours per day to produce almonds. As a result, Denali produces 6 million pairs of shorts and 36 million pounds of almonds, and Congaree produces 12 million pairs of shorts and 16 million pounds of almonds. Assume there are no other countries willing to engage in trade, so, in the absence of trade between these two countries, each country consumes the amount of shorts and almonds it produces. Denali's opportunity cost of producing 1 pair of shorts is of almonds. Therefore, comparative advantage in the production of almonds. Shorts (Pairs per hour of labor) 6 4 Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces shorts will produce million pairs per day, and the country that produces almonds will produce million pounds per day. In the following table, enter each country's production decision on the third row of the table (marked "Production"). Suppose the country that produces shorts trades 14 million pairs of shorts to the other country in exchange for 42 million pounds of almonds. In the following table, select the amount of each good that each country exports and imports in the boxes across the row marked "Trade Action," and enter each country's final consumption of each good on the line marked "Consumption." Without Trade Almonds (Pounds per hour of labor) When the two countries did not specialize, the total production of shorts was 18 million pairs per day, and the total production of almonds was 52. million pounds per day. Because of specialization, the total production of shorts has increased by million pairs per day, and the total production of almonds has increased by million pounds per day. Production Consumption Because the two countries produce more shorts and more almonds under specialization, each country is able to gain from trade. With Trade Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Production 12 16 Trade action of almonds, and Congaree's opportunity cost of producing 1 pair of shorts is has a comparative advantage in the production of shorts, and has a Consumption Gains from Trade Increase in Consumption 6 6 000 Denali Almonds Shorts Shorts Almonds (Millions of pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 36 36 000 12 Congaree 12 16 16

) A newspaper article mentions that two of South Korea’s largest semiconductor manufacturers, - Samsung Electronics Company and Hynix Semiconductor - would suspend all their memory chip production for some time. The article goes on to say that another large semiconductor manufacturer was likely to follow suit. Collectively, these chip manufacturers produce about 30 percent of the world’s basic semiconductor chips. Based on this information, how is the market for computers altered? Explain in detail.

The graph shows the market for cashews. What is the equilibrium price of cashews? What is the equilibrium quantity of cashews? Is the market for cashews efficient or inefficient? Why? CIER The equilibrium price of cashews is $ a pound and the equilibrium quantity of cashews is pounds. The market for cashews is O A. inefficient only if the cost of growing all the cashews is an average of $6.00 a pound OB. efficient because the marginal benefit of cashews equals the marginal cost of producing them, which is $6.00 a pound OC. inefficient because growers of cashews receive a large producer surplus O D. efficient because the benefit of each pound of cashews consumed equals the cost of growing it OE. efficient only if the total benefit of the cashews equals $6.00 a pound billion A 12.00- 10.00- 8.00- 6.00+ 4.00- 2.00- 0.00+ 0 Price (dollars per pound) S 3 9 12 6 Quantity (billions of pounds per year) D 15 Q Q

1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Households purchase in markets for factors of production. Suppose Megan earns $575 per week working as a flight attendant for Flyaway Airlines, She uses $9 to order a mojito cocktail at Little Havana. Little

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What examples do you have of the substitution and income effects? Why is the downward slope of the demand curve explained by the substitution and income effects?

draw a budget line for a person who works 2000 hours a year today at 16$ per hour and expects to work 2000 hours in the future at the same wage. then show the effect on the graph if he increases his hourly wage to 50$an hour

Angela has been working at a real wage rate of $25 per hour. Illustrate in a diagram how Bruno’s decision to use more robots could affect Angela’s future levels of• real wage,• utility,• free time, and• consumption.Your diagram should have Angela’s daily free time on the horizontal axis and her daily consumption on the vertical axis. Briefly explain your diagram within 70 words

Casey earns $150 a week and consumes only fish and shrimp. The price of fish is $3 a pound and the price of a shrimp is $5 a pound. Casey can buy a maximum of ____________ pounds of fish or a maximum of ___________ pounds of shrimp. a. 30; 50 b. 15; 30 c. 30; 15 d. 50; 30

At Yennefer's current production level, a extra bunch of herbs adds 19 extra spells. Each bunch ofherbs costs $54. What is Yennefer's Marginal Cost of an extra spell?