Britain and France are countries in a Ricardian trade model. Each country produces wine and bread. Unit labour requirement for wine in Britain, in hours: azw = 12 Unit labour requirement for bread in Britain, in hours: aLB = 3 Unit labour requirement for wine in France, in hours: alw = 2 Unit labour requirement for bread in France, in hours: aÏB = 1 Britain and France both have 600 hours of labour available.

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Distance to city edge (miles) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Housing Developer's Bid Rent ($/acre) $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 $0 $0 $0 $0 Farmer's Bid Rent Curve ($/acre) $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 The maximum amount that housing developers and farmers are willing to pay for land is depicted in the table above: 1. How far from the CBD will developers be willing to build houses? 2. If the market price of a harvest increases by $100,00 but farmer costs remain the same, what will happen to the edge of the city over the long run?

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K L Q MPL APL (Q/L) VML (MPL*P) FC VC (L*150) TC 5 0 0 0 0         5 1 50 50 50 50 25 150 175 5 2 125 75 62.5 150 25 300 325 5 3 225 100 75 200 25 450 475 5 4 375 150 93.7 300 25 600 625 5 5 450 75 90 150 25 750 775 5 6 450 0 75 0 25 900 925 5 7 400 -50 57.14 -100 25 1050 1075 5 8 425 -75 53.12 -150 25 1200 1225 5 9 450 -25 50 -50 25 1350 1375 5 10 500 -50 50 -100 25 1500 1525 5 11 525 25 47.7 50 25 1650 1675   Define firm’s fixed costs. Next, what is Firm’s FC in the Table above. Why?

30- 25- 20- 15- 10- ç Price and cost (dollars per ride) -N 3 Quantity (rides per hour) -10 MC

1-28 A farmer must decide what combination of seed, water, fertilizer, and pest control will be most prof- itable for the coming year. The local agricultural college did a study of this farmer's situation and prepared the following table. Plan Cost/acre Income/acre A $ 600 $ 800 В 1500 1900 C 1800 2250 D 2100 2500 (e) Select the criterion for determining the best alter- native. (f) Construct a model. (g) Predict each alternative's outcomes or conse- quences. (h) Choose the best alternative. (i) Audit the result.

Consider the market for running shoes. Draw a firm's average total cost curve with no advertising. Label it ATCO Draw the firm's average total cost curve with advertising. Label it ATC₁. If the firm successfully advertises, the quantity produced increases such that OA. total cost increases and average total cost increases OB. total cost decreases and average total cost increases C. total cost increases and average total cost decreases OD. total fixed cost decreases Click the graph, choose a tool in the palette and follow the instructions to create you