Suppose that a worker in Cornland can grow either 40 bushels of corn or 10 bushels of oats per year, and a worker in Oatland can grow either 5 bushels of corn or 50 bushels of oats per year. There are 20 workers in Cornland and 20 workers in Oatland. If the two countries do not trade, Cornland will produce and consume 400 bushels of corn and 100 bushels of oats, while Oatland will produce and consume 20 bushels of corn and 800 bushels of oats. If each country made the decision to specialize in producing the good in which it has a comparative advantage, then the combined yearly output of the two countries would increase by

Q: Refer to the figure and table to answer three questions. Price or Cort (dollars per bushel) 1 18 16…

A: Microeconomics refers to the branch of economics that deals with/studies the behavior of individuals…

Q: In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. If Sue…

A: Comparative advantage is the production of goods at a lower cost than others.

Q: Individuals or companies whose needs are far ahead of market trends are referred to as high…

A: Solution: Option-c will be correct i.e. Lead users Explanation: Option-c will be correct. Being far…

Q: Public products should be on the vertical axis and private goods should be on the horizontal axis of…

A: A production potential curve displays all possible output combinations that can be created with the…

Q: urgently help me plz

A: Exchange Rate: We know that The exchange rate represents how much of a currency is needed to…

Q: Give me a basic explanation/description of game theory.

A: Nash equilibrium is an idea inside game theory where the optimal outcome of a game is where there is…

Q: Suppose a low-income family that earns K750 per month consumes 8 Kgs of Hamburgers and 2 Kgs of Beef…

A: Income elasticity of demand is the responsivenesses of the quantity demanded for a good to a change…

Q: What is a likely outcome if multilateral trade and investment liberalization fails to progress?…

A: The multilateral trade and investment liberalisation is a process in which large number of countries…

Q: I need answer asap thanks

A: We know that Population has become the biggest problem in today's time. It slows down economic…

Q: The demand and supply schedules in this table list the quantity supplied and quantity demanded of…

A: Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…

Q: Consider a market with just one business and high obstacles to entry, where P = 100 - 2Q and MR =…

A: The demand curve is a graphical representation of the relationship between the price of an item or…

Q: Calculate the total cost based on: Cost fixed = $90 Cost variable = $45

A: The whole cost incurred by a business to produce a specific level of production is known as the…

Q: 12 8 4 0 0 e) 4 8 12 16 D1 20 09. A possible explanation for a change in demand from D1 to D2 is a)…

A: The demand function can be given as:  Qx = f(Px, Pz, M , t)  Where Qx : Quantity demanded for good x…

Q: If the Citrus Growers Association grows $1 million worth of oranges, sells $500,000 worth of…

A: 1) In the GDP computation all the final items and services produced within the boundary of country…

Q: 0 Question 13 England France Hours Needed to Hours Needed to Make 1 Unit of Make 1 Unit of Cheese 1…

A: Comparative advantage refers to the ability that a firm or a nation has to manufacture more of a…

Q: Discuss the three main supply-side policies that the government can use to reduce unemployment?

A: Unemployment: Unemployment implies the situation where people in a specific nation are willing,…

Q: The table below shows the annual percentage change in sales for five locations of J&J Burger. Pct.…

A: Sales in Oxnard location in 2021 is $125,864

Q: Suppose that annual income from a rental property is expected to start at​$1,100 per year and…

A: Given that; Annual income from the rental property is expected to start at $1,100 per year and…

Q: Chen's family is saving for a home renovation that they would like to pay for with cash. They would…

A: According to this question  P= $150,000 A1=10,000 i=5% per year n=15 years  We have to find the…

Q: Which of the following would most likely result in an increase in the demand for iPhones, assuming…

A: Demand curve is a downward sloping curve that shows different combinations of price and quantity…

Q: 12. In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. a.…

A: "In economics, opportunity cost in production of two products represents the number of units of one…

Q: 2. You want to purchase a car that worth $22,678 by making a down payment of $2,678 and paying the…

A: Equated Monthly Installment( EMI), is the sum that must be paid each month to the bank or other…

Q: Real GDP versus Nominal GDP?

A: When talking about GDP, it can be said that it is calculated in two ways that are real GDP and…

Q: Suppose that there are two countries, X and Y, which differ in both their rates of investment and…

A: The steady state level is reached where the per capita variables such output per capita, capital…

Q: Christopher buys a new house in 2004 for $80,000. He puts up a "For Sale" sign in 2005 and re-sells…

A: When talking about GDP, it can be said that it includes any final good or service that is generated…

Q: Consider the labour market for heath care workers, which is in equilibrium. Because of the aging…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Conner runs two kinds of rafting trips. If he spends all day on a wild whitewater rafting, he can do…

A: A savings that results from replacing the cost of manufacturing a good separately with the…

Q: 10. All of the following are part of M1 money except? A. Currency B. Demand deposits C. Other…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: . ______________ is a special field of economics which concentrates on the study of countries which…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want any…

Q: Knowledge is an example of a Select one: O a. common resource. b. private good. c. public good. d.…

A: Four different classifications of goods in economics are private goods, public goods, common…

Q: Shala Co. is making a decision about investing in new technology. It currently expects to earn Php…

A: Expected value (otherwise called EV, assumption, normal, or mean worth) is a long-run normal worth…

Q: UPVOTE WILL BE GIVEN. PLEASE WRITE THE SOLUTIONS LEGIBLY. NO LONG EXPLANATION NEEDED. A…

A: In everyday language, cost is the monetary worth of the products and services that producers and…

Q: 4. How many years would it take for an investment of $280,000 to cumulate to at least $425,000 at…

A: To find the solution to above problem we use following formula - FW = PW(1+ i)n FW = future worth…

Q: One of the important features of this model is the mechanism by which technology is transferred from…

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: GDP is not a perfect measure of social welfare and the society's economic well-being because…

A: GDP is the production of goods and services during financial year. Rise GDP does not mean that…

Q: olumn A 1. 2. 3. 4. 5. 6. 7. a tax for which the percentage of income paid in taxes increases as…

A: Tax Taxes are mandatory payments made by the government. either local, regional, or national, to…

Q: 5. A debt is said to be short-term if? A. Has a low return. B. Has more than 10 years to maturity.…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: You deposited P200,000 at BPI with an interest rate of 4% compounded semi-annually. What is the…

A: P200,000 x (1+(4%/2))11 = P269,512.20   Your money will be worth P269,512.20 after 5 years and 6…

Q: Calculate total factor productivity for both countries using Equation 3. Y = F(KL) = AK0.3 0.7…

A: From equation 3 Y=F(K,L)=AK0.3L0.7 Here A is known as total factor productivity which is equal to…

Q: depreciation and life time of the equipment? Q. 3 An amount of 8000 $ is deposited into an account…

A: The term depreciation refers to an accounting method used to allocate the cost of a tangible or…

Q: Refer to Table 13-9. What is variable cost when output equals 30 units? Select one: O a. $90.00 O b.…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: uss the concept of E

A: Economic Goods: The term economic goods are termed as simple that satisfies any individual needs or…

Q: 4. Does improvent in technologies cause higher real wages and lower unemployment rates.?

A: The unemployment rates would be the proportion of the unemployed to the total labor force times 100.…

Q: Answer the following questions based on the accompanying diagram: Price ($) 20 18 16 14 12 10 8 00 6…

A: A price change in commodity affects its demand. We can track down the elasticity of demand, or the…

Q: 8. Question 8 options: Absolute cost advantage theory was proposed by--------

A: Ans. Absolute cost advantage theory explains that a country or business produces and exports goods…

Q: Cookie Chocolate chip Peanut butter Oatmeal Sugar/shortbread Other Total Frequency 483 231 147 126…

A: The survey is taken for 1050 adults and we are given the frequency distribution for the same.

Q: 4. Sectoral shifts, frictional unemployment, and job searches The Suppose the world price of steel…

A: Frictional Unemployment is also called as search and wait unemployment. A frictionally unemployed…

Q: Assume that Smith deposits $500 in currency into her checking account in the XYZ Bank. Later that…

A: As we know A bank is a financial institution that mainly  bridges the gap between savers and…

Q: Use the following information to work Problems 1 to 3. Brazil produces ethanol from sugar, and the…

A: In microeconomics theory, the value or benefit forfeited by engaging in a specific activity in…