What is the value of the maximum gains from trade? Hint: enter your answer without a $ sign Example: if the answer is $5000, enter 5000 P $750 600- 450- 375- 300 225 150 75 12 24 FIRE PITS 36 F 42 48 60 84 S Q

1 Optimizing Production Efficiency: A Study on Production Possibility Frontier

Countries trade goods just like the food trucks do in the simulation. Did the food trucks benefit from specialization and trade? How can the United States benefit from specialization and trade? Provide examples from the textbook. Research and share a current news article on international trade that supports the argument economists make in favor of free trade agreements (FTAs). In what ways is the article supportive of FTAs?

a. the increase in profit when output is reduced from 8 to 7 units of output. b. the profit that could be made if output increases from 7 to 8 units of output. c. the deadweight loss associated with the power of the price taking firm. d. the amount of profit when 8 units of output are produced.

Question 3 to the cost of producing the (x + 1)st item? a Can you think of a cost function, so that the marginal cost at any r is exactly equal If yes, describe as many such functions as possible. If not, show why such a function cannot exist. Type here to search 7:00 PM ENG 4/27/2021 Esc Lock F1 F2 F6 F3 F4 F5 F7 Home End Delete F8 F9 F10 F11 F12 Insert %23 $4 & * 7. 4 5 6 Backspace 80 W E R T Y U S D F G H J K L B N M Alt Alt PrtSc Ctrl PgUp

Timmy and Tommy both work at Nook's Cranny, a general store, where they spend all of their time doing one of two tasks: developing crafting projects and placing orders. The graph below shows their production possibilities frontiers for a day of work. Assume they operate efficiently all the time. Use this information for the following 2 problems. Coding Pr IN M 35 HP 13 42 11 30 9 2 T S 012345 1. (General Ideas) Their boss, Mr. Nook, has asked them to create exactly 9 Crafting Projects. Assuming Timmy and Tommy work together, how many Order Placements will get done? a. 11 b. 14 c. 17 d. 20 78 9 10 11 12 13 14 15 16 17 18 19 21 Onder Placement 2. (General Ideas) Tommy learned a new computer operating system, and can now do more Order Placements than he could before. Everything else stays the same. What is the minimum number of achievable Order Placements that would cause a change in Tommy's comparative advantage? a. 12 b. 14 c. 16 d. 18

$$$$$ Financial Planning Life Cycle O Production Dependency 10 20 Borrow Invest Save Steal 30 40 Peak Earning Years 50 Post-Production Consumption Stream Income Stream Suppose a 20 year old wants to take advantage of the high point in the blue line at age 50, how could she do this? 60 70 80 Age