1 An economy has two workers, Bella and Edward. Per day of work, Bella can pick 30 apples or 120 bananas, and Bill can pick 40 apples or 40 bananas. Bella and Edward each work 200 days per year. a. Bella's opportunity cost of picking one more apple is 4 bananas Edward's opportunity cost of picking one more apple is 1 banana . Edward has a comparative advantage in apple picking. ok Edward has an absolute advantage in apple picking. I t b. Assuming that only one fruit is picked in this economy, then the maximum number of each type of fruit that can be picked annually is either 14,000 apples or bananas. 1 nces c. If each worker fully specializes according to his or her comparative advantage, the maximum number of apples that can be picked annually is 8,000, and the maximum number of bananas is

Q: HAT IS INFANT-INDUSTRY PROTECTION?

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 8. Property rights and market failures Loggers are much In the presence of market failures, public…

A: At the marketplace, property rights are the government provided protection to the market firms when…

Q: Spencer manages a store that sells speakers. Each Master Blaster takes 36 hours to create the…

A: According to the question,  Spencer is the manager of a speaker store. The plastic pieces take 36…

Q: What is Perfect competition?

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: Examine the concept of collusion and investigate the differente types of collusion that exist.

A: Collusion is the act where the goup of firms follow the anti competitive behavior and instead and…

Q: The central bank decided to raise interest rates when it wanted to reduce aggregate demand to fight…

A: Introduction Central bank is the head bank of the country all the commercial bank and public sector…

Q: Fred Corp. is considering a project that has the following cash flow data. What is the project's…

A: The internal rate of return (IRR) approach is used to calculate the discount rate at which the…

Q: If Malaysia wishes to trade 10 tons of rubber with Japan in exchange for radios, what is the lowest…

A: International trade refers to the exchange or trade of goods and services between nations. The…

Q: The producer of product Z has gathered some information regarding product Z: • in 2020 the price was…

A: Given  Price of good Z in 2020 (P20) =4.95 Quantity sold in 2020 (Q20) =58,000 units Price of good…

Q: electric automobile can be purchased for $25,000. The automobile is estimated to have a life of 12…

A: Equivalent annual worth analysis is one of the most commonly used investment analysis techniques.…

Q: Lilly deposits $800 every month into an account that earns 5% annual interest where interest is…

A: We can calculate the amount at the end of 4 years semi-annually with the help of the following…

Q: Economics Q: a salesperson preparing an agreement to lease a condominium must explain to the tenant…

A: Amenities are defined as a desirable or helpful component of a building or area. It aims to give…

Q: 4. A decision at the margin Edison is a hard-working college sophomore. One Tuesday, he decides to…

A: Marginal gain the additional number of problems solved by employing an additional hour to problem…

Q: 8. (3.9) Auditing the Fed? In recent years, several members of Congress have sponsored bills that…

A: One of the most critical functions of the United States Congress is oversight. Congressional…

Q: QUESTION 25 Purchasing power parity implies that if inflation in China increases, then the nominal…

A: At the marketplace, purchasing power parity refers to the economic theory to explain the…

Q: What is the purpose of Monetary policy? Prove explanations in detail with an exampl

A: Monetary policy is used by the central bank of a country to regulate and  control the entire…

Q: Price (dollars per unit) 100 80 60 40 20 MC MR D 0 20 40 60 80 Quantity (units per week) Figure 3 a)…

A: Perfect competition: It refers to the competition under which there is a small number of firms in…

Q: Imagine that a dairy farmer is willing to provide milk to the market on the basis of the supply…

A: Supply curve shows different combinations of quantity supplied and prices. Subsidy increases…

Q: Consider a household with wealth of $62,000. If the price level decreases by 8%, this household is…

A: Aggregate demand is downward sloping showing inverse relationship between price and real output…

Q: Is the following statement true or false? Given is the graph below of the oil market. Without the…

A: Here, the given graph shows the market for oil and two situation are presented in this graph that…

Q: 8. Q8. In the basic Solow model (with no growth in population or technology), an increase in the…

A: Solow model is a model of economic growth.

Q: and also A Phillip's curve is given by = + 10% - 2u, where T₁-1 = 2%. Calculate the natural rate of…

A: In Phillip's curve equation : If at natural rate of unemployment , πt = πte Inflation equals…

Q: An interest rate of 21 percent per year, compounded every four months, is equal to what rate per…

A: Here, given information is, Interest rate (r): 21% Compunding (n): in every 4 months To find:…

Q: Part 2 : You are examining a firm that is under a perfectly competitive market. Show all necessary…

A: Introduction Perfectly competitive market is the market where lots of firm are available in the…

Q: Students, what are some of the benefits and drawbacks of using a computer in your everyday life as a…

A: Introduction Computers play an integral part of daily lives as they act as a virtual assistant to…

Q: Now assume the game is simplified into two strategies for each player. Paul plays T or B, and Stella…

A: d) Pure strategy equilibrium   To find out the pure strategy equilibrium, we use the best responses…

Q: Suppose that an economy has the Phillips curve: n = n(-1)-0.5 (u - 0.05) a. What is the natural rate…

A: The curve that shows all possible combinations of the unemployment rate and inflation rate an…

Q: Is the following statement true or false? Given is the graph below of the oil market. Without the…

A: Here, the given graph shows the before tax and after tax outcome of the market.

Q: In 1996 dairy farmers, hurt by a decade of low milk prices, began reducing their herds. Subsequently…

A: If the cost of producing increases proportionally more than the increase in revenue, then the…

Q: With regard to international borrowing, what are main differences between official channels and…

A: When the government, household, or any corporation of one country takes a loan or debt from the…

Q: Sarah likes basketball games and going to movies. Every month he has $480 to spend on the two…

A: In financial matters, a budget constraints  addresses every one of the mixes of labor and products…

Q: Explain the law of diminidhing returns whith a relevant example

A:

Q: In markets for information, which party generally has more knowledge about the value of the…

A: In the market for information, people gets information about goods and services by sellers and…

Q: Using a diagram, explain what is meant by income and substitution effect of a price change

A: A change in the price of a good has two effects namely income and substitution effect such that the…

Q: Explain why it would cost Rafael Nadal or Venus Williams more to leave the professional tennis tour…

A: A cost that occurs without the exchange of money and that is not documented for accountancy purposes…

Q: Explain why changes in consumption are unpredictable if consumers obey the permanent-income…

A: The permanent income hypothesis is an economics model that attempts to explain how consumption…

Q: In 2004–2006, for the first time Boeing produced fewer planes than Airbus. If Boeing finds itself…

A: The level of a business's profitability is one of the metrics that may be used to determine how…

Q: describe new changes to kiwisaver

A: A number of modifications to KiwiSaver will be finalized immediately by the government. KiwiSaver…

Q: If an innovation methodology is probabilistic and it yields profit equal to £10 m with probability…

A: The expected value is the summation of the product of the outcome and the probability of that…

Q: b. Supposed that your friend is an owner of a lake that grows and harvests Bangus (Milkfish). A…

A: The tragedy of the commons The tragedy of the commons is a social and economic problem where…

Q: The golden rule of profit maximization states that any firm maximizes profit by producing where:

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: Using the table below, calculate GDP for a particular year. Wages and salaries $4,000 Government…

A: Here, information about the components of income and expenditure method of income are given using…

Q: 2006 2007 ey supply 1000 1050 city 8.0 8.0 GDP 12000 12000 1 the price level for 2006 and 2007. What…

A:

Q: Consider a competitive firm that produces bots. Labor (L) and capital (K) are the only two inputs of…

A: In economics, profit maximization is the short run or long show cycle to which a firm might decide…

Q: s Demand El Su

A: The above graph can be made graphically as follows:

Q: Two individuals, A and B, have the following utility functions UA min {x¹, y^} UB min {x¹, y³} = and…

A: (a) Total x and y in the economy= xA + xB = 100 + 100 = 200yA + yB = 100 + 100 = 200   Edgeworth…

Q: Kindly answer in narrative form. Please cite your sources. Thank you so much! 1. What are the GNP…

A: Concept The gross national income per capita is calculated by dividing the midyear population by the…

Q: Denton Cheese Company (DCC) makes a unique variety of cheese they call Eagle Cheese. They sell it as…

A: Profit maximisation is the short- or long-run process through which a company determines the…

Q: Justify how dstv has been regarded as an example of monopoly with the following characteristics of…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: TRUE/FALSE. Brietly explain your answer. a) The real business cycle model is very helptul because we…

A: Monetary policy is a bunch of activities that can be embraced by a country's central bank to control…