Homework Answers
Demand for Apple pickers will shift to the right. this is because demand for labour is derived from the market for the product it produces. Increase in price will increase value of the marginal product of labour and therefore increase the demand for labour
The opportunity cost of producing one mixer by Maya is 8/5 or 1.6 toasters and the same by Miguel is 4/2 or 2 toasters. Since the opportunity cost of one mixture is less for Maya, Maya has comparative advantage in the production of mixers. Consequently Miguel has comparative advantage in the production of toaster. Select first option
It is Allison because she has the maximum consumer surplus initially.
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Figure 18-9 Wage Quantity of Labor (of apple pickers) Refer to Figure 18-9. If the price...
For each of three potential buyers of oranges, the table displays the willingness to pay for...
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. First Orange Second Orange Third Orange Allison $2.00 $1.50 $0.75 Bob $1.50 $1.00 $0.60 Charisse $0.75 $0.25 $0 Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of...
Table 7-5 For each of three potential buyers of oranges, the table displays the willingness to...
Table 7-5 For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges. First Orange Orange Second Third Orange Allison $2.00 $1.50 |$0.75 Bob $1.50 51.00 $0.60 Charisse $0.75 $0.25 Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of oranges demanded per day is 5. Figure 8-3...
Suppose the cost of flying a 200-seat plane for an airline is $100,000 and there are...
Suppose the cost of flying a 200-seat plane for an airline is $100,000 and there are 10 empty seats on a flight. If the marginal cost of flying a passenger is $200 and a standby passenger is willing to pay $300, the airline should a. sell the ticket because the marginal benefit exceeds the marginal cost. D. not sell the ticket because the marginal benefit is less than the marginal cost c.not sell the ticket because the marginal benefit is...
Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer...
Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer to the above diagram. If the price of a taxi ride increases from $6 to $8, producer surplus for this taxi driver will (rise, fall) by Include the $ sign and separate your two answers only with a comma and no space. For example, if your answer is" fall by $60.50, show this as fall,$60.50. If your answer is Eighty dollars, show this as...
24. Refer to Table 3-2. Suppose that both countries fully specialize in the good in which...
24.
Refer to Table 3-2.
Suppose that both countries fully specialize in the good in
which they have a
comparative advantage. Both countries have 1,000 hours of labor
to devote to production. What is an
example of a mutually beneficial trade?
a.
Spain gives 50 bottles of olives to Italy in exchange for 50
bottles of wine.
b.
Spain gives 50 bottles of olives to Italy in exchange for 150
bottles of wine.
c.
Spain gives 50 bottles of wine...
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple...
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple Choice O + 0 ab 0 a+c < Prev 39 of 50 !! Next > Product Minimum Actual Price Acceptable (Equilibrium Price Price) $6 $13 13 Refer to the provided table. If the equilibrium price increases, then the Multiple Choice C ) producer surplus will increase o O allocative efficiency will increase o producer surplus will decrease < Prev 38 of 50 !! Next...
A country's consumption possibilities frontier can be outside its production possibilities frontier if a
1. A country's consumption possibilities frontier can be outside its production possibilities frontier if a. the country engages in trade. b. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries. c. the country’s technology is superior to the technologies of other countries.d. All of the above are correct. 2. A production possibilities frontier will be a straight line if a. increasing the production of one good by x...
6) in the U.S., which is not a specific stated goal of Government policies?: a) price...
6) in the U.S., which is not a specific stated goal of Government policies?: a) price stability b) full employment c) growth d) social well-being (welfare, or "happiness") 7) The unemployment rate is defined as: a) civilian labor force/civilian non-institutional population b) unemployed/civilian labor force 0) discouraged workers/civilian labor force d) none of the above , 8) The term "final goods" refers to: a) raw materials b) goods whose value has been adjusted for changes in the price level c)...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between...
Chapter overview 1. Reasons for international trade Resources reasons Economic reasons Other reasons 2. Difference between international trade and domestic trade More complex context More difficult and risky Higher management skills required 3. Basic concept s relating to international trade Visible trade & invisible trade Favorable trade & unfavorable trade General trade system & special trade system Volume of international trade & quantum of international trade Commodity composition of international trade Geographical composition of international trade Degree / ratio of...
Table 7-5 For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges. First Orange Orange Second Third Orange Allison $2.00 $1.50 |$0.75 Bob $1.50 51.00 $0.60 Charisse $0.75 $0.25 Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of oranges demanded per day is 5. Figure 8-3...
Suppose the cost of flying a 200-seat plane for an airline is $100,000 and there are 10 empty seats on a flight. If the marginal cost of flying a passenger is $200 and a standby passenger is willing to pay $300, the airline should a. sell the ticket because the marginal benefit exceeds the marginal cost. D. not sell the ticket because the marginal benefit is less than the marginal cost c.not sell the ticket because the marginal benefit is...
Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer to the above diagram. If the price of a taxi ride increases from $6 to $8, producer surplus for this taxi driver will (rise, fall) by Include the $ sign and separate your two answers only with a comma and no space. For example, if your answer is" fall by $60.50, show this as fall,$60.50. If your answer is Eighty dollars, show this as...
24.
Refer to Table 3-2.
Suppose that both countries fully specialize in the good in
which they have a
comparative advantage. Both countries have 1,000 hours of labor
to devote to production. What is an
example of a mutually beneficial trade?
a.
Spain gives 50 bottles of olives to Italy in exchange for 50
bottles of wine.
b.
Spain gives 50 bottles of olives to Italy in exchange for 150
bottles of wine.
c.
Spain gives 50 bottles of wine...
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple Choice O + 0 ab 0 a+c < Prev 39 of 50 !! Next > Product Minimum Actual Price Acceptable (Equilibrium Price Price) $6 $13 13 Refer to the provided table. If the equilibrium price increases, then the Multiple Choice C ) producer surplus will increase o O allocative efficiency will increase o producer surplus will decrease < Prev 38 of 50 !! Next...
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