Assume that each person produces their his/her own food as per the table below. Each person can work for 9 hours in a day. person bread cheese wine Tina 4 /hr 3 /hr 1 /hr Eric 2 /hr 2 /hr 2 /hr Emilia 3 /hr 3 /hr 1 /hr Who has the absolute advantage for each good? Who has the comparative advantage for each good?

Q: Name  and explain the two categories of persons in the labor force.

A: Naming the categories of persons in labour force :-Labour Force:- It refers when  the members of any...

Q: During a year of operation, a firm collects $450,000 in revenue and spends $100,000 on labor expense...

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Q: Fabian is Canadian. His grandfather recently required chemotherapy, but was frustrated by the long d...

A: Excess Demand: Excess demand refers to the situation where the demand for goods and services are mor...

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A: Exchange market:The Gizmovia country wants to maintain the gizmo exchange rate at $0.5, but the curr...

Q: How do you figure out opertunity cost?

A: Opportunity cost refers to the cost of the next best alternative that is foregone.

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A: Here, it is given thatPoint E is the equilibrium point where the monopolist can generate maximum pro...

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A: The answer for question 1 is the option D. The famous economist “Irvin Fisher” gave a theory depicti...

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A: Monetary policy: Monetary policy is the tool in the hands of the central bank of a country which reg...

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A: The correct option is A.

Q: how would you answer

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: Fiscal Policy- Ask FRED The accompanying graph depicts the unemployment insurance benefits paid by t...

A: Fiscal policy:From the given graph, the year spend more GDP on unemployment insurance is

Q: Suppose The Fed lowers the reserve ratio requirement for banks to increase the money supply in an ec...

A: The correct answer is C.

Q: The country of Freeland has an aggregate demand curve determined by the equation Freeland also has a...

A: The quantity theory of money:The quantity theory of money equation can be written as follows:

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A: Hi, This question is too complex to be answered on this platform. I will, however, solve Hicksian De...

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A: Prisoner's Dilemma is defined as a basic framework which lets the firms and the competitors to strik...

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A: Aggregate demand (AD): Aggregate demand broadly refers to the total demand for goods and services in...

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A: Click to see the answer

Q: The accompanying graph represents a hypothetica natural Natural Monopoly monopoly 10 a. Place point ...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

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A: Utility:The utility is the power or ability of the goods and services that satisfy the consumers wan...

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A: Step 1The bank is a financial institution that focuses on accepting the deposit and making progress ...

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A: Here, we see that every year, there is a decrease of $500 in the installments.

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A: The first step is to compute the total present value of cashflows for 10 years which is decreasing e...

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A: GDP (Gross Domestic Product) of a country is the final value of all goods and services produced/ sol...

Q: 1. Quantitative tightening occurs when the A) Fed sells long-term securities. B) Fed buys long-term ...

A: Click to see the answer

Q: Monopoly HW B MC 16 14 - 12 - 10 ATC AUC 8 = 6 c 4 2 10 20 30 40 S0 60 70 80 90 100 1о 120 ldentify ...

A: In the aforementioned diagram, the downward sloping demand curve (D) and the marginal revenue (MR) c...

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A: Given the value of X (households) = 1, 2, 3, 4, and 5.Probability of occurrence Px = 0.33, 0.29, 0.2...

Q: Inflation is defined as a sustained increase in the price level.   is this true or false?

A: Inflation:The sustained rise in the general price level of a basket goods and services for the susta...

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A: Click to see the answer

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A: 1. In the aforementioned diagram, the downward sloping demand curve (D) and the marginal revenue (MR...

Q: The Federal Reserve has direct control over A) the monetary base. B) M1. C) M2. D) checkable deposit...

A: The correct option is A.

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A: Free rider prolem arises due to high consumption of a good or services.  It is condition when any pe...

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A: Case 1Equilibrium is a state of balance from where neither the buyer nor the seller wants to deviate...

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A: Paradox of Value:The paradox of value refers to the condition where the price of an essential commod...

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A: MRS of x for y is given by the following formula:

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A: Globalization is the phenomenon that describes inter-connectivity of countries connecting them in va...

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A: The Opportunity cost of alternative is the benefits that has to forego which are available to us fro...

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A: The total stock of currency and liquid form of instruments circulating in a nation at a particular p...

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A: Since you have not mentioned the question you need help with, we would be able to answer the first q...

Q: Low interest rates means low inflation which means depreciated currency. This stimulates businessmen...

A: Firstly, we need to understand the interest rate mechanism. When there is low inflation, it will be ...

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A: The shift in Aggregate supply to the right means the increase in Supply in the economy.This is due t...

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A: Use equilibrium condition to solve for x and y in terms of prices Px and Py. 

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A: We have been given the price and quantity schedule as follows:

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A: The isocost line can be written as follows:

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A: First, let us define certain concepts related to the unemployment rate.Labor force: In an economy, l...

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A: In the past three decades China has revolutionized global manufacturing. There is considerable poten...

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A: From the firm’s perspective, price cap regulation is never preferred to other methods of regulation ...

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A: Federal Reserve system:Federal Reserve system or Fed is a central bank of the United States which ma...

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A: We are given the demand and supply of cigarettes as follows:QD = 12 − PQS = 2P Demand: Demand of a g...

Q: What is the value of the monetary base, given that the value of deposits at all depository instituti...

A:  Monetary base:Monetary base can be calculated as follows: