(More difficult) Assume our standard model. Both Meb and Des have 5 hours. In an hour, Meb can knit 4 scarves or 3 hats. In an hour, Des can knit 5 scarves or 5 hats. If they are efficiently producing 30 scarves, how many hats are they making?
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- In IS-MP model what variable is on horizontal axis? If IS-MP have different variable on horizontal axis how can we put these two curves into one diagram?There was once a tree on the Campus of Benedict College that students labeled the “Dummy Tree.” This was done because students that were often seen under the tree were considered to be wasting their very valuable time. Therefore, this tree was attributed with contributing to the bad grades of those students that were constantly under the tree. Let’s say that a student spent 4 hours a week under the tree and was supposed to spend 15 hours a week in class. Further suppose that this particular student made some new friends through out the semester that are bad influences. They were able to convince him to hang out longer under the tree. So now he is under the tree 7 hours a week. What happened to his class time? Show a production possibilities model that may have demonstrated this student’s behavior. Do not forget to include opportunity costs in your analysis.Write three econometric models capturing 1) overall; 2) within; and 3) between variation
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- Sketch a graph to illustarte your idea of each of the following relationships. Be sure to label both axes appropriatley. In each case explain uder what circumstances, if any, the curve should shift. 1. The amount of fertilizer added to an acre of land and the amount of corn grown on that land in one growing season 2. An automobile's horspower and it's gasoline mileage (in miles per gallon)Explain the difference(s) between an economic and an econometric model . Write down examples for each model by using the variables that is decided for your project .G, 5 Subject - economics
- Review the logic of spuriousness. Can you think up an example where an observed relationship between two variables could actually be explained away by a third variable?Heckscher-Ohlin Theorem: Suppose Azerbaijan and Georgia produce meat and potatoes. Azerbaijan is capital-abundant than Georgia (Scarce factor in Azerbaijan is land, and in Georgia it is capital). Suppose meat production is relatively more capital-intensive. When the two countries will open up borders and start trading with one another, please indicate in the boxes below, what is likely to happen to the variables after the trade Write + the variable increases; - if the variable decreases; 0 if the variable does not change; A if the direction of change is unknown. VARIABLES AZERBAIJAN GEORGIA The relative price of meat (Pm/Pp) Output of meat Output of potatoes Exports of meat Exports of Potatoes Imports of meat Imports of Potatoes Income of landowners in Azerbaijan Income of capital owners in Georgia WagesGive only typing answer with explanation and conclusion Two friends are competing to see who can see the most Christmas lights in the month of December. Kenneth visits 3 festive houses per night. Ben visits 4 houses per night. How many total houses will they have seen in the 31 days of December?