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Question: l simple lte 942 am mailasaedu 10 albert betty christine...

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l Simple LTE 9:42 AM mail.asa.edu 10-. Albert, Betty, Christine and David are all very good students. When they hold their study sessions, they often discuss very difficult concepts in great detail. Christines roommate, Elizabeth, who takes completely different classes, still learns from the discussions of the others. This is the case of a(n) which benefits thind 11-Consider the following table for the neighboring nations of North East and West Coast. The table lists maximum feasible hourly rates of production of pastries if no sandwiches are produced and maximum feasible hourly rates of production of sandwiches if no pastries are produced. Assume that the opportunity costs of producing these goods are constant in both nations Product Coast Pastries (per hour) Sandwiches (per hour) North East West 50,000 100,000 25,000 200,000 a. What is the opportunity cost of producing pastries in North East? Of producing sandwiches in North East? b. What is the opportunity cost of producing pastries in West Coast? Of producing sandwiches in West Coast? c. Which nation has a comparative advantage in producing pastries? Which nation has a comparative advantage in producing sandwiches? 12-Does the phrase unlimited wants and limited resources apply to both a low-income household and a middle-income household? Can the same phrase be applied to a very high-income household? Briefly discuss.
Simple LTE 9:42 AM mail.asa.edu 13-At a price of $25,000, producers of midsized automobiles are willing to manufacture and sell 75,000 cars per month. At a price of S35,000, they are willing to produce and sell 125,000 a month. Using the same type of calculation method used to compute the price elasticity of demand, what is the price elasticity of supply? Is supply elastic, unit-elastic, or inelastic? Exhibit 3 10 Corn Corn 24 30 14-In Exhibit 3, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Nabia the cost of ing one more unit of wheat is equal to: a.4 units of corn. 4 units of wheat 1/4 unit of corn. 15 units of corn. 60 units of corn. e. 15-In Exhibit 3, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Nabia the cost of cing one more unit of corn 1S a. 4 units of wheat b. units of corr to: 1/4 unit of wheat 15 units of wheat 60 units of wheat e. 16- In Exhibit 3, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Pada the cost of cing one more unit of corn is equal to a. 3 units of wheat b. 3 units of corn 1/3 unit of wheat 15 units of wheat e. 30 units of wheat
Simple LTE 9:42 AM mail.asa.edu 17-In Exhibit 3, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Pada the cost of cing one more unit of wheat is equal to: a. 3 units of corn 1/3 unit of corn 1/3 unit of wheat 15 units of corn. 30 units of corn c. 18-In Exhibit 3, the production possibilities curves of wheat and corn for Nabia and Pada are presented. If these two nations trade, Nabia sho uld specialize in the production of: a. corn b. corn and wheat c. nether product since Pada has the comparative advantage in the productio n of both d.neither product since Pada has the absolute advantage in the n of both e. wheat. Exhibit 4. The diagram below displays short-run cost curves for a facility that produces liquid crystal display (LCD) screens for cell phones: Otput pucD soreens per day
l Simple LTE 9:42 AM a mail.asa.edu edcing C screens? b-What are the total variable costs of producing 100 LCD screens per day? e What are the total costs of producing 100 LCD screns per day? d-What is the marginal cost of producing 100 LCD screens instead of 99 (Hnt: To answer this question, you must first determine the total costs or, alternatively, the total variable costs - of producing 99 LCD screens.) 20- A basic problem with the infant-industry argument is that: 21 Which of the following is a statement of sitive economics? Exhibit 5, Long run Average Cost 50 Costs 40 per 30 sclurs 20 500 1.000 1500 2.000 Quantity o output
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