Economics Answers

reason why developing economies and developed economies are converging on the basis gdp ? Explain within 100 words

Why in closed economy investment=saving? Explain in 100 words

) Mary takes 4 minutes to make a sandwich and 6 minutes to mix a cocktail. Her sister Ash takes 4 minutes to make a sandwich and 4 minutes to mix a cocktail. Calculate each sister's opportunity cost. Which of the two sisters has an absolute advantage in making sandwiches? In mixing cocktails? Which of the two has a comparative advantage in making sandwiches? In mixing cocktails?

Q. 3
Prevailing market price is 4 USD. Firm's total cost and output is given in the following:

Output = 0, 10, 20, 30, 40, 50, 60, 65, 70, 75, 80, 85, 90

Total cost = 65, 100, 130, 150, 160, 170, 185, 196, 210, 227, 250, 290, 360

A. Determine the output and dollar amount at which the firm maximizes total profits?
B. At what levels of output does the firm break even? (Plot the curves and show graphically with help of total and marginal analysis).
C. Determine the output and dollar amount at which the firm maximizes average profits?

why would workers and retirees want to have their wages and benefits indexed to the CPI

why would workers and retirees want to have their wages and benefits indexed to the CPI

You have $10 to spend on a snack and decide to go to Taco Bell. Putting your newly acquired economics knowledge to use, you have developed the following table to assist with your purchase decision:

Double Decker Tacos
(P = $1) Chicken Burrito Supremes
(P = $2)
Q TU MU MU/P Q TU MU MU/P
0 0 0 0
1 20 1 28
2 34 2 46
3 44 3 54
4 48 4 56
5 48 5 56
6 42 6 52

(a) Fill in the missing values in the table above.
(b) If you bought 6 tacos and 2 burritos are you maximizing your utility? Explain.
(c) If your answer to part ‘b’ is ‘no’, what combination of tacos and burritos would maximize your utility? What is your maximum total utility?

All of the following, except one, would result in lower average cost. Which is the exception? A. An increase in output if the firm was operating below its capacity output. B. Building a larger plant if the firm was experiencing increasing returns to scale. C. Down-sizing the scale of operations if the firm was experiencing diseconomies of scale. D. Down-sizing the scale of operations if the firm was experiencing constant returns to scale.

According to the production method the GDP is calculating like:

Continue to assume that x = 5/4, but the market for long-distance telephone service remains perfectly competitive following the merger. For what values of s will the DOJ approve this merger