Economics Help - 1321 Words

1. Suppose that there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of corn. For Nebraska the opportunity cost of producing 1 bushel of corn is 3 bushels of wheat. Present production is: | |Iowa |Nebraska | |Wheat |20 million bushels |120 million bushels | |Corn |120 million bushels |20 million bushels | a. Explain how, with trade, Nebraska can wind up†¦show more content†¦And Nebraska would produce 180m of wheat Part B: Trader would gain 40m bushels of wheat and 40m bushels of Corn extra. Answer 2 Given data: Number of Carpets Q=112,000-500P+5M Q= number of carpets P= price of carpets (dollar per unit M= consumers income per capita; expected value=$20,000 PART 1: Solving Q=112,000-500P+5*20000 Q=112000-500P+1000000 Q=2120000-500P --- 500P=212000-Q P=4240-Q/500 To get TR we multiply P by Q P*Q=4240 Q –Q^2 /500 MR=d(TR)/dQ MR=4240 – 2Q\500 MR =4240 –Show MoreRelatedHow Can Bigger Industries Help Improve The Local Economic Climate?1667 Words   |  7 Pagesservice sectors. El Paso has talent and that talent is leaving due to the lack of economic growth. They follow bigger industries in other cities and leave the borderland behind. College graduates in El Paso are unemployed for a long period of time, and decide to look for better opportunities in other successful cities. A few questions we need to ask ourselves are: How can bigger industries help improve the local economic climate, and what are the benefits? 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