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Author Question: Shirley has to choose between a two-day trip and a three-day trip to Hollywood. The table below ... (Read 66 times)

CORALGRILL2014

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on: Jun 30, 2018
Shirley has to choose between a two-day trip and a three-day trip to Hollywood. The table below shows the expected benefit and cost for the different days.
 
  Using optimization in levels and optimization in differences, determine what Shirley's optimum decision should be. Does the decision differ with the techniques used? Which technique is faster to implement?
 
  Day Cost Benefit
  1 750 800
  2 900 1,000
  3 600 800

Question 2

Which of the following is true of international trade?
 
  A) International trade reduces the total surplus enjoyed by an economy.
  B) International trade benefits all participants equally.
  C) International trade in services is not allowed.
  D) International trade increases overall economic efficiency.


randomguy133

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Optimization in levels
Optimization in levels requires a comparison of the net benefit of the two-day trip and net benefit of the three-day tri

Answer to Question 2

D


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