The Dominican Republic and Nicaragua both produce coffee and rum. The Dominican Republic can produce 16,000 tons of coffee per year or 4,000 barrels of rum. Nicaragua can produce 10,000 tons of coffee per year or 2,000 barrels of rum. a. Suppose the Dominican Republic and Nicaragua sign a trade agreement in which each country would specialize in the production of either coffee or rum. Which country should specialize in producing coffee? Which country should specialize in producing rum?
b. What are the minimum and maximum prices at which these countries will trade coffee?

Which of the following statements regarding the learning curve and economies of scale is accurate? answers: just as diseconomies of scale are presumed to exist if a firm gets too large, there is a corresponding increase in costs in the learning-curve model as the cumulative volume of production grows. where diseconomies of scale are presumed to exist if a firm gets too large, there is no corresponding increase in costs in the learning-curve model as the cumulative volume of production grows. where diseconomies of scale are presumed to exist if a firm gets too small, there is no corresponding increase in costs in the learning-curve model as the cumulative volume of production grows. just as diseconomies of scale are presumed to exist if a firm gets too small, there is a corresponding increase in costs in the learning-curve model as the cumulative volume of production grows.

Which value describes the desire to be one’s own boss? a. autonomy b. status c. security d. entrepreneurship

(a) what was the opportunity cost of non-gm food for many buyers before 2008? (b) why did they prefer the alternative? (c) what was the opportunity cost in 2008? (d) why did it change?