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what is command economy? and give discussion on command economy advantages and disadvantages ?
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- Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.Hi! This is for our Microeconomics course. We are tasked to solve the following items. Please help me.How do constraints affect decision making?
- Describe the Benefit-Cost Ratio Calculation?QUESTION 1 Stella and Milo run an organic farm. The table below provides some information regarding how much they can accomplish in 1 day. The table indicates how much each farmer can accomplich by working the entire day exclusively on milking cows or on harvesting corn (but not both). Each farmer can work a fraction of the day on either task, in which case they accomplish a fraction of what they could do if they worked exclusively on one task only. For example, if Sella spent 20% of the day milking cows and 80% of the day havesting corn, she would milk (1/5) x 250 = 50 cows and harvest (4/5) x 10 = 8 acres of corn. Milks Cows (per day) 250 150 B. Harvest Acres of Corn (per day) 10 15 Stella Milo A. Stella's opportunity cost of harvesting one acre of corn is milked. COWS has the comparative advantage in milking cows and has the comparative advantage in harvesting corn. C. Assume the farmers needed to harvest 8 acres of corn on a particular day. They could milk, at most cows that same…What is relationships between general competitive equilibrium, pareto efficiency and equity in an economy ?