About deviations of the relative prices of commodities

Assignment Help Business Economics
Reference no: EM131094402

Ricardo was concerned about deviations of the relative prices of commodities when there was a change in the wage and profit rates. Show how he illustrated these deviations. Then explain why Ricardo was not overly concerned about these deviations, and felt that the labor theory of value was still reasonable.

Reference no: EM131094402

Questions Cloud

About undertaking cancer preventing activities : A researcher has collected information from mailing 300 randomly selected individuals in the Lubbock community about their attitudes about undertaking cancer preventing activities including using sunscreen, reducing weight and tobacco usage. (a) What..
Transactions and market exchange : User charges link funds produced to particular public services- individuals pay only for the services they actually use. Why doesn't all government funding come from such free will transactions and market exchange?
Trace the development of the labor theory of value : Trace the development of the labor theory of value from Adam Smith through David Ricardo to Karl Marx. What was the major contribution of each of the three economists to the development of the labor theory of value? What were the principles problems ..
Theory on several grounds : Henry Carey sharply criticized Ricardo and Malthus’s theory on several grounds. Summarize these differences. Explain how differing conditions between the United States and Europe influenced these differences.?
About deviations of the relative prices of commodities : Ricardo was concerned about deviations of the relative prices of commodities when there was a change in the wage and profit rates. Show how he illustrated these deviations. Then explain why Ricardo was not overly concerned about these deviations, and..
Respective shares of the local hamburger market : Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 28%, 26%, 23%, 10%, 7%, 4%, and 2%. What is the four-firm concentration ratio of the hamburger industr..
Maximizes the manufacturer expected net earnings : A manufacturer must decide whether to extend credit to a retailer who would like to open an account with the firm. Past experience with new accounts indicates that 45% are high risk, 35% are moderate risk and 20% are low risk customers. Draw the deci..
Suppose prices in europe increase : Suppose prices in Europe increase. If dollar prices are constant and with no change in the nominal exchange rate, the euro has undergone a. Suppose prices are equal in Europe and the US (in dollars) at the end of 2006. In 2007, prices increase by 3% ..
What might be meant by truth in taxation law : Describe the income and substitution effects of an increase in the interest rate for a borrower. What does this imply for the effect of eliminating tax deductibility of interest payments? What might be meant by a “truth in taxation” law?

Reviews

Write a Review

Business Economics Questions & Answers

  Idea of drg-based prospective payment mechanism

Discuss the idea of DRG-based prospective payment mechanism for hospitals. Discuss the potential effects of DRG payment on quantity of services produced by the hospitals, composition of different types of services offered, incentives for adoption of ..

  Expression for average cost

Derive an expression for average cost. Derive an expression for marginal costs.

  Welfare system affect people’s incentive to save money

The welfare system provides income for people who are very poor, with low incomes and few assets. If a recipient of welfare payments decides to work and earn some money, the amount he or she receives in welfare payments is reduced. a. How does the ex..

  What the production on function and marginal output curve

Define and explain what the production on function and the marginal output curve are. Graph the production function and the marginal output curve. How are the two related? Indicate where the ranges of

  Canadian government cuts spending

The Canadian government cuts spending by $1 billion using both words & diagrams, fully explain how this will affect the Canadian economy. a.) If Canada is a closed economy. b.)If the Canada is an open economy.

  Q1 illustrate what is the marginal revenue from selling

q1. illustrate what is the marginal revenue from selling another book for the author? explain how does it compare to

  Identify the long-run determinants of exchange rates

Identify the long-run determinants of exchange rates and the short-run determinants of exchange rates. In a free market, what determines exchange rates in the long-run and the short-run?

  What can you say about elasticities

Suppose that a 20% increase in the price of gasoline causes a 5% decrease in the consumption of gasoline and a 30% drop in the sales of SUVs. What can you say about elasticities?

  Least squares method for estimating industry demand

Ordinary least- squares method or the two- satge least squares method for estimating industry demand for rutabagas.

  What is the value of this annuity five years from now

A 4-year annuity of eight $8,200 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. a) If the discount rate is 14 percent compounded monthly, what is the value of this annuity five years from now? If th..

  What is the real wage of labor

Assume that the production function is given by Y = AK0.5L0.5, where Y is GDP, K is capital stock, and L is labor. The parameter A is equal to 10. Assume also that capital is 100, labor is 400, and both capital and labor are paid for their marginal p..

  Name one pro and one con of privatizing the USPS

Privatization can be defined as "the process of returning to the private sector property or functions previously owned or performed by government". The basic idea is that there may be some services that the government is providing right now that the ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd