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Suppose there are only two countries, Nookshire and the Anniston. There are only two products, ale and swords. Both countries produce these products. Production of both products requires the factors capital and labor as inputs. In both countries, it takes two units of labor and one unit of capital to produce a keg of ale. In both countries, it takes one unit of labor and five units of capital to produce a sword. The Nookshire has twenty units of capital and forty units of labor. Anniston has forty units of capital and fifty units of labor. According to the Heckscher-Ohlin theory, which product does the Nookshire export, and which product does Anniston export. Why?
Elucidate what percentage of the variation in salary is explained by this model. Describe the point estimate of salary for a teacher with 20 years of experience.
Toby is indifferent between the bundles (9, 3) and (5, 5). When Toby is at (9, 3), he would be willing to give up one unit of y if he were to receive two units of x. If Toby is at (5, 5), he would be willing to give up four units of x if he were to r..
Other things being equal, the markup above marginal cost that a monopolist charges will be:
For a normal good, the income and substitution effects
Why does a union electrician earn less than a non-union electrician? Why does a white male earn more than a white female with the same level of education?
Consider a 2 player stag hunt in which a Stag is worth 6 jollies to each player and a Hare is worth 1 jolly to any player catching one. What is the mixed strategy Nash equilibrium in this game?
In early 1998, S3 was a small microchip-design firm with a big problem. The company knew that Intel’s patent wall would eventually stall its high-performance graphic-microchip business. S3 hatched a plan to fix the problem. What is the implication fo..
q1. the standard of living for the poorest third of the world is falling behind the standard for the rest of the world
Recall the formula that states that $V = 1/P, where V is the value of the dollar and P is the price level. If the price level falls from 1 to 0.75, what will happen to the value of the dollar?
U.S. is currently suffering from underemployment and excessive current account deficit. What measures can U.S. take to move away from its present situation towards internal and external balance? Consider rules of Bretton Woods and policy tools.
Assume that the resource and output markets are both competitive, and that it is possible to hire fractional units of the resource. Explain how many units of the resource will a profit-maximizing firm hire.
Demand Pull Inflation: Suppose that the central bank wants to increase output, but the economy is already at the natural rate. Show the short and long run effects of a monetary expansion in this situation in the AD/AS model. You can omit the labor ma..
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