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1. Assume that imports increase supply. In terms of demand, supply and consumer surplus, why would consumers prefer more imports?
2. Assume that exports increase demand. In terms of demand, supply and producer surplus, why would producers prefer more exports?
3. Adam Smith studied a pin factory and found that 1 individual doing all tasks necessary to make a pin could only make several pins per day. Specialization among tasks in the factory, however, resulted in each person doing only one thing and the number of pins produced per worker increased to thousands of pins per day. He then wrote a book called The Wealth of Nations which was about specialization and trade. Do you think citizens in closed economies (e.g., North Korea or the old Soviet Union) that do everything for themselves, including things they are not very good at or that involve resources they do not have, and do not trade or compete are better off than citizens in competitive market economies that specialize and engage in international trade?
Explain how "discretionary fiscal policy" can be "countercyclical" and can be used to support aggregate demand. Us an AD/AS model to support your answer.
Suppose a firm takes two inputs, labor and capital, as perfect substitutes. In addition, this firm can substitute one labor for one capital. If wage is $2000 and rental rate for capital is $3000, what is the optimal labor and capital usage for this f..
Assume that an English worker can produce 50 bottles whisky every hour or 1 sweater every hour.
The relationship between Price elasticity of demand and Marginal Revenue can be shown to be: There are two types of customers that come to the Barnegat Fish Company to have their signature crab cakes: An affluent group with a price elasticity of dema..
What are some obstacles your firm might face with production in another country - What impact would that have on your firm?
Where OBPA and SLGA is the opposing team’s on-base and slugging percentage. Assume two very bad teams (OBP = .200 and SLG = .250) are battling for an All-Star free agent, Ken Griffey Jr. If the teams play each other 162 times during the season, how m..
Aggregate Demand-some-not all--of these and/or other terms from this week. Explain how can tax cuts help revive the economy.
Between patents and copyrights, which reflects a free market, and which is a grant of monopoly privilege by the state? Patents give inventors or developers of new products
Which of the two units would you recommend ? What initial cost of machine A woul make the two machines identical in overal cost?
A perfectly competitive market is described by the demand Q = 70 - 2p and the supply curve Q =5p - 20. A firm in the market has a total cost equation of C = 16+ Q^2 + 2Q. Calculate the equilibrium price in the market.
how are companies using real options, what types of options exist, why are real options important, who uses real options, where are real options most appropriately used and what are experts saying about real options.
There are two firms A and B located in different regions that produce an identical good at zero cost. Each region is inhabited by a single buyer interested in purchasing at most one unit of the good. The RP of each buyer for one unit of the good is $..
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