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Assume that home produces contraptions with capital and labor, and two stages of production: parts and assembly. Part production is capital intensive, and assembly is labor intensive. a) Assume that home produces contraptions in autarky. Show the PPF for parts and assembly, assuming that home is capital abundant. Assume that the production function for contraptions has a zero elasticity of substitution between parts and assembly, so the isoquants are L-shaped. Show the autarky isoquant and the relative price of parts to assembly. b) Assume that foreign also produces contraptions in autarky, but foreign is labor abundant. Assuming it has the same isoquants as home, show the autarky isoquant. How does the relative price of parts to assembly compare to home? c) Suppose that the home contraption industry buys up the foreign contraption industry, and decides to outsource. Which process is outsourced, parts or assembly? Show how internal trade through outsourcing would allow more contraptions to be produced, in home and foreign combined.
q.recently there has been great controversy about some state governments attempting to use eminent domain to tear down
Derive the labor demand functions that are associated with the two production functions given below. The level of output is denoted by q. The two inputs are labor (h) and capital (k). You should derive the function that relates the level of labor uti..
Suppose a monopolist firm produces a medicin and can engage in 3rd price discrimination. MC=$8. In US, demand function: Qus=20-0.5P; In Canada, demand: Qcan=20-P. if the monopolist charge same price in US and Canada, the relevant portion of demand cu..
Consider a product that has a cost function: c(y) = 20y+25. Demand for this product is represented by the demand curve: y=1/b*(A-p). Note that this is equivalent to the inverse demand curve: p = A-by. Use the envelope theorem to determine wheter the ..
critically discuss the pros and cons of this contractual arrangement vis-a-vis the alternative of outsourcing the teaching to an outside fi rm.
Ron supervises delivery of flowers for a wholesale distributor of fresh flowers, Flowers. Inc. In order to accommodate one of the company's best customers, Ron offers to immediately rush a delivery of fresh peonies. All of the delivery trucks are cur..
Draw the complete Malthusian model, identify equilibrium, and label completely and correctly. Suppose that the government initiates a pro-population growth policy. Draw the implications of this policy change on your graph. Identify changes to equilib..
Consider a competitive industry in which each firm has the same production technology given by the production function q = K1/3L2/3, where K and L are two inputs and q is the amount of output. The unit price of K is $0.50 and the unit price of L is $..
Identify atleast 4 key points of a relevant economic article . Write a 3-4 page paper, analyze dynamics of supply and demand to anticipate market equilibrium. Analyze elasticity of demand and supply and its importance and the effect of taxes or other..
Suppose Bulgaria produces only camcorders and trucks. The resources that are used in the production of these two goods are specialized—that is, some inputs are more suitable for producing camcorders than for producing trucks, whereas others are more ..
The area of common law that makes employers very reluctant to provide information about current or former employees when another employer calls them to conduct a background check is?
Explain the form of analysis that concentrates on comprehending and deciphering the meaning found in language and images, in the form of signs, as well as their complex interrelationships.
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