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Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. a. Who has the absolute advantage in the production of rubber or radios? How can you tell? b. Calculate the opportunity cost of producing 80 additional radios in Japan and in Malaysia. (Your calculation may involve fractions, which is fine.) Which country has a comparative advantage in the production of radios? c. Calculate the opportunity cost of producing 10 additional tons of rubber in Japan and in Malaysia. Which country has a comparative advantage in producing rubber? d. In this example, does each country have an absolute advantage and a comparative advantage in the same good, or not? e. In what product should Japan specialize? In what product should Malaysia specialize?
Why does it make sense for a firm to shut down in the short run if the price falls below minimum average variable cost?
Suppose there is a permanent increase in a country's saving rate. This increase in the saving rate will cause:
Suppose Apple sells phones with 4-inch screens and Samsung sells those 5-inch ones. Consumers have their hands of different sizes. Their most preferred sizes, as a result (that might depend on the probability that they drop their phones), are distrib..
A firm that has the long-run cost curves shown in the graph above would be able to do or have the following, except:
New York City's banking community served many of the functions of a central bank during large parts of the "displaced 19th century". Discuss.
Analyze your chosen topic from the basis of our course content by beginning with an underlined thesis statement (purpose) in the first paragraph. Then use each paragraph to analyze a separate concept, theory, or principle from the text which helps ex..
Calculate the variance of x=(6, 8, 10 ) BY HAND, showing all the necessary calculations. Calculate the variance of x=( 1, 4, 2, 5 ) BY HAND, showing all the necessary calculations. Calculate the standard deviation of x=( 1, 4, 2, 5 ) BY HAND, showing..
If the nominal interest rate in Japan remains unchanged, what happens to the interest rate paid on Korean deposits.
As manager of City Racquet Club, you must determine the best price to charge for locker rentals.
In what type of merger wave is the U.S. economy currently situated? For what reasons are companies merging? What are the risks and benefits of these types of mergers?
Out of the people who wear seat belts, northeast has 148. Out of the people who don't wear seat belts, northeast has 52. A total of 858 wear seatbelts in the United States. Illustrate what is the probability of seat belt usage by region of the cou..
In 1976 independent Texaco retailers file suit against Texaco. In 1990, the Supreme Court of the United States found that Texaco had indeed violated antitrust law. Illustrate which law do you think Texaco was found guilty of violating.
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