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Nobel laureate Paul Samuelson said that comparative advantage is one of the few ideas in economics that is both "true and not obvious." Since it's not obvious, we should practice with it a bit. In each of the cases below, who has the absolute advantage at each task, and who has the comparative advantage?
1. In 30 minutes, Kana can either make miso soup or she can clean the kitchen. In 15 minutes, Mitchell can make miso soup; it takes Mitchell an hour to clean the kitchen.
2. In one hour, Ethan can bake 20 cookies or lay the drywall for two rooms. In one hour, Sienna can bake 100 cookies or lay the drywall for three rooms.
3. Kara can build two glass sculptures per day or she can design two full-page newspaper advertisements per day. Sara can build one glass sculpture per day or design four full-page newspaper ads per day.
4. Data can write 12 excellent poems per day or solve 100 difficult physics problems per day. Riker can write on excellent poem per day or solve 0.5 difficult physics problems per day.
What profit do you expect that the firm will make in the first year? (iii) Do you expect this profit level to continue in subsequent years?
What would happen if real GDP growth fell to 2% per year? (f) Again go back to the baseline case; what happens to inflation if money velocity rises at 1% per year. What might cause money velocity to change like this?
Each point along the market demand curve shows
Suppose that the government increases taxes by $150 billion. Suppose that the MPC is .80 and that there is no crowding out effect. Which is the effect of this change in Yd, in C and aggregate demand?
explain how lower coffee bean output in brazil, vietnam, columbia and central america are affecting this market. explain what has been happenning in this market.
The saying "Give a person a fish also he shall eat today; teach a person to fish also he will eat forever" is most consistent with.
Find out data on wages, employment, and minimum wage laws in developing countries from the internet & summarize this information.
q1. explain how does a country become an importer of a good? an exporter of a good? illustrate what is a tariff?
The long-term nature of the employment relationship: motivates household members to seek market work in order to earn an income. reduces the sensitivity of wage rates to changes in demand and supply.
Find out the real rate of interest earned by Albert in each of the three years and his total real return over the three-year period. Suppose that interest earnings are reinvested each year and themselves earn interest.
The cross-price elasticity between mobile phones and ear buds is estimated to be 2.5. What do you predict will happen to ear bud demand (sales) and price, other things being equal, if mobile phone prices fall?
Will the brothers gain if they specialize. Illustrate your answer with an example.
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