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Assume that Home can produce two goods, apples and bananas. The unit labor requirement in apple production is 4, while it is 2 in banana production. Foreign’s unit labor requirement for applies is 8 and it is 2 for bananas. Assume that when these countries trade, Home specializes in apples, Foreign specializes in bananas and the world relative price of applies (PA/PB) = 2.
a. If these countries trade, which country will have a higher wage? Why is this the case?
b. Using a numerical example for prices, show how wages are derived in each country when they trade with each other.
Review the discussion in the lesson regarding the financial crisis. Discuss each of the following points. Use sources from the ITT Tech Virtual Library to add to your answer.
What is the principal remaining after 20 monthly payments have been made on a $20,000 five-year loan? The annual interest rate is 12% nominal compounded monthly.
In competitive equilibrium, what is the ratio of the price of bananas to the price of tomatoes. Illustrate what is the equilibrium quantity of bananas and tomatoes consumed by Marilyn and Chen.
The firm, Beta, is under a bad management such that the dividend payment is expected to decrease at a rate of 4% per year. Suppose the recent dividend payment is $3 per share and the stock price is $30. What is the required return of the stock? If no..
Peter has just graduated from high school. He will live for three more periods, and he is considering three alternative education-work options. He can start working right away, earning $100,000 in period 1, $110,000 in period 2 (as his work experienc..
A security system company’s total production costs depend on the number of systems produced according to the following equation: Total Costs = $10,000,000 + $2000*quantity produced. What is the average total cost of production when 20,000 units are p..
Use 2 supply and demand diagrams, one for the product market and the other for the labor market, to show how increase trade with other countries has decreased the ability of unions to raise wages for their members.
the demand for Internet advertising was declining at the similar time which the number of Internet sites accepting advertising was increasing
How might protective tariffs reduce both the imports and the exports of the nation that levies tariffs? How might the import competition lead to quality improvements and cost reductions by American firms?
Suppose a monopolist can purchase Labor at a price w = 1 and can purchase Capital at a price r = 9. The monopolist’s production function is given by Q = L^1/2(K^1/2). The demand facing the monopolist is given by P = 78 – 6Q. What is the Monopolist’s ..
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
Give examples of the ‘treatment, payment, and healthcare operations' exceptions to the Privacy Rule. Consider examining and discussing the multiple sub-parts of the ‘healthcare operations' exception.
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