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The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the global economy rises. Trade advocates argue that this increase in the size of the economic pie can be used to make all trading countries better off through international trade. Economists also use the principle of comparative advantage to advocate free trade among countries as a better policy. Trade is not based on absolute advantages countries have but the relative (comparative) advantage.
1. Does free trade contribute to the improvement of economic well-being? 2. Who gains and who loses from free trade among countries, and how do the gains compare to the losses? Explain using examples. 3. Do you think the USA export and import of goods and services are based on the principle of a comparative advantage of trade?
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Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents?
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A company is manufacturing output in a competitive market, where demand is P = 24 - 2Q. Describe the nature of the market failure and derive Pareto optimal level of output.
Define protectionist policies and describe how the imposed restrictions work and analyze the impact of such policies. Find three public policies framed by the government that have posed restrictions on international trade.
A firm has determined that its variable costs are given by the following relationship:
Comment on the statement. Do you agree with the speaker? Explain. Use a graph to illustrate the answer indicating the firm's short-run cost structure
Depict an isoquant map depicting a typical firm's use of two inputs - white and black labor. Label its slope. What would be the effect of an increase the price of black labor from $12 to $13 and a decrease in the price of white labor from $13 to $12..
Levi Strauss successfully markets Levi jeans on the History channel as a way for older men to stay young forever. What will happen in the jeans market ceteris paribus?
Is the firm minimizing costs? If not, what steps should it take to lower costs and still produce the same level of output?Is the firm minimizing costs? If not, what steps should it take to lower costs and still produce the same level of out..
A domestic shoe company distributes running shoes and tennis shoes for $95 per pair. The marginal cost of producing a pair of running shoes is $60, and the marginal cost of producing a pair of tennis shoes is $45.
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