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Suppose Argentina (A) and Bolivia (B) only trade with each other and they both produce the same two goods: grocery (G) and fish (F). Given its resources, Argentina can produce either 2 units of grocery per day or 1 unit of fish; Bolivia can produce either 5 units of grocery or 4 units of fish.a. Draw the production possibilities frontiers for each country on separate graphs.b. If there were no trade, what would be the local price of fish in each country, measured in units of grocery?c. If trade is allowed, which country will export fish and which country will export grocery (if any)?d. What are the gains from trading a unit of fish if the international price of fish is equal to the average of the local prices in the two countries?
Using the following equations Qs = 13,000P and Qd = 48,000-6,000P. Plot supply and demand curves (require a graph). Determine the equilibrium price?
How relevant are the factors listed in this chapter in affecting the difficulty of maintaining a cartel?
2-priod model. household utility uc1c2ln c1 ln c2c1s1y1 period1c2 y21i1s1-t2 period2t2ts1i1s1derive the optimal
What are the three types of conflicts and the three loci of conflicts process? What are the steps of the conflict process? What are the differences between distributive and integrative bargaining? What are the five steps in the negotiation process? W..
Demand functions in the multiplicative form are most common for all of the following reasons except:
In a command or planned economy
economics of environmental policy in turkey a general equilibrium investigation of the economic evaluation of sectorial
Can the cobb-douglas production function be used to portray a production process in which returns to scale are increasing at low output levels and constant or decreasing at high output levels?
What model of profit maximization is applicable to the activities of a multinational company? Explain How “perfectly” competitive do you think are the following markets: 1) stock market, 2) bond market, 3) foreign exchange market, 4) world sugar mar..
His strategy to acquire companies in different lines of business based on the requirement that each business in GE was to become the #1 or #2 competitors in the industry is touted as being particularly brilliant.
this news analysis is based on a scenario in which the firm is operating on the declining portion of its average total
Given the information above solve for the equilibrium output
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