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1. Assume that, in autarky (pre - trade), an economy has 150 workers and the MPLC is two cars and the MPLB is five boats. Find the autarky(pre – trade) relative price of cars in this economy.
2. Suppose that: In Malaysia the unit labor requirement to produce a pound of rice and a pencil are 1 and 2 hours of labor respectively; In Indonesia, the unit labor requirement to produce a pound of rice and a pencil are 2 and 3 hours respectively; each country has 10,000 hours of labor to allocate between the production of rice and pencils; and in autarky, Malaysia consumes 5,000 pounds of rice and 2,500 pencils. When trade occurs, the world relative price of rice PRWPPWbecomes 3/5. Given that the marginal product of labor is the inverse of unit labor requirements, answer the following questions: In Malaysia, what are the marginal productivities of labor in rice and pencil production? In Indonesia, what are the marginal productivities of labor in rice and pencil production? What are the autarkic (pre-trade) relative prices of rice and pencils respectively in each country? In which product will each specialize? What happens to wages in each country when trade occurs?
number of items dry cleaned and p is the price of each item in dollars. What price will he sell services at?
Every week, more and more applications are available for Droid-based smartphones. How does this affect the optimal price for Droid-based smartphones? Please show the appropriate rationale modeling you use.
Discuss the Social Security System, current status and future outlook. Be thorough and focus on the economic considerations. Cite at least 6 sources.
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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 that there are only two fishermen, Zach and Jacob, who fish along a certain coast. They would each benefit if a lighthouse were built along the coast where they fish. The marginal cost of building each additional lighthouse is $150. The margi..
Many cities have experienced a substantial decrease in the amount of garbage being collected after they changes from levying a tax on each household to pay for the pickup to charging a fee for each bag or can picked up.
The 2007-08 Financial Crisis was called the "Great Recession". It started here in the United States, but it had an enormous contagion effect throughout the rest of the world. Provide examples of how other countries were affected and how they managed ..
Greg earns $10 per hour for work for up to 30 hours of work each week. He is paid $15 dollars per hour for every hour in excess of 30. Greg faces a 15 percent tax rate and pays 3 dollars an hour in child-care expenses for each hour he works. When gra..
Clear Water Company has a down-hole well auger that was purchased 3 years ago for $30,000. It has been depreciated over the 3 years as MACRS-GDS 5-year property. It has an estimated remaining life of 7 years. O&M costs are $13,000 per year. Using an ..
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