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How are economies of scale, comparative advantage, and trade restrictions related?
1) If the government of a country imposes trade restrictions on the import of a certain good, the country will gain a comparative advantage in this good as well as economies of scale.
2) If a country has economies of scale in a good, its cost of production will increase, enabling the country to have an absolute advantage and become a world leader in trading this good.
3) If a country has economies of scale in the production of a certain good, the cost of production falls, causing the country to have a comparative advantage in that good.
4) If a country has a comparative advantage in producing a certain good, it gives rise to trade restrictions by the government, which leads to economies of scale.
Suppose you have a $20 gift card and want to buy Blue and Red yarn. Graph the budget constraint and the indifference curves that can be reached. How many yards of each type of yarn will he purchase at these prices with his gift card?
In July 2012, the six adult cast members of the hit TV show Modem family filed a joint law suit against Twenty century fox Television in an attempt to vid their contracts. The lawsuit claimed that their contracts were illegal, in that the contracts b..
Consider a perfectly competitive equilibrium in which each firm’s long run total cost curve is TC(Q)=Q^3−2Q^2+10Q. For each of the following, explain why it cannot a long-run perfectly competitive equilibrium
Elucidate each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
Illustrate what makes measuring economies of localization or economies of urbanization difficult.
What do you call a listing of various quantities of a particular product supplied at all possible prices in the market?
In a particular industry, labor supply is ES=20+w and labor demand is E D=60-4w , where E is the employment level and w is the hourly wage. What are the equilibrium wage and employment if the labor market is competitive?
You’re given the following individual demand tables for comic books. Calculate market demand. If the current market price is $8, total market quantity demanded is Economic books.
The weekly demand and supply functions for seats on flights between Syracuse and Boston have been estimated as follows: Qd = 1600 - 2.5 Price + .040 Income - 4 Weather + 1.20 Pa ( where Pa is the price of alternative means of travel ) Qs = -50 + 4.25..
A dairy company is considering upgrading an old ice- cream maker. Upgrading is available at two levels: moderate and extensive. Moderate upgrading costs $6, 500 now and yields annual savings of $ 3300 in the first year, $3,000 in the second year, $2,..
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
Elucidate how that influences the marginal benefits and marginal. Costs associated with your decision to purchase a house.
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