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Television production requires 100 hours of labor and 20 acres of land. Rice, on the other hand, requires 2 hour of labor and 4 acres of land for every pound of rice produced. Home has 200 million labor hours and 400 million acres of land, while Foreign has 80 million labor hours and 120 million acres of land.
(a) What is the pattern of trade between these countries as predicted by the Heckscher-Ohlin theory? Explain which country will export what.
Market equilibrium maximizes the total surplus in a market and therefore it is efficient. Market equilibrium guarantees that all mutually beneficial transactions take place. A maximum price below the market equilibrium price will lower the total surp..
Drones (unmanned aerial vehicles) are being developed for use on farms and ranches. If government regulations allow for their use by farmers, what would that mean for firms in the corn industry (a perfectly competitive market)? Specifically, how woul..
You have four equally weighted tests in a course and your test average in the class has fallen from 90 to 88 to 84 to 81 where is it now. What score did you grt on each exam? You have a final left that is weighted the same as the other tests. What is..
Describe the transaction the Bank of Canada makes when wanting to raise the overnight interest rate. Also outline the effects on economic activity (the way monetary policy works) when the interest rate rises.
Which of the following is NOT a consequence of imposing a legal minimum wage?
Elucidate how much labor should the firm employ. What is the resulting output and profit.
If supply of cars decreases and demand for cars decreases, then the equilibrium
Using supply and demand and competitive analyses, explain what happens to a pharmaceutical company’s revenues and profits from an individual drug once it loses its patent protection. Then identify at least one strategy the company can use to mitigate..
Suppose Bob owns a pizza place in a competitive market. If an additional worker will cost Bob $200 and offers marginal productivity of 40 pizzas, what is the marginal cost of producing a pizza? Show your work and explain your reasoning.
State the author’s argument and whether you agree or disagree. State your rationale. Why do you agree or disagree with the argument presented?
Consider a monopoly where the inverse demand for its product is given by P = 50 ? 2Q. Total costs for this monopolist are estimated to be C(Q) = 100 + 2Q + Q2. At the profit-maximizing combination of output and price, deadweight loss is:
If the price elasticity of demand for apples is 1.3, then a 15% decrease in quantity demanded is caused by a: 16.67% decrease in the prices of apples. 16.67% increase in the price of apples. 11.54% increase in the price of apples.
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