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Assume there are two countries, Home and Foreign. Home has 1000 labor hours available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 2, while in banana production is 4. Foreign has 600 labor hours available. Foreign’s unit labor requirement in apple production is 5, while in banana production it is 1.
(a) Construct the world relative supply curve. [Note: on the horizontal axis there is( QA+QA*/QB+QB* )and on the vertical axis there is (PA/PB)]
(b) Draw the two possible demand curves and identify the possible equilibria.
(c) Identify the “normal outcome of trade,” state what each country produces in correspondence of the “normal outcome of trade” (including the reason behind your statement).
The football coach at a midwestem university was given a 5-year employment contract that paid $225,000 the first year and increased at an 8% uniform rate in each subsequent year. At the end of the first year's football season, the alumni demanded tha..
What considerations come into play when considering whether the United States or any other political entity is spending the right amount for environmental quality improvements
Two folks are fishing next to each other. Let x and y denote the amount of fish (in pounds) caught by players 1 and 2, respectively. Player 1’s payoff from catching fish isπ_1 (x,y)=2x-x^2/4-xy/10 π_1 (x,y)=2x-x^2/4-xy/10 . Similarly, the payoff of p..
Suppose a demand function is given by x(p). Then, elasticity of demand at p is -p d/dx logx(p). Using this, compute the elasticity of demand when x(p) = ap^-b, where a, b are positive constants. (We use notations ln and log interchangeably).
You've just won the state lottery and will receive 20 annual payments of $70,000, with the first payment arriving 1 year from today. It is easy for you to borrow or lend on the capital market at an interest rate of 8% per year. If someone offered to ..
The Consumer Price Index is: Ethnocentric staffing appeals to companies that want to maintain tight control over decision making in branch offices abroad. Ethnocentric staffing formulates policies designed to work in every county in which they operat..
Operating and maintenance expenses for a truck increase by $400/year for the first 5 years of operation. First-year O&M expenses are $2,400. The initial cost of a truck is $8400, estimated salvage value after 4 years is $2,400, and the salvage after ..
To avoid the problem of double marginalization
A firm emits 30 tons of a pollutant, before the government begins to regulate it. The firm’s marginal abatement cost curve is given by: MAC = 10*A (A = “tons of abatement”) What is the firm’s total abatement cost? What is the firm’s total compliance ..
Which of the following would tend to increase AD?
Alfred, Beth, and Charles orally agreed to start ABC Computers (“ABC”), a business to manufacture and sell computers. Alfred contributed $100,000 to ABC, stating to Beth and Charles that he wanted to limit his liability to that amount. How should ABC..
Can a financial system exist without the concept of interest? Can you conceive of an economy in which money has no time value? What are the factors that underlie interest rate changes? Also, is the efficient market hypothesis a satisfactory explanati..
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