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Suppose the U.S. and Mexico both produce 2 goods, tablets and cereal, using 2 inputs, capital (K) and labor (L). The production of tablets is capital-intensive, and that of cereal is labor-intensive. The U.S. is a capital-abundant country, and Mexico is labor-abundant. Consumers in the 2 countries have identical tastes. Use the Heckscher-Ohlin model to determine whether each of the following statements is true or false. Justify you answer fully, with the help of graphs if necessary.
a. “With free trade, the U.S. will export tablets to and import cereal from Mexico.”
b. “After trade, both the tablet and cereal industries in the U.S. will employ less labor relative to capital.”
c. “Trade will raise Mexican workers’ marginal product, which in turn raises their real wage.”
Suppose a single firm produces all of the output in a contestable market. The market inverse demand function is P = 350 -5Q, and the firm’s cost function is C(Q) = 8Q. Determine the firm’s equilibrium price and corresponding profits.
1. cinema theater has estimated the following demand functions for its moviesdaytime demand qd 400 - 50 pdnbsp
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Recently the US has accused China of "dumping" solar panels on the US market. Research this and other "dumping" accusations either by the US, or against the US, and other countries. Choose one case. Explain the case to your classmates, take a positio..
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