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Specific Factors Model
Consider a country that produces shirts and autos. Shirts are produced with sewing machines (specific factor) and labor while autos are produced using robots (specific factor) and labor. Labor is mobile between industries. The country is initially in autarky (no trade) and then goes to trade, which causes the relative price of autos in terms of shirts to increase.
Problem 1: Show how going to international trade affects the budget constraint of a laborer. Use the Beaker diagram and make sure to reference marginal products in your answer.
Problem 2: Show how going to international trade affects the budget constraint of the owner of a robot. Make sure to reference marginal products in your answer.
What is intra-industry trade and how is it affected by economies of scale, differentiated products, and vertical foreign direct investment? Explain.
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At the prompting of the United States, Japan relaxed the restrictions and allowed the companies to invest anywhere in the world. Illustrate what effect do you think this had on the yen/dollar exchange rate and the trade balance between the two cou..
Suppose that the cost of a unit of capital is r and the price of a unit of labor is w and the level of output is y. Write down the long-run total cost as a function of w, r, and y.
You are a sales manager in the electronics industry. Your firm had a salesperson in the far western U.S. who everyone thought was a high performer. List and describe five (5) pipeline analysis evaluation criteria that would have allowed you, the sale..
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