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Suppose that Home has 100 workers, a marginal product of 4 making apples, and a marginal product of labor of 4 making shirts. Foreign has 100 workers, a marginal product of labor of 8 making apples and a marginal product of labor of 6 in shirts A) In no-trade equilibrium, what are the relative prices of apples in Home and in Foreign? What are the relative prices of shirts in Home and in Foreign? b) What range of relative prices could be observed in a trade equilibrium? c) Draw the production possibilities frontier, world price line and indifference curves for each country for a trade equilibrium when the relative price on world markets is halfway between their autarky relative prices. Label the intercepts of the world price line and PPF.
jim bradley is the director of the bradley bakery. he has collected data on his store for the past year. he developed a
Larry wants to determine what kind of growth he needs in order to achieve a $2,500,000 in net worth when he retires. To achieve this goal, he plans to invest $12,500 each year (starting one year from now) into an account that earns an unknown interes..
Spring is here, and Becky and her dad would like to go fishing for the weekend in Washington. Becky could either go to the river in town where anyone can fish without a permit, or she could drive up to a stream located on her family's property in the..
By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization
Illustrate what do your previous answers imply for the price of haircuts relative to the price of food.
Suppose you manage a wine cellar with fixed storage space and you have to choose when to sell each bottle of wine. The value of each bottle V(t) is increasing over time at a decreasing rate: V' (t) > 0 and V'' (t)
The Natural Rate of Unemployment is 5% with the current unemployment rate of 10%. The actual Real GDP is $500. What is the Full Employment (Potential) level of Real GDP?
How did the Social Security system influence the size of budget deficit during 1985-2010? How will it influence the deficit during the next two decades? Why or why not?
You are the CEO of a firm that has manufacturing facilities in an emerging market. Suppose that country's government decides to impose trade restrictions requiring that all companies be majority-owned by domestic firms. What actions would you take..
Given the short-run (SR) cost curve in the chart above for a firm in a perfectly competitive market, find the firm’s best output level and total profits when the market price is: a) $18, b) $13 c) $5 d) $3.
Should the Federal Reserve Board of Governors remain independent. Illustrate what is the strongest argument on either side
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
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