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Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and the United Kingdom has 20 workers.
a) Which country has absolute advantage in what good?
b) Find the opportunity cost of both goods in both countries.
c) Which country has comparative advantage in what good?
d) Draw the PPF for the United States.
e) Suppose the international relative price of a ton of steel is 2.5. Draw the world price line.
f) Show that the United States is better off under trade compared to Autarky with the aid of indifference curves.
g) Show the amount the United States will export and import.
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Suppose that a monopolist sells a product to consumers with an aggregate inverse demand that is downward sloping in quantity, P(Q) = 1, 000 − 4Q. The total cost of producing Q units is C(Q) = Q2. What is the unregulated price-quantity pair. What pric..
The great 18th century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought abo..
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f the money supply is Ms1 and the goal of the monetary authorities is full-employment output Qf, they should:
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