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Alex doesn't care about where he lives, but he does care about what he eats. Alex spends all his money on restaurant meals at either American (x_a) or French restaurants (x_f). His firm offers to transfer him from its Austin office to its Paris office, where he will face different prices. The firm will pay him a salary in euros such that he can buy the same bundle of goods in Paris that he is currently buying in Austin.
1. Will Alex be better off in Paris if the relative prices between American and French meals (p_a/p_f) are lower in Paris than Austin? Why?
2. Will Alex be better off in Paris if the relative prices between American and French meals (p_a/p_f) are higher in Paris than Austin? Why?
In Izodia, which has the same number of workers, each worker can produce 7 units of food or 1 unit of clothing daily. Why does the United States have an absolute advantage in both goods Which country enjoys a comparative advantage in food
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In the cruise industry, one third of reservations are booked from january to march. Explain and diagrammatically show how the disaster of the costa concordia off the coast of italy will affect the market for cruises.
Suppose that each US worker can produce 8 units of food or 2 units of clothing daily. In Fredonia, which has the same number of workers, each worker can produce 7 units of food or 1 unit of clothing daily.
Use a graph of the pollution abatement market, model a situation in which the allocatively efficient level of abatement occurs at 100%,
Suppose that government imposed price ceiling on gasoline in order to prevent values from getting too high. Determine the economic implications of this action in the gasoline markets?
Following are parameters for an open economy open economy where C=10+.8(y-T); I=10 G=10 T=10 and imports and exports are given by IM=.3Y and X=.3Y* respectively where Y is foreign output.
If you were a tobacco farmer and had two loads of tobacco that were of different qualities, which would you supply as money and which would you supply for smoking.
terrorst attacks foster inability and may affect productivity over the short and long term. Do you think the september 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short-and/or long-term productivity in the Unite..
An industry consists of six companies, with sales of $500,000, $400,000, $300,000, $150,000, 75,000, and $60,000. Now, assume that the largest and smallest companies merge.
A study conducted by the Moscow-based management consulting firm Strategy Partners found that the average labor productivity in Russia is only 17 percent of labor productivity in the United States. What factors would cause U.S. labor productiv..
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