National supply and national demand curves, Mechanical Engineering

National supply and national demand curves:

1. Explain why neighboring countries tend to trade extensively with each other.

2. Use Table 1.1 to find the five most open economies in 2009. How does the growth performance of these countries compare with the growth of the average country listed in the table? What does this say about trade? Please note which edition of the book you are using.

3. According to figure 1.2, intra-European Union trade accounts for a large portion of the EU trade. What factors can explain this?

4. Consider a two good (raincoats, umbrellas), two country (Eugene, Corvallis) economy. Suppose that the prevailing world relative price of umbrellas is lower than Eugene's relative price of umbrellas under autarky. Would Eugene be a net importer or exporter of umbrellas? Would Eugene import or export raincoats? Explain your answers.

5. Consider the country of Eugene, which can choose to produce microbrews, bicycles, or both. Eugene's production is one of constant opportunity costs. Given full employment of its labor and capital, Eugene is capable of producing 3,000 bicycles. The opportunity cost of producing a microbrew is .25 bicycles. Draw the production possibility frontier of Eugene. Show all calculations.

6. Suppose the United States produces either fur hats or vodka. The national supply and demand curve for the United States fur hats are:

P = 250 - FH (National Demand)

P = 125 + FH (National Supply)

a.) Graph the national supply and national demand curves.

b.) What is the autarky price of fur hats in the United States? How much quantity is produced/consumed?

c.) Suppose the world price of fur hats is $100. Will the U.S. export or import fur hats? What quantity will they import/export?

 

1870_National supply and national demand curves.png

Posted Date: 2/11/2013 7:25:36 AM | Location : United States





i am a diploma holder.....i am sure that i am a heardworker.
Posted by biman dey sarkar | Posted Date: 7/2/2013 12:53:34 PM


Related Discussions:- National supply and national demand curves, Assignment Help, Ask Question on National supply and national demand curves, Get Answer, Expert's Help, National supply and national demand curves Discussions

Write discussion on National supply and national demand curves
Your posts are moderated
Related Questions
what is SFD and BMD? EXPLAIN

Q. Hot Service Insluation Thicknesses? Hot Service Insluation Thicknesses are specified based on the following design criteria: • Average Annual Climatic Conditions:


Q. Illustrate Moisture content test ? Moisture content test: Moisture is an important constituent of moulding sand. Its content in the moulding sand can be estimated as given b

Q. Basic type of Polymer? Polymer can be divided into three broad divisions: plastics, fibers, and elastomers. Synthetic resins are usually referred to as plastics. Plastic der

Determine the critical load (W crit ) to cause elastic instability of the rigidly jointed frame shown in Figure Q2. The frame members have constant bending stif

The wall shown is 1 m thick. The left surface of the wall (x=0) is maintained at a constant temperature 200 degrees Celsius. The right surface (x=L=1 m) is insulated. The thermal c

Force on Rigid body - Non Rigid body: As Rigid body cannot change its shape on application of any force, It will begin moving in the direction of applied force without any

It is desired to produce an iron-carbon alloy that has a minimum hardness of 200 HB and a minimum ductility of 35%RA. Is such an alloy possible? If so, what will be its composition

Determine the enhance in volume of the vessel: A thin spherical vessel of diameter 800 mm and thickness 6 mm is filled through a liquid at an internal pressure of 1.5 N/mm 2 .