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Q. 1. Do you find out it surprising that steel makers and manufacturers have left Buffalo? Do you find out it surprising that the Trico Products Company moved operations to Mexico and Texas? Elucidate your answers in terms of comparative advantage.
2. Why might the U.S. have a comparative advantage in bioinformatics but not in manufacturing and steel making?
3. The article states "geneticists and researchers get trapped in looking at a very small question; they can have blinders on. Working with a clinician, you see the big picture" and that "scientists tend not to be very good at running a business and a lot of times, not very interested in it". Elucidate these concepts in terms of specialization, trade, opportunity cost and comparative advantage.
How would Keynesian solve a recessionary gap using personal tax rates.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
Assume that this is a pass/fail assignment, where the passing grade is low enough that one person can produce a passing paper.
If Frank's salary as a sales manager was $70,000 instead of $100,000 would your answer be different.
How much does consumption change this year in absolute dollars ($ ΔC) as a result of a $5,000 annual tax cut to your income, if the tax cut.
If your employees are self-interested, how much output would you expect each individual worker to produce absent monitoring.
Smith has been trying to sell his house for 6 months although so far there are no purchasers. Draw the market for Smith's house.
Assume there is a drought that destroys a large portion of the tobacco crop. Explain what happen in the marketplace for tobacco.
Write down the budget constraint of the representative consumer and Write down the maximization problem of the representative consumer and find labor supply
Which of the government policies below is not likely to encourage per capita economic growth.
Compare the supply and demand conditions in both locations. How many people live in each place.
As result government increases border patrols to catch illegal shipments. U.S. Customs agents perform DNA testing on the caviar to conclude
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