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China can make 10 computers and 20 cell phones an hour, and Japan can make 8 computers and 15 cell phones an hour.
1 Who has the comparative advantage in making computers? Cell phones?
Answer:
2 If two countries were to trade with each other, who would export computers? Cell phones?
Al can make 10 chocolate and 5 candies a year and Betty can make 30 chocolate and 10 candies a year.
1 Who has the absolute advantage in making chocolate? Candies?
2 Who has the comparative advantage in making chocolate? Candies?
3 If Al and Betty were to trade with each other, which one would Al trade away
Consider a game that awards $30 worth of prize. There are three contestants: A, B, and C. Each of them decide to pay $15 or $30 for a ticket, or decide to buy no ticket at all. The three contestants make their decisions simultaneously and independent..
Compared with perfect competition, quantity produced in monopolistic competition is inefficient as price is higher than marginal cost (i.e. allocative inefficiency). Why do some economists argue that even if price is higher than marginal cost, it doe..
Externalities. Consider the example of the perfectly competitive steel firm from class. The firm takes the market price p = $35 (per unit of steel) as given and chooses quantity q (units of steel) to maximize its profits. The firm has increasing (pri..
What caused many nations to abandon the gold standard by the end of WWI? What were the consequences of that action?
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
Next write about the situation at hand and what is involved. Then do a SWOT analysis of Cirque Du Soleil. Then give your suggestions to improve Cirque Du Soleil's business in the global arena. Why do they export to the international locations they se..
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
Assume that demand for services per period is Pt = 1000 − Qt where Qt is the stock of the durable consumed. Let the discount factor for consumers and the firm be given by δ. Find the profit-maximizing prices and outputs for a durable goods monopolist..
The US auto industry is characterized by a high degree of unionization. What would happen to unemployment in the US auto industry if the firms in the US auto industry were no longer unionized?
Is SPC employing labour and domes in an optimal ratio, assuming that substitution of resources is possible. Elucidate. Conclude marginal income products for exterminators and for domes/pumps employed by SPC.
You have borrowed $25,000 at an interest rate of 16%. Equal payments will be made over a three-year period. (The first payment will be made at the end of the the first year). What will be the annual payment?
The following list contains some general topics, feel free to use them but you will have to make them more specific:
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