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Create an example of a comparative advantage model by 'choosing two countries and two products.
Show the transition from autarky to trade in your diagram label the trade flows, and demonstrate the gains from trade.
Output per unit of Labor:
X
Y
H
8
15
F
10
30
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
Assume that Congress is considering imposing the 30% tariff on imported automobiles. Who would be the gainers and who would be the losers from such move?
The socio-economic shortcomings that China experienced
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Use Excel program to estimate of the state's demand for KBC microbrews in Ohio. Print (past) the computer regression output and provide an economic interpretation of the regression results.
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Find the optimal level of inputs L* and K* that minimize the cost of producing Q0. What is the cost of production associated to L* and K*?
Suppose the market for widgets can be described by the following equations: What is the equilibrium price and quantity?
Give the before-tax charcoal price and quantity exchanged. Give the after-tax charcoal price to buyers, the quantity exchanged, and total tax revenues.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
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