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Television production requires 100 hours of labor and 20 acres of land. Rice, on the other hand, requires 2 hour of labor and 4 acres of land for every pound of rice produced. Home has 200 million labor hours and 400 million acres of land, while Foreign has 80 million labor hours and 120 million acres of land.
(a) What is the pattern of trade between these countries as predicted by the Heckscher-Ohlin theory? Explain which country will export what.
q1. on a 100-acre farm a farmer is able to manufacture 3000 bushels of wheat when he hires two employees. also he is
After getting an A on your economics exam, you decide to go to your favourite Mexican restaurant to celebrate. You are having trouble deciding whether to order the chipotle chicken chimichanga or the cilantro seafood enchiladas. Use the rule of equal..
The demand for good X has been estimated by QXd =12 - 3PX + 4PY. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity when the price of X increases to $3.
Suppose that the Government wants to augment the level of national savings in the economy and institutes a policy to reward savings behavior. Hence, borrowers face a real interest r as always, but lenders receive r(1+s) on their savings, where ‘s’ is..
Show diagrammatically and algebraically cases of unitary elasticity with examples pertaining to products and services. what is the relationship between the slope and the concept of elasticity?
For the Keynessians, as for the classicals, there is money neutrality in the long-term for the theory of aggregate supply. However the short-run is a different issue. What happens in the short run as the money supply increases? What happens to the pr..
Suppose prices in Europe increase. If dollar prices are constant and with no change in the nominal exchange rate, the euro has undergone a. Suppose prices are equal in Europe and the US (in dollars) at the end of 2006. In 2007, prices increase by 3% ..
What would be benefits of action. What would be costs. How would you decide what was best level of emission reduction. Why do you think your approach would be better than others.
Rent control is an example of a price ceiling. Which of the following problems must be addressed under a rent control program?
Demand for good X has been estimated at Qxd = 12-3Px+4Py. Suppose that good X sells at $2 per unit and good Y sells at $1 per unit. Calculate the own price elasticity.
If firms in a monopolistically competitive industry are making an economic profit, Select one: a. all of the answers are correct. b. price is higher than marginal cost. c. new firms will enter the industry. d. economic profit will fall in future peri..
Given the following payoff matrix, (a) indicate the best strategy for each firm. (b) Why is the entry-deterrent threat by firm A to lower the price not credible to firm B? (c) What could firm A do to make its threat credible without building exces..
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