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Assume that Home can produce two goods, apples and bananas. The unit labor requirement in apple production is 4, while it is 2 in banana production. Foreign’s unit labor requirement for applies is 8 and it is 2 for bananas. Assume that when these countries trade, Home specializes in apples, Foreign specializes in bananas and the world relative price of applies (PA/PB) = 2.
a. If these countries trade, which country will have a higher wage? Why is this the case?
b. Using a numerical example for prices, show how wages are derived in each country when they trade with each other.
The Economy is at full employment. Now the government want to change the composition of demand towards investment and away from consumption, without, however, allowing aggregate demand to go beyond on full employment. What is the required policy mix?..
Explain the relationship that exists between price elasticity of supply and the length of time sellers have to adjust to the price change
If there are n firms in the marketplace also every firm charges p. Illustrate what is total producer surplus.
q1. the law in ruba says no worker shall be paid less than nine slugs per hour. estimate the quantity of labor supplied
Discuss a real world example that could, or has already, caused a shift in either the AD (aggregate demand) or SRAS (short run aggregate supply) curves for the US economy, or some other country.
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Suppose that Player 1 first plays Top, Middle or Bottom. Player 2 only finds out whether player 1 has played Bottom. If so, he plays Left or Right; if not, he plays In or Out. Draw the game tree, identify the subgame(s), find the subgame perfect equi..
The total rate of return is equal to the: A. sum of the coupon rate and the current yield. B. yield to maturity. C. sum of the current yield and the actual rate of capital gain or loss. D. sum of the current yield and the expected rate of inflation.
Skates and Dates is a single-price monopolist (a skating rink) in a small town, facing an inverse demand curve of P = 35-0.5Q, where P is the price of admission and Q is the quantity of admissions. what is the profit maximizing condition for Skates a..
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