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Economic opportunities happen from nations which develop industries in which they have a comparative advantage.
Using the nation of Japan help discuss the following
1. Describe the concept of comparative advantage.
2. Identify factors of production or technology that are in relative abundance in Japan (remember that labor as a factor of production can be segmented into unskilled, skilled, highly skilled, etc.).
3. According to comparative advantage, in which industries would you recommend the Japan to specialize?
4. Has the Japan specialized in your suggested industries?
5. Are there opportunities for industry specialization that you see unfilled?
"Monopolistic competition is monopolistic up to the point at which consumers become willing to purchase close-substitute items and competitive beyond that point." Describe
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New York, had a serious ice storm. Electric power was out in houses for many days. The demand for power generators rise dramatically, Yet the local businessmen did not increase their prices.
A firm produces 10 units per week at a price of $500 each. With AFC of $100 and AVC $350 per unit, the firm is earning economic profits of $500 per week.
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What is the Marginal Rate of Transformation between sugar and tea?
Company A plans to produce 300,000 units next year, the production budget is: Compute the total cost and cost per unit when the unit production is changed to 315,000 units.
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