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Xtra! For a tutorial of this question, go to",'H""". https:// carbaughxtra. swlearnlng. com The maximum amount of steel or aluminum that Canada and France can produce if they fully use all the factors of production at their disposal with the best technology available to them is shown (hypothetically) in Table 2.7.Steel and Aluminum Production Canada FranceSteel (tons) 500 1200Aluminum (tons) 1500 800Assume that production occurs under constant-cost conditions.On graphpaper, draw the production possibilities schedules for Canada and France; locate aluminum on the horizontal axis and steel on the vertical axis of each country's graph. In the absence of trade,assume that Canada produces and consumes 600 tons of aluminum and 300 tons of steel and that France produces and consumes 400 tons of aluminum and 600 tons of steel.Denote these autarky points on each nation's production possibilities schedule.
a. Determine the MRT of steel into aluminum for each nation. According to the principle of comparative advantage, should the two nations specialize? If so, which product should each country produce? Will the extent of specialization be complete or partial?Denote each nation's specialization point on its production possibilities schedule.Compared to the output of steel and aluminum that occurs in the absence of trade, does specialization yield increases in output? If so, by how much?
b. Within what limits will the terms of trade lie if specialization and trade occur?Suppose Canada and France agree to a terms-of-trade ratio of 1:1 (1 ton of steel :::1 ton of aluminum). Draw the terms-of trade line in the diagram of each nation.Assuming that 500 tons of steel are traded for 500 tons of aluminum, are Canadian consumers better off as the result of trade?If so, by how much? How about French consumers?
c. Describe the trade triangles for Canada and France.
How would you explain the relationships among quality, safety, and costs to the director and staff? How would you demonstrate the importance of nursing care in addressing this issue? What outcome variables would you recommend?
Show that if you submit a bid of B, the probability that you win the contest is the probability that your bid B will exceed your rival's bid, and that this probability of winning is B/250.
Are there also similarities between the two?
Compare the forecast accuracy of at least two alternative forecasting methods.
A 1 year US treasury bond yields 0.5% (0.005 as a decimal), and the 1-year euro bond rate is 1.0%. If the current spot rate is € .7565/ $ , and the current 1-year forward rate is €.7465, then which investment offers the highest return
Greg, who is five years from retirement, receives a $10,000 bonus at work. He is trying to decide whether to save this extra income in an IRA account or in a regular savings account. Both accounts earn 5 percent nominal interest, and Greg is in th..
What is the probability of getting two reds and one blue in any order? c) What is the probability of getting three reds, given that the first marble is red? d) What is the probability of getting three primary colors (blue or red) given that the first..
Externalities-analysis and policy design: Suppose that in a competitive market, demand is given by the equation P = 600 - Q, and supply is given by the equation P = 160 + Q, where P is price and Q is quantity of some good or service.
Project First Cost Annual Benefit A $15,000 $2,800 B $20,000 $4,200 C $10,000 $2,400 D $30,000 $6,200 ..
Prove an equivalent of Theorem 5.8 in this environment with the extended set of bonds.
An industry consists of two firms with identical costs C(q) = 5q +q2=2. The firms can either collude or compete. If both collude, they each produce qm (half the monopoly output Qm). If one rm colludes and the other competes
A manufacture has been selling 1700 television sets a week at 420dollars each. A market survey indicates that for each 21 -dollarrebate offered to a buyer, the number of sets sold will increase by210 per week.
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