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The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the global economy rises. Trade advocates argue that this increase in the size of the economic pie can be used to make all trading countries better off through international trade. Economists also use the principle of comparative advantage to advocate free trade among countries as a better policy. Trade is not based on absolute advantages countries have but the relative (comparative) advantage.
1. Does free trade contribute to the improvement of economic well-being? 2. Who gains and who loses from free trade among countries, and how do the gains compare to the losses? Explain using examples. 3. Do you think the USA export and import of goods and services are based on the principle of a comparative advantage of trade?
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
How many additional watches can be produced by an extra hr of labor? As a profit maximizer what price and output should the firm set? Is production capacity fully utilized? What contribution does this product line provide?
Determine the relationship between and returns to scale and obtain the long-run input demand functions and the total cost function.
In the Reflection Before Action: The Statistical Consultant Confronts Ethical Issues article, the authors cite the American Statistical Association's Ethical Guidelines for Statistical Practice (see the section "Ethics Provides A Defensible Respon..
Suppose that you are on holiday in Russia, when suddenly you are arrested and accused of spying for United States.Your captors tell you that if you confess, you will receive a prison sentence of 2-years,
What price should do you charge if it wants to maximize its revenue from this concert? And, how much revenue will it receive?
Describe the industry and explain the general pattern of change of the particular market model and hypothesize the basic short-run and long-run behaviors of the model in the industry you have chosen in a "market economy."
Each demand curve must eventually hit the quantity axis because with limited incomes there is always a value so high that there is no demand for the good.
Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs and between marginal and average variable costs and what best accounts for the saying "Too many cooks spoil the broth?"
Marsha assigned you to head up a team to get U-Build-It into e-business within two years. With her advice and approval, you decided that U-Build-It's e-business effort would not replace the existing stores, but rather would supplement them.
Make sure your explanation is clear and that you provide specific examples. Any quotes from the readings or external materials must include quotation marks and an in-text citation.
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry? Does the company behave like a monopoly or more like a competitive firm?
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