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Suppose that in England 5 man-hours are required to produce each cask of wine and 5 man-hours are required to produce each bolt of cloth, whereas in Portugal 1 man-hour is required for a cask of wine and 4 man hours for a bolt of cloth. Each country has a labor force of 100 man-hours. a. Which country has a comparative advantage in what and why? b. Draw the production possibility frontiers of England and Portugal if migration is illegal. Indicate the maximum gains from trade for each country. c. Draw the production possibility frontier of the world if migration is legal and if it is illegal
Suppose that, for the population of all entering freshmen, the distribution of the number of correct answers would be normal with a variance of 250. what is the probability that sample variance would be less than 100?
Typically the government: Inflation caused by people’s expectations of inflation is called self-fulfilling inflation. The _____ the unemployment rate and the _____ the rate of inflation, the higher the misery index. If the nominal rate of interest i..
ABC Firm in Industry Alpha has MC of production = $100 and they know from past experience that their Lerner index is 0.3. XYZ firm in Industry Beta has MC of production = $35 and Lerner index is 0.55. Determine optimal price both firms should be char..
A monopolist can produce at constant average and marginal costs of AC = MC = 5. The firm faces a market demand curve given by Q = 53 —P. The monopolist's marginal revenue curve is given by MR = 53 - 2Q. Calculate the profit-maximizing price-quantity ..
Suppose we have two types of consumers (for simplicity we’ll assume that there is one person of each type). They have inverse demand curves given by: p1 =110−2q1 and p2 =70−4q2. What rents do the low-type consumers earn in any equilibrium? What about..
Measuring GDP The following table shows data on consumption, investment, exports, imports, and government expenditures for the United States in 2009, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the..
PR practitioners have a responsibility in a crisis to give the rest of the management team insight and information. PR practitioners should also consider “nimbus” publics. These are publics that were not designated recipients of messages, activities,..
If the two firms each maximise profits independently, explain how much output would each firm produce. Explain how much quasi-rents would each factory earn.
Contrast the difference between temporary and permanent damages on the incentives of people to build new houses near the cement factory
Write out the Quantity Equation of Money. What do we mean by the velocity of money? The real GDP in the U.S. grows at a rate of 3% in the long-run. If the QTM holds, by how much should money supply increase so that the long-run inflation rate in the ..
"Anyone who tells you that markets left to their own devices always lead to socially beneficial outcomes is talking utter nonsense." Do you agree with this statement? Defend your position.
Why do most governments subsidise high technology industries and tax heavily gasoline? Explain with diagram. What are common resources? Give one examples. Why is whale, but not cow, threatened with extinction?
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