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Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and the United Kingdom has 20 workers.
a) Draw the PPF for the United States. b) Suppose the international relative price of a ton of steel is 2.5. Draw the world price line. c) Show that the United States is better off under trade compared to Autarky with the aid of indifference curves. d) Show the amount the United States will export and import. e) What would be the real wage of the workers in the two countries?
Consider a couple's decision about how many children to have.Assume that over a lifetime a couple has 200000 hours of time either work or raise children.The wage is RM10 per hour.Raising a child takes 20000 hours of time.
Indicate whether each of the following statements is true or false. Explain why. a. When the law of diminishing returns takes effect, a firm’s average product will start to decrease
One necessary step in demonstrating monopolistic behavior is to define the market. In this process, defendants would:
Think of a real-life example of a profit corporation or small business with which you are familiar.
Assume all money is held in the form of currency. Assume central bank money (H) is initially equal to $100 million. Now suppose the Fed conducts an open market purchase of government bonds equal to $10 million. Explain the effect of this action on:
Describe what will happen to supply or demand for the dollar and for the euro in each of the following scenarios. Be sure to include whether each currency rises or falls in value.
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You have just started a new job and one of the fringe benefits is a company contribution of $5,000 every year into a retirement savings account. Assuming the contribution amounts remain unchanged and that the account earns an average of 8% per year, ..
For the utility function U(x,y) = 8 ln(x) + 2y a price of X equal to $1 and a price of Y equal to $1, what is the elasticity of Y with respect to income? Using your answer from part 9 (or whatever you think the correct answer was), how would you desc..
ABC Company acquired some land (independently appraised at $12,000) and paid for it by issuing 1,000 shares of its common stock (par $10 per share; no market price was quoted). How should this transaction be reported on the Statement of Cash Flows (S..
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The EU is the biggest common market worldwide. Please name the most important facts that describe the size and importance of this market.
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