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(a) Explain how the Heckscher-Ohlin theorem is obtained, using either the “physical” definition or the “price” (or “economic”) definition of relative factor abundance.
(b) Illustrate and explain the phenomenon of a “factor intensity reversal.” If two countries are trading in a situation where such a reversal has occurred, can the Stolper-Samuelson theorem still be valid for both of the countries? Briefly explain.
You are organizing a group of people to visit a state park for a day trip. You have to rent cars and hire drivers for the transportation. If you rent C cars, and hire D drivers, your utility function is U=min(C, D), because you have to find one drive..
Illustrate what is the total number of wells which maximizes the sum of the profits of both firms.
Why tax multiplier is smaller than the multiplier for the same amount of government spending? Please explain with the following data: $1 million tax cuts, $1 million increase in government spending, MPC=0.75.
Your lectures in the first half of our course presented the 21st-century medical technologies that now drive healthcare (and drive healthcare costs) in America. Describe at least three examples of these technologies.
Canadian GDP whether measured by the value added approach, the expenditure approach, or the income approach.
Consider Cournot’s game in the case of an arbitrary number n of firms; retain the assumptions that the inverse demand function takes the form (56.2) and the cost function of each firm i is c(q) = (c/2) *q^2, with c
Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000, and her expenses for the business were $15,000. When she started her tax and bookkeeping business, Julia gave up her suppleme..
A small monopoly manufacturer of widgets has a constant marginal cost of $10. The demand for this firm's widgets is Q = 105 - 1P. Given the above information, calculate the social cost of this firm's monopoly power.
A company currently has a machine (defender) which was purchased 9 years ago at a cost of $70,000 and an expected annual operating cost of $ 16,000. It was expected to last 15 years with a salvage value of $ 18,000. Analyze the defender (new) v. the ..
How did Adam Smith justify the new economic system which was later to be called capitalism? Explain the difference between a movement along a demand curve and a shift in the demand curve. Briefly explain and graphically present four factors that can ..
A hospital bought digital imaging equipment annual payments of $243,000 per year over 8 years. if the interest rate is 13% what will the total amount paid for the equipment be at the end of the eighth year?
Supply and demand for corn. At $2.13 per bushel, the annual supply for corn in the Midwest is 8.9 billion bushels and the annual demand is 6.5 billion bushels. When the price falls to $1.50 per bushel, the annual supply decreases to 8.2 billion bus..
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