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Fit each of the following examples into one of the three reasons for trade: I. Division of knowledge II. Economies of scale/creating competition III. Comparative advantage a. It is the 1950s.The American auto industry makes mediocre cars at high prices. The main reason they can do this is because they face little pressure to improve. Once the Japanese start making mediocre cars at low prices in the 1970s, American firms feel a pressure to improve their products. b. Two recently abandoned cats, Bingo and Tuppy, need to quickly learn how to catch mice in order to survive. If they also remain well groomed, they stand a better chance of surviving: Good grooming reduces the risk of disease and parasites. Each cat could go it alone, focusing almost exclusively on learning to catch mice.The alternative would be for Bingo to specialize in learning how to groom well and for Tuppy to specialize in learning how to catch mice well. c. Former President Bill Clinton, a graduate of Yale Law School, hires attorneys who are less skilled than himself to do routine legal work.
Select a U.S. multinational company. In terms of currency denomination, discuss how the firm prices its revenues and costs.
A firm has estimated the following demand function for its product: Calculate the advertising elasticity of demand and explain its meaning.
Illustrate what is the cross elasticity of demand among the two brands of widgets.
The Government budget has been making at a deficit of approximately $60 billion for the last year, up from $50 billion the previous year.
What do Tom's indifference curves relating Hamburgers (horizontal axis) to Hot-dogs (vertical axis) look like Graph and explain the shape of your indifference curves. Do these indifference curve imply that Tom will only eat hamburgers
Analyze in detail using graphical tools what would happen to the number of firms and firm profitability in short run and long run if demand for product falls and if it rises.
kywalker Farms supplies water to the town of Mos Eisley (they are \the water company", i.e. a monopoly supplier). Given their infrastructure of pipes, treatment centers, etc, the marginal cost of supplying one gallon of water is only $.50 (and is..
Assume that initially the goods and services market is in equilibrium at potential of output and that the government budget is balanced,
In an article appearing on July 4th 2004, the aegency cites Mexico's concern about the production of oil by the OPEC carte. Assume the current daily demand for OPEC oil is given by the following equation P=50-0.001Q where P is the price per barrel
Using the information in the following table, estimate the average return and volatility for each stock, the covariance between the stocks
How much more output each year will have to be produced in the world
Real money demand is greater than the real money supply, interest rates must rise to reach equilibrium in the money market as people sell bonds to obtain more money.
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