Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
A country is populated with workers who produce either food (F) or clothing (C). There are 200 workers producing food and 100 producing clothing. These numbers are Öxed for now. Each food worker produces 6 units of food and each clothing worker produces 3 units of clothing. Workers own the output they produce and can trade with another. All workers share the same preferences over food and clothing represented by the utility function:U(DC;DF) = (DC)1=3 (DF)2=3 :(a) What is the autarky trade price (the relative price of food and clothing) in this economy?(b) In autarky, how many units of food and clothing will be consumed by a clothing worker? By a food worker?2) There also exists another country (ìForeignî) that looks surprisingly like the Home coun- try except that there are 600 food workers and 300 clothing workers in this country. These workers have di§erent (lower) productivity levels: a food worker can produce only 1 unit of food while a clothing worker can only produce 2 units of clothing. The workers in Foreign share the same preferences as those in Home.(c) Answer questions (a) and (b) for the Foreign economy in autarky.(d) Compare the consumption levels of workers in both countries. What explains the di§er- ences between countries?3) Now assume that these 2 countries open to trade with one another.(e) What will be the free trade relative price of food and clothing?(f) Describe the pattern of production and trade (who produces what and in what quantities; who exports what).(g) What is the relative wage, w=w?(h) How much food and clothing is consumed in each country?(i) How much of food and clothing each country exports and imports?
Suppose the production function is Q = min{3K, L}. How much output is produced when 6 units of labor and 3 units of capital are employed?
If a recessionary gap were to appear, how might the economy adjust? Can/should we rely on it to adjust itself? Is it possible that the economy will never adjust to a gap, and things will just get worse and worse?
What is the interrelationship between the four financial statements? Why is it important to make comparisons using ratio analysis? What are the different ways you can make comparisons?
a monopolist has a constant marginal and average cost of 10 and faces a demand curve of qd 1000 - 10p. marginal
The external marginal cost of producing coal is MC external = 8Q while the internal marginal cost is MC internal = 6Q. The inverse demand for coal is given by P = 180 - 4Q. What is the socially efficient level of output?
Compute the absolute and relative risk aversion. Are they increasing, decreasing, or constant and analytic expression for the certainty equivalent amount of wealth in this gamble.
what fiscal and monetary policies are appropriate at this time pertaining to the affordable care act? what monetary
Researchers have estimated the long run demand elasticity for almonds is -0.47, and the long run supply elasticity is 12.0. The short run demand elasticity for almonds is -0.30
Suppose the economy is in a deflationary gap. Which of the following public policies would help bring the economy towards potential GDP?
Business investment or government spending to cause GDP to reach a certain level then the amount of change in the several expenditure types needs to be the full amount of the GDP gap.
analyze how the law of demand applies to a recent purchase that you made. describe how the product has changed in price
Normal 0 false false false EN-US X-NONE X-NONE Calculate total cost and explain the relationship between average total cost and marginal cost. Discuss how revenues and costs affect the profit-maximizing levels of out..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd