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The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the global economy rises. Trade advocates argue that this increase in the size of the economic pie can be used to make all trading countries better off through international trade. Economists also use the principle of comparative advantage to advocate free trade among countries as a better policy. Trade is not based on absolute advantages countries have but the relative (comparative) advantage.
Does free trade contribute to the improvement of economic well-being?
Who gains and who loses from free trade among countries, and how do the gains compare to the losses? Explain using examples.
Do you think the U.S. export and import of goods and services are based on the principle of a comparative advantage of trade? Explain.
Suppose you have a firm that faces a %50 tax rate. Suppose you have an increase in operating revenue of $25000 and an increase in operating expense of $30000, what is your change in net cash flow?
Suppose that in the 1990's, the average retail price of a roll of Kodak film was $6.95 and that Kodak's marginal cost was $3.475 per roll. Based on this information, discuss industry concentration.
q.given yues utility function u xy 10x 7ynbsp1.is mrsxy diminishing constant or increasing as the consumer
the boards of 2 major telecommunications companies recently agreed to a 16 billion-dollar merger that would create the
You borrowed $20,000 at a rate of 12% compounded monthly. It will be paid back in 60 equal payments over the next 5 years. Immediately after your 30th payment, you decide to pay off the balance. How much do you have to pay?
Explain how it will affect the number of employees you schedule. All other things being equal, what will happen to prices of the Galaxy and the iPhone.
Show the effect of each of the following events on the market for coffee by stating 1) if the equilibrium price went up, down, or stayed the same and 2) if the equilibrium quantity went up, down, or stayed the same.
Discuss this week’s objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.
If other people exploit the same opportunity, what will happen to the cost in Thailand as well as in Malaysia.
Identify someone in your life who would benefit from taking this course, and explain the reasons why and speculate on what technology might be able to do in 15 years to improve the contracting process.
Find the profit-maximizing choice of q for this miniature farm; also compute profits that will be earned at this choice of q.
Would you prefer the lower goal or the higher payment? d.Instead of lowering the goal, suppose the compensation from failing to meet the goal was increased by $2,500. Would you prefer the lower goal or the higher payment?
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