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Globalisation of the world economy has significantly improved our living standards. However, there are growing concerns, particularly in developed countries like Australia, that increased globalisation and outsourcing has significantly undermined the survival of the manufacturing industry such as motor vehicle industry in developed countries like Australia. It is in this context, answer the following questions: (a) Do you support the idea of globalising the Australian economy? Why. Why not? In writing your answer, wherever possible, back up your arguments with the theory, research articles or statistical evidence. [7 marks] (b) Also, discuss who gains and losses from globalisation. [3 marks] Word limit: About 1000 words.
A firm currently uses 100 workers to produce 200 units of output per day. The daily wage (per worker) is $80, and the price of the firm's output is $50. The cost of other variable inputs is $600 per day. The firm’s fixed cost is 8,000. The marginal c..
Which of the following statements regarding costs under federal awards is not true?
R/C Aero Specialties produces unmanned aerial vehicles (UAVs), or drones, for commercial and recreational uses. The company has updated its design to compete with Fuji Enterprises, but its production costs for this new model require a retail price th..
Assume that a firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500.
Explain why product differentiation leads to differences between monopolistic competition and perfect competition.
Suppose that the demand for orange increases. Carefully explain how the rationing function of price will restore market equilibrium.
If you choose to contribute to a candidate’s campaign, to what extent is the candidate obligated to you as a contributor? Should your contribution influence public policy?
After a wage increase, the SE on leisure is -5 and the IE on leisure is 3. Find the TE on labor due to wage increase (if there is enough information provided to determine the answer).
q.suppose you are attempting to buy a used bicycle and you are bargaining with the owner over the sale price. the bike
The total civilian labor force is comprised of
Discuss the behavioral issues involved in Merit Inc.'s standard cost dilemma. Evaluate each of the three responses (pros and cons) and recommend a course of action.
Suppose that a leading computer software firm holds the copyright to a statistical software package. It wished to hire an expert statistician to develop a new module that it will then market as an independent add-on to the basic package. What is the..
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