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Comparative Advantage and Opportunity Cost
1. Intra-industry trade involves countries exporting and importing the same or very similar goods. Why would countries export and import the same or similar products? Please respond in at least 160 words or more.
2. You are an adviser to a foreign government. Until now, government policy has been to severely limit imports, which has resulted in a low level of exports. The government is now considering a policy to allow freer trade. What are the three strongest reasons that you can offer to the government about why the policy shift will be good for the country? Please respond in at least 160 words or more.
3. Do you agree or disagree with this statement? "Opening up free trade hurts people in import-competing industries in the short-run, but in the long-run, when people and resources can move between industries, everyone gains from free trade." Explain.
Illustrate why is strategic interdependence important for the market structure of oligopolies. What happens in the market for oranges if there is a hurricane that destroys the orange crop.
What are the needs of big companies presently. Do you think it is paying higher salary so people will be more motivated.
Illustrate what has happened to the price and quantity of the substitutes and complimentary goods/ services for your selected product over the last year.
The demand for polished bronze is given by P = 100 - Q/2. Production of polished bronze is controlled by Bronze Indentify BIs profit maximizing output and price. What is the cost to the town of removing the mercury pollution?
Illustrate what options do Americans have in protecting their Social Security and dealing with these issues? How are these done on the microeconomic level.
Starting with the reaction functions of duopolists Cournot solution algebraically.
If the indurtry can pay only one of the six salary levels shown, which should it choose? How many workers will it employ?
Find out more about the airline industry. What is the price elasticity of supply for the airline industry.
Explain why cannot nations like Greece or Spain use quantitative easing as a means to stimulate their economies.
Illustrate what is the estimated elasticity of demand for new brand cars with respect to the price of gasoline.
A monopolist faces demand curve p = 11-Q , where Q is measured in thousands of units. Compute the firm's degree of monopoly power using the Lerner index?
The Wozniak Corporation, a maker of aircraft engines, determines that in 2008 the demand curve for its product is as follows-What is the price elasticity of demand if price equals $500?
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