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TESTING THE CLASSICAL MODEL(chapter 5) Two countries: Italy and Greece producing olives Italy Greece Output: 150 units Output: 80 units Labor : 30 workers Labor: 40 workers Wages: $5 Wages: $2 Exports: $100 Exports: $50 • A real word comparative advantage for Italy over Greece in olives is measured by a ratio of Italian exports of olives to Greek exports that exceeds one. Calculate this ratio and consider it the real world. • Determine the comparative advantage according to the classical model. Is the classical model's prediction of comparative advantage consistent with the comparative advantage in the real world given by the above example? Hint: Calculate relative productivity and relative wage.
consumers typically pay a higher real interest rate to borrow than they receive when they lend by making bank deposits
1. marginal revenue product is defined as the change in total revenue that results from the employment of an additional
which will cause a larger short run increase in prices; an anticipated or unanticipated increase in aggregate demand? will they cause the same increase in prices in the long run?
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $260,000, $220,000, $150,000, and $130,000, ..
consider two firms facing the market demand curve p 100 - q where p is in unit q is total output q q1 q2 q1 is the
How does your selected religious group differ from other religious groups (such as in their beliefs, worship practices, or values)? What has been the experience of your selected religious group with others that do not share its beliefs or pr..
with the ongoing unemployment the obama administration congress and thefederal reserve continue to struggle for
collect data on sales from any retail store of choosing for the last 10 months or 10 years. Predict the sale for the 11th month or 11th yr using a 3-month moving average and a 4-month moving average. Calculate the MAD for the 3-month or 3yr and 4m..
what is an externality? provide at least three examples. how does one of the examples you provided affect the market
the maker of a leading brand of low-calorie microwavable food estimates the following demand equation for its product
each class member shall prepare a written report concerning the performance of a company of their choice.
select a country of your choice and collect the following data for the most recent year available. refer to the
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