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Suppose that Argentina has abundant capital and scarce labour compared with Brazil. Assume also that wheat is capital-intensive in comparison to cloth, and that other Heckscher-Ohlin assumptions of the 2X2X2 model apply (perfect competition, free trade, constant returns to scale, etc.). Using appropriate diagrams show the equilibrium points in each country before trade. Then show that mutually beneficial trade between these two countries is possible. Label the diagrams clearly to indicate the pattern of trade and show the final equilibrium points for consumption, production, imports and exports. Briefly explain in words the sequence of changes that occur as the two economies move from no trade to free trade.
Write down the relationship between savings, capital formation, and consumption.
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
A company produces two main products: electronic control device3s and specialty microchips. The average total cost of producing a microchip is $300; the firm sells the chips to other high-tech manufacturers for $550. Should the company produce con..
Assuming that there are only two goods, and the other good (food) is capital intensive, show the equilibrium points of production and consumption in ALFA, before and after trade.
Suppose you're an economic advisor in charge of trying to raise a maximum level of tax revenue for the government. You consider taxing the suppliers in the market for corn, a major agricultural product in the United States.
In light of Ricardian model, how might you measure the claim by developing countries that they're at a disadvantage in trade
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent. Draw the new short-run Phillips Curve.
All firms in a Cournot monopolistically competitive industry have the same cost function C (q)= 25 + 10q. Compute the equilibrium price, total output, firm output and number of firms in the industry.
Explain why marginal product first rises, then declines, and ultimately becomes negative. What bearing does the law of diminishing returns have on short-run costs? Be specific.
Assume that the economy starts in steady state. According to the Solow growth model, how would each of the following affect consumption per worker in the long run, Explain?
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
You are a manager in a perfectly competitive market. The price in your market is $35. Your total cost curve is.
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