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Explain the so-called "Ricardian" model of international trade, including its assumptions, and use this model to explain why and how both of the two countries considered countries gain from free trade between them. What determines the relative extent of these gains?
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Which of the following taxes contributed the greatest percentage of total federal government tax revenues in recent years.
Consider an economy where there are N consumers, each of them having one unit of available time.
Illustrate what happens to official measure of GDP when air quality improves significantly in united states but there are no effects on aggregate production or on market prices of final goods and services.
q.gdp taxes di c i g cig1250 200 800 300 200 1500 200 1000 300 200 1750 200 1200 300 200 2000 200 1400 300 200 2250 200
Compute the changes in consumer surplus, producer surplus, government revenue and third party surplus. Also, show these changes on a graph.
Illustrate what is the present worth of the planned expenditures at an interst rate of 10% per year.
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Assuming 100 identical firms in the industry (further assume that factor prices remain the same) what quantities will the industry and each firm supply when the product’s price is $9? What if prices are below $5?
Suppose that classical least squares assumptions apply and the true value of intercept term or is 0 in following model: yi=alpha + beta xi + epsilon i, Now estimate this model with and without an intercept term and compare the variance of the est..
How would equal educational achievement and equal income.
Does the law of diminishing marginal returns apply to this firm's production process. If so, explain why and find the quantity of labor at which diminishing marginal returns.
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