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Assume two countries, Nation 1 and 2, both producing two products X and Y. Both countries are endowed with the same amount of labour resource but the labour resource is not identical. Both countries also adopted the same technology and hence have the same production possibility frontiers. However, they have different tastes. Nation 1 has a stronger preference for Y relative to X, while Nation 2 has a stronger preference for X relative to Y. (a) Draw the autarky equilibrium-relative commodity price in each nation and explain the pre-trade equilibrium position of each nation. (b) Explain and show the process of specialisation in production in the diagram. (c) Demonstrate how mutually beneficial trade can occur and show the gains from trade in your diagram.
in the 1990s pfizer inc. developed a new antibiotic called trovan trovafloxacin mesylate. tests showed that in animals
Why does international trade occur What does it mean to run a deficit in the merchandise trade balance Distinguish between a tariff and a quota. Who benefits from and who is harmed by such restrictions on imports
Show using aggregate supply and demand analysis the effects of the following temporary shocks. Be sure to include any change to business cycle activity on your graph.
write a two to three 2-3 page paper in which youidentify and discuss three 3 externalities which can either be positive
What is the price elasticity of demand compares the percent change in quantity demanded relative to the percent change in price - this is done by taking the change in quantity demanded by the change in price.
Suppose the cross-price elasticity of demand between goods X and Y is -5. How much would the price of good Y have to change in order to increase the consumption of good X by 50 percent?
Consider the utility-maximizing model in a two-good world, where our representative consumer has well-behaved preferences that result in smooth indifference curves that are convex to the origin. Place good one on the horizontal axis.
consider the following news headline cigarette smokers make lower college grades than nonsmokers the news article goes
youve recently learned that the company where you work is being sold for 380000. the companys income statement
a machine costing 80000 to buy and 6000 per year to operate will save mainly labor expenses in packaging over five
List three of the highest paying occupations. Why do you think they are high paying jobs? Does a strike for a raise of 5 cents/hour make any sense? What kind of long-term benefit might a union gain from such a strike? If poor people don't want to wor..
Street lighting fixtures and their sodium vapor bulbs for a two block area of a large city need to be installed at a first cost of 118,337. Annual maintenance expenses are expected to be 6,134 for the first 20 years and 8,498 for each year thereafter..
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