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Specific Factors Model
Consider a country that produces shirts and autos. Shirts are produced with sewing machines (specific factor) and labor while autos are produced using robots (specific factor) and labor. Labor is mobile between industries. The country is initially in autarky (no trade) and then goes to trade, which causes the relative price of autos in terms of shirts to increase.
Problem 1: Show how going to international trade affects the budget constraint of a laborer. Use the Beaker diagram and make sure to reference marginal products in your answer.
Problem 2: Show how going to international trade affects the budget constraint of the owner of a robot. Make sure to reference marginal products in your answer.
Illustrate what is the probability that a randomly selected hair dryer will be in working condition for more than 60 months.
How might efficiency wages contribute to downward wage inflexibility, at least for a time, when aggregate demand declines.
Do you think Nike needs to make any changes to its current policy? If so, what? Should Nike make changes even if they hinder the ability of the company to compete in the marketplace?
q1. on one hand the wtos role in international trade is becoming more significant. on the other hand its verdict on the
The process by which economics test hypotheses against facts to develop theories, principles also models
Recently, the owner of a Trader Joe’s franchise decided to change how she compensated her top manager. Last year, she paid him a fixed salary of $75,000 and her store made $130,000 in profits. Assuming the change in compensation is the reason for the..
A forklift truck costs $29,000 now. A buyer agrees to purchase such a truck with a single payment for the balance due in 1 year. The seller offers two interest schedules: a rate of 6%, compounded yearly, or an annual rate of 5%, compounded continuous..
Explain using the money market graph, what happens when (1) the price level (CPI) goes up, (2) when the discount rate is lowered and (3) when the Fed sells more bonds on the market. What will happen to the equilibrium interest rate in each case?
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Analyze the economic impact of current approaches to controlling air pollution to determine which approach is the most effective. Provide support for your rationale.
Due to a technical breakthrough, the fixed costs for a firm drop by 25%. Prior to this breakthrough, fixed costs were $100,000 and unit contribution margin was and remains at $5.00. The new amount of break-even units will be?
Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer?
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