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Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and the United Kingdom has 20 workers.
Draw the PPF for the United States.
Suppose the international relative price of a ton of steel is 2.5. Draw the world price line.
Show that the United States is better off under trade compared to Autarky with the aid of indifference curves.
Show the amount the United States will export and import.
What would be the real wage of the workers in the two countries?
Elucidate how much will the government spend in total. Elucidate how much does producer surplus increase.
identify if the demand or the supply curve is misplaced and whether it is too far to the left or too far to the right.
Consider the model of three-period-lived individuals. Suppose the two-period real rate of return on captial is X=1.44, the rate of population growth is n=1.1, and the rate of fiat money creation is z= 1.2. Find the following net rate for both one and..
From the scenario for Katrina’s Candies, determine the importance of predicting the pricing strategies of rival firms in an industry characterized by mutual interdependence. Examine the common price setting strategies of airlines that use game theory..
The ratio of consumer liabilities to consumer financial assets rose from just over 10% in 1950 to more than 30% in 2009. However, recent researches points to a number of factors that bear on the consumer’s decision of when and how much to borrow. Lea..
Assume that there are only two firms in an industry – a home firm and a foreign firm – and that the firms are competing in third-country markets. Explain a “reaction function diagram” for the two firms, including the definition of a “reaction functio..
Tyrion, who likes beer and wine, lives in Westeros, where people buy things with Silver Stags (SS). The price of wine is 5SS per flagon and the price of beer is 2.5SS per jug. Tyrion’s daily income is 50SS.
Write down a formula that express the marginal product of labor in the short run as a function of the amount of labor used.
Economic rent represents
Compute the nominal GPD and real GDP? Using the quantity of money equation, what happens to the money supply if velocity of money is constant but price level decreases by 3 % and the real GDP increases by 8%? What would the money supply (M) be if vel..
Assume that Indonesia is a small open economy. Explain how a decrease in the level of taxes (T ∗ ) in the rest of the world affects the world interest rate, the Indonesian interest rate, level of investment, net exports and net capital outflows in In..
John Adams is the CEO of a nursing home in San Jose. He is now 50 years old and plans to retire in ten years. He expects to live for 25 years after he retires, that is, until he is 85. He wants a fixed retirement income that has the same purchasing p..
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