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1. When trade begins, Country Z imports cloth, the labor-intensive commodity. What does this imply about Z's own factor endowment? Why? What is likely to be the effect of trade on wages in Z? Why?
2. What group in Country Z would you expect to support free trade? Why? Who would oppose it? How would you evaluate the claims by opponents that free trade reduced national welfare?
On the planet Omicron Persei 8, government spending is $1000, net taxes are $1200, and planned investment is $1400. Consumers spend according to the equation C = 100 + 0.8Yd, where Yd represents disposable income.
Provide an intuition for why countries grow at the same rate despite different rates of discounting.
A firm that has total fixed costs of $60,000 sells its output for $250 per unit and has an average variable cost of $200. If the firm's cost and revenue curves are linear, how much output must the firm produce to break even
Year price quantity demanded Real Income Price of Substitute 1 .95 200 11000 .65 2 1.10 180 11000 .65 3 1.10 190 11500 .65 4 1.10 200 11500 .90 5 1.10 170 11500 .90 6 .99 190 11500 .90 7 .99 175 10500 .90 8 .99 150 10500 .62
The kinked demand curve in a duopoly market is defined by two equations P1 = 10.0.75 * Q P2 = 16-2 * Q Determine the price and quantity at the kink of demand curve. Using the equation provide calculate and draw the MR curve.
Mike salary will stay at $60,000 per year until he retires. He currently has $82,345 in his retirement fund, which earns 7% annually. He is now 43, and he expects to live until he is 81(he found a website that predicted his life span based on his c..
Blair has decided to manufacture the sub assemblies within the company and must now consider whether to rent one centerly located facility or to rent three separate facilities, each located near one of the assembly plants.
Assume that the short run cost and demand data given in the table below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compute the marginal cost and marginal revenue of each unit of o..
What is the long-run equilibrium price for cobalt? How much cobalt does each producer make at this equilibrium price? How many active cobalt producers will be in the market
Draw a diagram of the marginal cost and marginal revenue curves with the number of mills on the horizontal axis. Assume that government regulation restricts lake access to the profit-maximizing number of firms. Show the resource rent earned by the ..
Lenders perceive that you are risky, so you must pay 12 percent annual interest to borrow from one of them. You only receive 6 percent on funds that you have deposited in the bank. Do the opportunity costs of borrowing and using your own funds dif..
the exchange rate between US-dollar and the euro is exactly 2 $/euro. At that time, a one-year US treasury bill yield an interest rate of 5%, while a similar German treasury bill yield 3%. Inflation during the year is expected to be 3% in the USA ..
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