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Vietnam employs 40 million tons of rice a year. World price os rice is $500 per ton. Vietnam employs 10 million people in rice production with each working an average of 1000 hours a year.
California produces 2 million tons of rice a year. There are 100,000 workers in the California rice industry and they work 1000 hours a year.
1) Which economy, California or Vietnam, has an absolute advantage in rice production?
2) Which economy has a comparative advantage in rice production?
3) What is the wage for rice workers in the two economies? Is it the same? Why or why not?
Analyze a two-period model for the market of computers in which two firms operate. Firm 1 only produces in period 1 and is endowed with an old technology providing a quality level vO to consumers. Firm 2 is a potential entrant in period 2 and it is a..
How many units of x1 and x2 will the firm use to produce y units of the output? What is the cost of poducing y units of the output for this firm?
Compute by how much monetary policymakers must change the nominal money supply for the expectations of firms and workers to be realized.
Government A decides it wants to eliminate poverty and unemployment by immediately issuing 50,000 dollars/yr to all unemployed citizens. All said citizens receiving the 50,000 per year under this government are thereby not considered unemployed. Expl..
Indirect finance is more important than direct finance in most countries in part because of information costs associated with lending. Explain why are financial intermediaries relatively more effective at reducing these costs
The company ises MACRS depreciation and its marginal tax rate is life of 5 years). The 10 cars were sold at the ending a MARR of 10% and using NPW, determine if this was a good investment on an after-tax basis.
Assume that the marker for tradable emissions permits by power plants has been operating efficiently for several years. An engineering firm then invents a lower cost device for pollution abatement. What happens to the equilibrium market price of a tr..
Defend your use of either monetary policy or fiscal policy to do this.
How much output is lost as a result of deaths from secondhand smoke, according to the news.
The agency decides to hire operators to monitor calls in order to attain the optimal number of personal calls.
What is the equilibrium price for lawn mowers? What is the equilibrium quantity of lawn mowers? What is the value of the maximum gains from trade? What is the value of consumer surplus if a price ceiling of $40 is put in place?
q. specify whether you agree or disagree with the subsequent statements. in brief explain your answer.a. increasing
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