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1. The economy of Pennsylvania can produce grapes and hardwood lumber (such as black cherry, red maple, red oak, and sugar maple). You notice that the price of forest-land and logging machines are high, while the price of labor is low. Explain, using the Heckschler-Ohlin model, what causes the price differences. Which good, grapes or hardwood, do you predict Pennsylvania has the comparative advantage in?
2. When an economy is under autarky the price of eggplant is $5. The world price of eggplant is $3.50. If opened to the world market, would consumers or producers benefit? Would consumers or producers lose? Explain your reasoning (using a graph would be beneficial).
Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2 . The turnover cost per labor is (0.36)/(w/p). What happens to t as real wage i..
In a production run of 1000 parts, how many defects would be found (to the nearest whole number)? What is the advantage of reducing process variation?
Illustrate what is the relationship between the Phillips curve, cumulative demand also cumulative provide.
For the country you examined in discussion 1, use the summary of types of economic systems to classify the economic system of the country. Is this an evolving economic system, i.e. a system in transition to another type of system?
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
Based on heckscher online theorem. As a labor abundant country exports the labor intensive good X and imports the capital intensive good y from a capital abundant country.
The true cost of monopoly power to society is attributable to: Natural monopolies are distinguished by. Price discrimination:
Which of the following occurs when a market is efficient?
One of the conclusions from Akerlof's paper titled "The Market for Lemons" was:
For the no colluding oligopolist, there are two factors that affect the decision to raise production.
Deficit spending results whenever the government. Issues bonds to finance. Finances current expenditures that exceed. Refinance the dept. none of these choices
Consider three alternative ways of helping poor people get housing: government-subsidized housing costing $6,000 per year, a housing voucher worth $6,000 per year toward rent on an apartment or a house, or $6,000 per year in cash. Which would you pre..
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