Which country should import bed linens

Assignment Help Applied Statistics
Reference no: EM13176316

1. Suppose South Korea can produce 100 computer chips with 10 hours of labor input and 50 bed linens with 6 hours of labor input. The US can produce 100 computer chips with 8 hours of labor input and 50 bed linens with 4 hours of labor input.

a) What is the opportunity cost of producing 100 computer chips for South Korea?

b) What is the opportunity cost of producing 50 bed linens for South Korea?

c) What is the opportunity cost of producing 100 computer chips for the US?

d) What is the opportunity cost of producing 50 bed linens for the US?

e) Using comparative advantage, which country should import bed linens? Why?

2. a) If free trade is so good why do some people complain? Give a specific example and please refer to the Dub - Chud example. Be sure to be clear and explicit about the ‘complainers' and why they are complaining.

b)  Name two groups that typically protest at WTO (World Trade Organization) meetings.

3. In three sentences or less, explain exactly what it means to say "there is no such thing as a free lunch."

4.  Suppose that I make $15 per hour and you make $20 per hour and we both like to eat hamburgers that cost $5 each. Compare my real wage (in terms of hamburgers) to your real wage.

5.  Give an example of a decision that is rational ex-ante but irrational ex-post. Under what conditions will this rationality be different and under what conditions will this rationality (ex-ante and ex-post) be the same.

6.  Using marginal analysis, explain how you would determine how much to eat at an all you can eat restaurant.

7.  Go to the index of economic freedom and identify which of the ten "freedom" criteria the United States does best on (in terms of economic freedom) and which of the ten criteria does the United States score the worst in terms of economic freedom.

8.  Write down a normative economic statement and a positive economic statement. Explain in detail, what the difference is when comparing normative and positive economic statements.

Reference no: EM13176316

Questions Cloud

What mass of aluminum id deposited at the electrode : If a current of 2.00 ampere is passed for 48 hours, what mass of aluminum id deposited at the electrode? Assume 100% current efficiency.
Evaluate the amount of sedato company inventory : Sedato Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis - determine the amount of Sedato Company inventory.
What precentage of nh4co2nh2 decomposed : The equilbrium constant for the decompositon at 25 degrees C is 2.3 X 10 ^ -4. At 25 degrees C , 7.5 g of NH4CO2NH2 is sealed in a 10 L flask and allowed to decompose.
Find profits grow at an annual rat : The head of the accounting department at a major software manufacturer has asked you to put together a pro forma statement of the company's value under several possible growth scenarios and the assumption that the company's many divisions will rem..
Which country should import bed linens : Suppose South Korea can produce 100 computer chips with 10 hours of labor input and 50 bed linens with 6 hours of labor input. The US can produce 100 computer chips with 8 hours of labor input and 50 bed linens with 4 hours of labor input.
What is the total interest paid to the lender : A company obtained $500000 for a necessary technology from a venture capitalist who charges them 24% compounded monthly. the agreement calls for no payment until the end of the first month of the fourth year, with equal monthly payments thereafter..
What is the break-even point in passengers : What is the break-even point in passengers and revenues per month and what is the break-even point in number of passenger train cars per month?
Define annual fishing license : Joe enjoys fishing & goes out about 20 times per year. One day, Sara told him that fishing is too expensive of a hobby. She thinks he should stop going because she calculated that it costs about %28.75 for every fish he catches because he usually ..
State what is the molarity of solution when : What is the molarity of solution when .8292 grams of Nickel

Reviews

Write a Review

 

Applied Statistics Questions & Answers

  Calculate mortgage rates and production lot size

Calculate mortgage rates, production lot size, forecast the demand for the products, track epidemics and their spread, help solve crimes, even help estimate tax revenues.

  Evaluate the volumetric flux

Prepare a Scilab script to evaluate the volumetric flux of smoke in a plume produced by a fire of given HRR Q' The plume loses α percent of its heat by radiation and β percent by other means.

  Sensitivity of mammography

Determine and interpret the sensitivity of mammography.

  Calculate the regression equation

Calculate the regression equation for this data

  Hypothesis testing

What assumptions about the number of pedestrians passing the location in an hour are necessary for your hypothesis test to be valid?

  Create a histogram for iq and include normal distribution

Use Analyze, Descriptive statistics, Frequencies to summarize nonmetric variables, and create a pie-chart for Year in college and create a histogram for IQ and include the normal distribution.

  Find out about your company''s forecasting system

Find out about your company's forecasting system

  Problems based on probability

What is the probability in the sample?

  Determine the correlation coefficient

Determine the correlation coefficient. Find the predicted value of Y given X = 75. Give an interpretation of the predicted value in the context of the problem.

  Data analysis and statistical modeling for business

Data Analysis and Statistical Modeling for Business

  Perform a factor analysis on the variables

Perform a factor analysis on the three variables shown in question 2 above. What do conclude about the factors?  Perform another factor analysis that includes the new variable, change in external events.  What do you conclude?

  Perform a hypothesis testing

The company wants to perform a hypothesis testing. Which of the following are the right hypotheses and what is the α-risk associated with the x' chart?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd