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Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices (no factor substitution). All the other assumptions of the Heckscher-Ohlin model are satisfied. Suppose that in autarky the wage and rent each equal 100 in the England while in France the wage is 90 and the rent is 120.
(i) What does this indicated about the relative factor abundance of the two countries. Explain.
(ii) Suppose that England and France enter into free trade. The international price of product A is 550 and that of product B is 770. Both countries continue to produce both goods. What is the wage rate and the rental price in free trade? Show computations to get your answer.
Elucidate the role of differentiation in the market for pizza. Then apply the feedback critique to the role of differentiation in the industry.
Due to competition among firms, markets that have more firms usually have lower prices. However a study by two economists in 92 metropolitan markets in the United States found a different result for the pricing of the service of the primary care phys..
There are two types of customers in a market for sheet metal. Let P represent the market price.
Calculate the percentage change in nominal GDP, real GDP, and the GDP deáator in 2006 and 2007 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense.
Depreciable residential rental real property has been purchased for $70,000 and put into service during the third month of the taxpayer's tax year. For the applicable 27.5 year depresiation life. How many months of depreciation should be generated fo..
Solve for the equilibrium interest rate. Solve for equilibrium value of consumption and investment.
Now allow Foreign and Home to trade with each other, at zero transportation cost. Find out and draw a graph of equilibrium under free trade.
Assume that Wal-mart is the only employer of retail workers in a small town in Indiana. As a local non-discriminating monopsonist, Wal-mart faces a labor supply curve given by: E = 10W –100, where E is the number of workers hired each hour and w is t..
Draw the opportunity set of a consumer with an income of $1200 who faces prices of Px = 10 and Py = 5. What is the market rate of substitution between the two goods?
q1. if the annual real interest rate on the loans is 6 explain how many car companies will buy a new car assembly
q.abc sweaters are greatly admired by their aficionados. the demand for these sweaters is given by q 13 - 0.02 p where
q1. in which of the following cases should the united states produce more noodles than it wants for its own use and
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