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A Spanish can either produce 3 liters of win or 1 kilos of cheese. A Portuguese worker can either produce 4 litres of win or 12 kilos of cheese 1) Which countries have absolute advantages in which goods? Explain 2) Which countries have comparative advantages in which goods? Explain 3) Can the two countries gain from trade? If so then explain at what set of relative prices both countries gain from trade 4) Use an example to show how both countries can increase their consumption of both goods by trading with one another
Describe in 100 words or less the condition of “full employment” and explain why, even under the conditions of full employment, there is still a percentage of the labor force who are not working.
Elucidate the drastic change also Illustrate what this meant for the U.S. population.
Consider a market with two firms, each with constant marginal cost of $100 and facing a market demand curve of P=1000 - Q where W is total output of the two firms. Suppose they choose simultaneously, what is the Cournot Nash Equilibrium for this situ..
What are the economic concept? What is market? What is a competitive market? What is supply and demand?
Define the equilibrium price and quantity.descibe the situation at a price of $10.00.what will occur.
Suppose that the level of capital in the economy is 200 units, the depreciation rate is 10%, and the level of investment is equal to 10 units. In this case:
The steady-state rate of unemployment is U/L = s/(s+f). Suppose that the unemployment rate does not begin at this level. Show that the unemployment rate will evolve over time and reach this steady state. (Hint: Express the change in the number of une..
Should the Federal Reserve Board of Governors remain independent. Illustrate what is the strongest argument on either side
Steve and Sons Solar Panels has a production function represented by Q=4KL, where the MP=4K and the MP=4L. The current wage rate(W) is $8 per hour, and the rental rate on capital is $10 per hour. In the short run, the plant's capital stock is fixed a..
One could argue that a long commute to work is an undesirable characteristic of any job. If most people live in the suburbs.
q1. is holding an investment he bought for 1000 that has a 60 percent chance of gaining 200 in value and a 40 percent
The process organizational socialization has strengthened workers also makes them more united.
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