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Please answer each of the following:
1. How do consumption possibilities differ from production possibilities when a country is engaging in trade based on comparative advantage? What does this imply about overall economic welfare in countries that are engaging in trade? What happens to world production when countries engage in trade based on comparative advantage? Are workers rewarded for their contribution to productivity when they participate in an economy that is organized around comparative advantage? Explain.
2. Does the US have a comparative advantage in producing clothing? How can this be easily explained by looking through your clothes closet?
3. China's leadership has recently imposed a crackdown on business and societal practices that are, at least in part, designed to return to country to its socialist roots. How is this expected to impact key industries (technology, real estate, education, finance, etc.)? How are these crackdowns intended to target wealth disparities in China? Explain.
Assume good X is normal. Plot a graph to illustrate the income and substitution effects of an increase in PX, holding PY and I constant. Now suppose X is a Giffen good. Plot a graph to illustrate the income and substitution effects of an increase in ..
If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16, the least costly combination of capital and labor requires adjusting the amount of labor until its marginal product is equal to .............
In December of 2005, the Wall Street Journal reported that Clark Foam, a major supplier of polyurethane cores (blanks) for hand-shaped surfboards.
What is ethnocentrism? What is one belief you have as an American or as a member of another country that shows ethnocentrism? What can you do to avoid ethnocentric thinking? in 100 words or less.
A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded the following long-run cost function: Determine the long-run average variable cost function for electricity generation. Determine the long-run margin..
Select one of the forecasting models described in the text of this unit and conduct research to provide more detail on how it could be applied in a workplace to help determine future human resource needs in collaboration with relevant managers and..
Answer the following questions about break-even analysis. Millbridge Day Care Center operates from Monday to Friday. It has fixed expenses of $18,000 per week and charges each child who attends the program $300 per week. It costs the center $30 per w..
How does the understanding of best alternative to a negotiated agreement (BATNA) impact the way that you approach negotiations? Minimum 250words
Find the industry supply curve (short run). Suppose that market demand curve is Qd = 6-p. Find the equilibrium price, market quantity and wage rate (short run).
Assume an economy with a coal producer, a steel producer, and some consumers (there is no government). In a given year, the coal producer produces 20 million tons of coal and sells it for 5$ per ton. The coal producer pays $50 million in wages to con..
Some people advocate requiring employers to offer all workers the same comprehensive health insurance plan.
If average worker produces $70,000 of GDP, by how much will GDP increase if re are 140 million labour force participants and unemployment rate drops from 5.2 to 4.5 percent.
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