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Discussion
1. Explain David Ricardo's theory of comparative advantage. How does comparative advantage differ from absolute advantage? What is the relationship between comparative advantage and gains from trade?
2. Define both internal and external economics of scale. How do economies of scale play into trade between two countries with one factors of production?
Why is a high rate of inflation bad for the economy - our economy is going through what phase of the business cycle? How do you know this?
The management of Iron Mills have estimated the following elasticity’s for its product as ?Qx,Px= 2; ?Q,I=1; and ?Qx,Py= 1.5 Where x refers to iron, I to income, and y to steel.
Consider a household that possesses $100,000 worth of values (computers, electronics, jewelry, etc). This household faces a 0.10 probability of a burglary. If a burglary were to occur, the household would have to spend $20,000 to replace the stole..
Develop a t-test to analyze the statistical significance of the estimated parameter (b3). List the null and alternative hypotheses b3. Is the estimated coefficient for the competitor's price found to be statistically significant? If found to be si..
The relationship between number of pairs of shoes and shoes produced per day is given by Q=-4.8+27L-1.8L^2.Each pair cost $15 and hourly wage is $13.5. How many people should the company employ to maximize profit?
Suppose the demand for housing D is given by the function D=100p^-1r^-2 where p is the price of housing and r is the mortgage interest rate. Treat r as exogenous. The supply of housing is given by s=s1 , where S is exogenous.
1.To find the output at which the firm maximizes its profits you MUST know the firm's A. ATC B. AVC C. AFC
The following payoff matrix shows the possible sentences that two suspects, who are arrested on suspicion of car theft, could receive. The suspects are interrogated separately and are unable to communicate with one another.
What is the short-run effect on the exchange rate of an increase in domestic real GNP, given expectations about future exchange rates? i. Explain why exchange rate overshoots when money supply increases in the short run.
if health care spending is already on the flat-of-the-curve it may not be possible to buy improved health status by
Can they save time (and hence offer a more competitive bid) if they exploit their comparative advantage, with one specialising on the interior and the other the exterior? How much time could be saved?
Prepare a paperabout Balsa Glider Project. The Glider Information section should include your research into gliding in general and balsa wood gliders in particular.
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