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Allowing free trade between countries can be beneficial, but it also imposes costs. Use the ITT Tech Virtual Library to research costs and benefits of allowing free trade. Discuss aspects of international trade that some may consider unfair. For example:
i. Distribution of costs and benefits of free trade. In other words, does everyone share in the gains and the costs equally?
ii. Competing with different labor restrictions (or lack of), such as slave or child labor.
iii. Differences in environmental standards. Answers vary.
Why do you thing they each would work. Illustrate what would the benefits of each action be besides emissions reduction.
Q. Explain how and why a monopoly would try to price discriminate. Serving food on weekdays to business people and retired people.
What is the output of each firm if they collude to produce the monopoly output? What profit does each firm earn with such collusion.
Describe the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Determine the required outlay for 1,000 tons per day.
Prove which at the revenue-maximizing quantity, cost elasticity of demand equals one.
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
Evaluate the institutionalist economists. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.
A few years ago, a construction manager earning $70,000/ year working for a regional home builder decided to open his own home building company.
The distribution of the weekly production is approximately normally distributed with a standard deviation of 60 units. If the bonus is paid on the upper 5 percent of production, the bonus will be paid on how many units or more.
Describe the difference between Economic contraction and Economic expansion
Explain the debate on equal rights, especially as related to marriage, for gay men and lesbians continues. Would you classify this as an issue or as a problem.
Write down a formula that express the marginal product of labor in the short run as a function of the amount of labor used.
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