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The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the global economy rises. Trade advocates argue that this increase in the size of the economic pie can be used to make all trading countries better off through international trade. Economists also use the principle of comparative advantage to advocate free trade among countries as a better policy. Trade is not based on absolute advantages countries have but the relative (comparative) advantage.
1. Does free trade contribute to the improvement of economic well-being? 2. Who gains and who loses from free trade among countries, and how do the gains compare to the losses? Explain using examples. 3. Do you think the USA export and import of goods and services are based on the principle of a comparative advantage of trade?
What will be the immediate impact on wages in each of the regions in the short run (before any migration between the North and the South occurs)?
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
In 1993 Mattel proposed merging Fisher value for $1.2 billion. In toy industry Mattel is a major player with 11% of the market. Fisher-Price has 4%.
If our example patron was a teenager, it's likely the power need that he expressed was a normal teenage reaction to a parent interfering in his life. In additional library visits by his choice, he might reveal himself as achievement motivated. If tha..
Businesses usually decide in using automation and labor in production. An automotive environment may have high fixed costs and low variable costs,
If the average shooter aims at someone, he will hit them half of the time. If the drunk aims at someone, then he will hit them only ten percent of the time. Once someone is hit, they are out of the game, with the winner being whoever is the last r..
What is the competitive equilibrium price per ride and what is the equilibrium number of rides per day? How many boats will there be in equilibrium? In this competitive market, what is the aggregate profit?
Describe how each of following will affect consumption and saving schedules as they relate to GDP or the investment schedule, other things equal,
What is the structure for a firm with at least some ability to determine price? How are price and output levels determined rationally? Since price can, at least to some degree, be determined by the seller, is this firm sure to enjoy profits?
Fluctuating and rising gasoline prices. Make your analysis on this topic and relate it to the US economy. Determine the three or four segments of our economy that are affected through fluctuating prices for gasoline.
Fill in the table for the perfectly competitive firm. Explain how you arrived at each number and what is the optimal output, price and profit of the firm?
Pick a good or service you are familiar with. Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should make in its pricing strategy.
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