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Use the information in the table on labor productivities in France and Germany to answer questions a through f.
Output per Hour Worked
a. Which country has an absolute advantage in cheese? In cars?
b. What is the relative price of cheese in France if it does not trade? In Germany?
c. What is opportunity cost of cheese in France? In Germany?
d. Which country has a comparative advantage in cheese? In cars? Explain your answer. e. What are the upper and lower bounds for the trade price of cheese?
f. Draw a hypothetical PPC for France and label its slope. Suppose that France follows its comparative advantage in deciding where to produce on its PPC. Label its production point. If the trade price of cars is 5 kilograms of cheese per car, draw a trade line (CPC) showing how France can gain from trade.
A firm has a monopoly on a new type of gaming console. The market demand is given by P=175.3-0.003*Q and thus marginal revenue is MR=175.3-0.006*Q. The monopolist's marginal cost is MC=5.2+0.001*Q. Calculate the profit-maximizing production quantity.
If incomes rise for both low-income and high-income workers, but rise less for the high-income workers.
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Which scenario is better for long-term economic growth: (a) the stock market grows at 6% per year indefinitely, or (b) it quickly doubles.
The average of 5 numbers is 52. Suppose five more numbers are included in the set of numbers and these five numbers equal 0, 100, 48, 90, and 50. What is the new average?
Drawing Conclusions Do you think that a workfare program is the best way to address income inequalities within our economy?
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