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Suppose that in England 5 man-hours are required to produce each cask of wine and 5 man-hours are required to produce each bolt of cloth, whereas in Portugal 1 man-hour is required for a cask of wine and 4 man hours for a bolt of cloth. Each country has a labor force of 100 man-hours. a. Which country has a comparative advantage in what and why? b. Draw the production possibility frontiers of England and Portugal if migration is illegal. Indicate the maximum gains from trade for each country. c. Draw the production possibility frontier of the world if migration is legal and if it is illegal
A financial institution has entered into a 10-year currency swap with company Y. Under the terms of the swap, the financial institution receives interest at 3% per annum in Swiss francs and pays interest at 8% per annum in U.S. dollars. Interest paym..
Consider the utility function U=(x-θ)^α (y-ρ)^(1-α). (a) Provide an intuitive explanation for this kind of preferences; that is, what roles do θ and ρ play? (b) Solve for the optimal combination of x and y. (c) Solve for the indirect utility function..
Breaking news reports claim that household incomes are strong and growing. Assuming all other applicable indicators remain the same, how would you expect this to impact the position of the Demand Curve in the Product Market? You read an article that ..
Suppose that you were a dictator. Describe a law that you could decree that would eliminate or reduce frictional unemployment but would likely reduce productivity, and explain why. Describe a law you could decree that would increase frictional unempl..
Draw the demand curve Q = 200 – 10P. Calculate the price elasticity of demand at prices of $5, $10, and $15 to show how it changes as you move along this linear demand curve.
A medical expenses billing firm wishes to hire a software firm to design its software to more efficiently handle its billing. Having the programming redesign is worth $1.5 million to the billing firm. The software firm can write and install new progr..
Joel purchased a security at the start of the year for $900. Over the course of the year, the security paid $17 in income and the price at the end of the year was $907. Calculate the return on the security.
Pace Tech Engineering Inc manufactures an electronic toy. The company has a building with a floor area of 180,000 square feet for both the manufacturing and warehousing operations. The company produces all of the components that go into the toy. What..
Subprime lending is thought to be a contributing factor to the recent housing bubble. Which of the following is an example of subprime lending?
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. what would be the n..
What do they perdict will happen to labor market participation rates in the comming years? What impact are these events expected to have on the economy's potential GDP and why?
If both the supply of and the demand for a good are highly elastic, a shift of either curve will always result in. If the supply of rental housing increases causing the price to fall and apartment dwellers move into bigger apartments that cost the sa..
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