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David Ricardo illustrated the principle of comparative advantage in terms of the trade between England and Portugal in wine (port) and wool. Suppose in England it takes 120 laborers to produce a certainty quantity of wine, while in Portugal it takes only 80 laborers to produce the same quantity. Similarly, in England it takes 100 laborers to produce a certain quantity of wool, while in Portugal it takes only 90. Draw the opportunity set for each country, assuming each has 72,000 laborers. Assume each country commits half its labor to each product in the absence of trade, and designate that point in your graph. Now describe a new production plan, with trade, that can benefit both countries.
Design a simple econometric research project
Multiplicative decomposition method
The Australian government administers two programs that affect the market for cigarettes.
Solve the forecast model
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
What is economics system? What are the types of economics system? Briefly explain each type of economics system by giving examples of nations that are close to each type
Determine when a competitively produced product generates negative externalities in production, the industry will,
Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
M-commerce also known as mobile commerce is being lumped in with several strategic internet plans. Explain some of the industries that are likely to use mobile commerce and how it is working for them.
Auto Data manufactures custom engineering testing machine. The following 5-orders are currently in the design department:
Briefly discuss the difference between mechanism of an oral or English auction and a Vickrey or second price auction.
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