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Elucidate the concepts of Comparative and Absolute Advantage.
Suppose the USA and Canada are considering to trade. Assume there are only two goods in the economy: wheat and corn. The table below illustrates what each country can produce in a given year.
Wheat CornUSA 4 2Canada 5 8
In this case, which country should produce wheat? Why? Hint: Compute the opportunity cost for each country. For instance, USA can produce 4 units of wheat OR 2 units of Corn. In this case, if the USA produces one unit of corn, then it has to give up 2 units of wheat.
Suppose a duopoly and let demand be specified by P=A-BQ. In accumulation both firms have same marginal cost c. Interaction between the two firms will be frequent infinite.
Illustrate what does your anticipated adjustment process imply about the CR for the industry.
Recent survey of high school students, it was found that the average amount of money spent on entertainment each week. Values are representative of all high school students.
Illustrate what is the company's pretax cost of debt.
Explain is a high degree of market concentration a boon or threat to consumers. What is the strongest argument on either side.
Elucidate why are shortages or surpluses more likely with preset costs, such as those on tickets, than flexible costs
Between two production technologies firm can choose a new product line. If it installs expertise 1, it's annually costs.
Assume that the society decided to reduce consumption also increase investment. Explain how would this change effect economic growth.
Illustrate what are the real income also interest rate elasticities of real cash balances
What is the Law of Diminishing Returns. Discuss a company's two short run options: 1. stay open or 2. shut down.
Illustrate what is consumption also saving in each period, assuming no borrowing constraints
Find out the aggregate economic effects of the combination of the shock to the economy and the government's response to it.
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