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The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign. Is it possible for the capital intensive country to now import the capital intensive good? Briefly discuss the intuition, and then illustrate your answer using the PPF-indifference curve diagrams for Home and Foreign.
We continue to assume that Home is capital abundant and Foreign is labor abundant. They produce computers and shoes. Computers are capital intensive and shoes are labor intensive.
The annual demand for coffee by the U.S consumers is Q = 250 - 10P. Compute the lost consumer surplus?
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
Give at least three explanations of why economic reasoning would argue that this is to be expected.
Define and describe the difference between the absolute advantage and the comparative advantage.
Questions on Long-Run Labor Demand and Factor Substitutability, Own-price elasticity, Cross-price elasticity
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are:
What is her marginal rate of substitution when L = 100 and she is on the budget line? What is her reservation wage? What is her optimal combination of C and L?
Some politicians in countries that are the recipients of large numbers of immigrants advocate adopting laws requiring immigrants to learn the local language within a specified period of time.
In each of the cases listed below determine what this consumer needs to do (in terms of purchasing X and Y) to maximizes their utility.
Perfect competition guarantees allocative efficiency. A profit-maximizing monopolist can never be allocatively efficient.
Describe the effects of monetary policies on the economy's production and employment.
How income may change savings behavior
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