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Homework on Ricardian Model. Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and the United Kingdom has 20 workers. Draw the PPF for the United States. Suppose the international relative price of a ton of steel is 2.5. Draw the world price line. Show that the United States is better off under trade compared to Autarky with the aid of indifference curves. Show the amount the United States will export and import. What would be the real wage of the workers in the two countries?
Suppose that there is an exogenous unexpected decline in consumption spending by households. Use the IS-LM, AD-AS model to derive the short-run and long-run effects on i, P, and Y.
Someone once said, "You can watch the size of the Cadillac market shrink by just reading the obituaries." In the context of the external environmental forces discussed in the chapter, what did this person mean? What has Cadillac done to counter th..
Which resource of production is the only one which nations can significantly increase in the short term.
Suppose that in a year an American worker can produce 100 shirts or 20 computers, while a Chinese worker can produce 100 shirts or 10 computers. Graph the production possibilities frontier for the 2 countries. Suppose that without trade the workers i..
In the United States, the distribution of income is more equal than the distribution of wealth. Explain this idea and address how reducing inequality could be a macroeconomic goal. Finally, what insights would Marx provide on understanding why inequa..
Tara is considering leaving her current job, which pays $85,000 per year, to start a new company that manufactures a line of special pens for personal digital assistants. What are Tara’s accounting costs? Are there other costs that Tara should consid..
Marketers continue to push the envelope as they challenge society’s norms regarding what topics are appropriate to discuss in public. Advertisers are often blamed for promoting a materialistic society by making their products as desirable as possible..
"Do marketers have the ability to control our desires or the power to create needs?" Please provide reasoning, evidence, and examples to support your argument.
Joe and Rebecca are small-town ready-mix concrete duopolists. The market demand function is Qd = 10,000 – 100P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $25 per cubic yar..
Consider a country’s trade off between the production of two ‘goods’: environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why is there a trade off? Explain.
Define production possibility frontier; state the conditions require for its construction and show how it is constructed. State the basic properties.
An industry demand curve faced by firms in a duopoly is P = 100 - Q, where Q = Q1 + Q2. MC for each firm is 0. How many units should each firm produce? How much money will each firm make?
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