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3.5 The following table shows the hourly output per worker in two industries in Chile and Argentina:
a. Explain which country has an absolute advantage in the production of hats and which country has an absolute advantage in the production of beer.
b. Explain which country has a comparative advantage in the production of hats and which country has a comparative advantage in the production of beer.
c. Suppose that Chile and Argentina currently do not trade with each other. Each has 1,000 hours of labor touse producing hats and beer, and the countries are currently producing the amounts of each good shown inthe following table:
Using this information, give a numerical example of how Chile and Argentina can both gain from trade.
Assume that after trading begins, one hat can be exchanged for one barrel of beer.
If this was a competitive industry, the resulting quantity would be where P = MC. Solve for the competitive quantity (Q C) and price (P C). Hint: set P = MC to solve for Q, then plug Q into either P or MC equation.
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the owner of a local Honda dealership. unlike other dealerships in the area, you take pride in your no haggle sales polict. Last year, your dealership earned record profits of $1.5 million. However, according to the local Chamber of Commerce, your..
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Suppose that demand is perfectly inelastic at 40 million bags, so that consumers demand 20 million bags no matter what the price is. What price should you charge if you want the firm to earn only a fair rate of return Assume as always that TC incl..
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The demand for haddock has been estimated as log Q = a=b log p=cl log I = d log Pm Where Q= quantity of haddock sold in New England P = price per pound of haddock I =a measure of personal income in the New England region and Pm= an index of the pr..
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