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Suppose that: In Malaysia the unit labor requirement to produce a pound of rice and a pencil are 1 and 2 hours of labor respectively; In Indonesia, the unit labor requirement to produce a pound of rice and a pencil are 2 and 3 hours respectively; each country has 10,000 hours of labor to allocate between the production of rice and pencils; and in autarky, Malaysia consumes 5,000 pounds of rice and 2,500 pencils. When trade occurs, the world relative price of rice (W R W P P P) becomes 3/5. Given that the marginal product of labor is the inverse of unit labor requirements, answer the following questions:
a. In Malaysia, what are the marginal productivities of labor in rice and pencil production?
b. In Indonesia, what are the marginal productivities of labor in rice and pencil production?
c. What are the autarkic (pre-trade) relative prices of rice and pencils respectively in each country?
d. In which product will each specialize?
e. What happens to wages in each country when trade occurs?
Identify the most important obstacle that makes the retail market of canned soft drinks not perfectly competitive and suggest ONE government policy to enhance market efficiency by promoting the competition in retail market of canned soft drinks.
Is the student necessarily better or worse off than before from such a transfer implied by consultant A.
The price elasticity of demand for a good is -1.1, and consumers currently purchase 114 units of the good. Find the change in units demanded when the price changes 9 percent. Round your answer to two decimals.
If a case is reversed and remanded, it:
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Brenda and Lela are sisters. They both like to make ice cream and cake. Brenda makes one batch of ice cream in eight hours and bakes a cake in two hours. Lela makes one batch of ice cream in 10 hours and bakes a cake in 5 hours. Who has the absolute ..
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The current price of gold is $1,800 an ounce, and the current futures price is 1,850 an ounce. Suppose you expect the price of gold to rise and you enter a long position into a future contract to buy gold. What is the amount that you must deposit (ei..
Suppose that output is $2.2, the natural rate is 4.5%, potential GDP is $2.32, inflation was 3% last year expectations arc adaptive, and the phillips curve equation is pi = pi + 0.5(Y - Y*)/Y*. What will the inflation rate be this year?
The Errata Book Company is a firm that sells its book to two types of consumers, type 1 and type 2. The marginal revenue Errata gets from type 1 consumers is: MR1 = 20 - 2Q1, and the marginal revenue Errata gets from type 2 consumers is: MR2 = 15 - 3..
Some of the largest import tariffs are on shoes. Strangely, the cheaper the shoes, the higher the tariff. The highest US tariff. 67%, is on a pair of $3 canvas sneakers, while the tarriff on $12 sneakers is 37% and that on $300 Italian leather import..
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