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The idea that international trade should be based on the comparative advantage of each country is fine for rich countries like the united states and japan. rich countries have educated workers and large quantities of machinery and equipment. these advantages allow them to produce every product more efficiently than poor countries like Kenya and Bolivia have nothing to gain from international trade based on comparative advantage.
A government regulatory agency sets a price ceiling of $7 per unit. What quantity will be produced, and what will the firm's profit be? What happens to the degree of monopoly power?
What is the probability that by picking one card from a well-shu?ed deck, the card is a king and a spade,
A typical firm in a perfectly competitive market made positive economics profit last period. What do you expect will happen this period to
Normal 0 false false false EN-US X-NONE X-NONE Which of the following fisc..
1. Explain the difference between general-equilibrium models and partial-equilibrium models. How are the numbers of endogenous and exogenous variables related to whether a model is a partial-equilibrium or general-equilibrium model?
Show that for any bidder i, the bid of vi weakly dominates any lower bid. Show further that for any bidder i, the bid of vi does not weakly dominate any higher bid. Next, show that the action profile in which each player bids her valuation is not a..
Analyze how the different forces will come together to create a convergence between the interests of stockholders and managers.
in 1995 mango production in kenya fell by approximately 85 following a flood. the retail price of mangoes rose by a
Will charge a price equal to the marginal cost.Will charge the highest prices to those customers with the least elastic demand.Will capture all of consumer surplus as profit for the firm.Will charge the highest prices to those customers with the most..
you have been asked by the payroll department to create a program that will calculate the weekly pay for the companies
Describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. What are the equilibrium price and quantity (in thousands) for Chef Ernie's sushi?
Some politicians have suggested that the United States enact a constitutional amendment requiring that the Federal government balance its budget annually. Such an amendment, if strictly enforced, would force the government to enact a contractionary f..
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