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Suppose that Italy and Sweden both produce jeans and stained glass. Italy's opportunity cost of producing a pane of stained glass is 4 pairs of jeans while Sweden's opportunity cost of producing a pane of stained glass is 10 pairs of jeans. By comparing the opportunity cost of producing stained glass in the two countries, you can tell that has a comparative advantage in the production of stained glass and has a comparative advantage in the production of jeans. Suppose that Italy and Sweden consider trading stained glass and jeans with each other. Italy can gain from specialization and trade as long as it receives more than of jeans for each pane of stained glass it exports to Sweden. Similarly, Sweden can gain from trade as long as it receives more than of stained glass for each pair of jeans it exports to Italy. Based on your answer to the last question, which of the following terms of trade (that is, price of stained glass in terms of jeans) would allow both Sweden and Italy to gain from trade? Check all that apply. 18 pairs of jeans per pane of stained glass 2 pairs of jeans per pane of stained glass 8 pairs of jeans per pane of stained glass 1 pair of jeans per pane of stained glass
Suppose that long run costs for firms operating in the industry are given by. What is the long run supply curve for the industry? What is equilibrium quantity in the industry?
Why may the effective patent life of a drug be shorter than the legal life. Explain why may the effective patent life of a drug be longer than the legal life.
For each situation described here determine the type of unemployment: Steelworkers losing their jobs due to decreased demand for steel. A college graduate waiting to accept a job that allows her to utilize her level of education
Illustrate what cost should each industry charge if it wants to maximize its profit. Why are costs and output of industries 1 and 2 same however different for industry 3.
Write down the profit maximization problem and optimality conditions. What is the technical rate of substitution? What is the rate of transformation? What is my demand for L? What is my demand for K? (d) Write down the cost function as a function of ..
Based on demand function from previous question, when price of good is $50, how many units of good are demanded.
Suppose that a cost-minimizing firm, faced with constant input prices, recently increase the quantity of each of its inputs by 10%. As a result, its output increased from 100 to 120 units.
The state of Minnesota is considering building a highway through undeveloped wilderness. The construction will take 1 year and the construction costs are estimated at $10 million. Find the annual value of benefits which generates a zero net present v..
Long-run Macroeconomic Equilibrium and Stock Market Boom Let us assume the economy reaches its long-run macroeconomic equilibrium in 2020. When the economy is in the long run macroeconomic equilibrium, the stock market will also reach its boom. Which..
Your dental clinic provides 3,000 exams for private pay patients and 1,000 exams for members of a union. Your fixed costs are $50,000 and your incremental cost is $40. Private pay patients have a price elasticity of demand of -3. What do you charge t..
Over the years we have seen large changes in US federal income tax rates, with the highest marginal rates falling from 70% to under 40% today. Describe the impact of this change on the spread between US Treasury bonds and municipal bonds? Under the e..
q.q1. explain how do i calculate the midpoints and marginal costs of 1 thing in terms of the other and the other thing
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