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Suppose that Argentina has abundant capital and scarce labour compared with Brazil. Assume also that wheat is capital-intensive in comparison to cloth, and that other Heckscher-Ohlin assumptions of the 2X2X2 model apply (perfect competition, free trade, constant returns to scale, etc.). Using appropriate diagrams show the equilibrium points in each country before trade. Then show that mutually beneficial trade between these two countries is possible. Label the diagrams clearly to indicate the pattern of trade and show the final equilibrium points for consumption, production, imports and exports. Briefly explain in words the sequence of changes that occur as the two economies move from no trade to free trade.
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q=180-10P, where P is in dollars.
Essay on Market imperfection associated with negative externalities
Why is it not surprising to find that in an oligopoly which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
Draw a set of indifference curves for Jones, and second set for Smith, with alcoholic drinks on vertical axis and non-alcoholic on the horizontal axis.
The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign.
How would each of the following affect the firm's marginal, average, and average variable cost curves?
Explain the concept of externality. What does it have to do with the efficient allocation of resources?
If the government starts welfare policy which pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
Suppose two identical firms produce widgets and they are the only firms in the market. Find out the Stackleberg Equilibrium.
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
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