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Questions.
1. Trade based on comparative advantage benefits both countries. The distribution of gains from trade across countries depends on the terms of trade. Do you agree? Why?
2. Suppose that France is capital abundant while China is labor abundant. Both countries have the same tastes and produce soybeans which is capital intensive and tea which is labor intensive. What does the Heckscher-Ohlin theory postulate about the pattern of trade between France and China and why?
It is estimated that the annual sales of an energy saving device will be 20,000 the first year and increase by 10,000 per year until 50,000 units are sold during the fourth year. Proposal A is to purchase manufacturing equipment costing $120,000 with..
Describe what effect this change will have on Janes' ability to make purchases in Italy and explain why.
It would be reasonable for a typical purely competitive wheat farmer to lower his price per bushel in order to sell more. The higher sales level will cause average fixed cost to decrease and this will result in more profit for the individual farmer. ..
In the U.S., landowners have the mineral rights to all minerals that might be found under their property (e.g, oil and natural gas). In most European countries, the government, not the property owner, has the rights to any minerals found in the groun..
Lucy and Melvin share an apartment. They spend some of their income on private goods like food and clothing that they consume separately and some of their income on public goods like the refrigerator, the household heating, and the rent, which they s..
Given that the heights of adult males show a mean of 69" and standard deviation 2.7." A sample of 37 adult males shows a mean of 68.2" and standard deviation of
Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity?
Explain why an economy's income must equal its expenditure and why is it desirable for a country to have a large GDP? Give an example of something that would raise GDP and yet be undesirable.
This question is related to this question about the Machina paradox and about the expected utility model. In this question, I'd like to know a little more about various or even competing ways of specifying utility and decision making. It'd be nice if..
Discuss the implications of this legislation on your company's operations and in particular the implications for your optimal mix of inputs
The United Nations Environmental Programmed GEO5 Report issued in 2012 founded that "burgeoning populations and growing economies are pushing ecosystems to destabilizing limits." The Report notes a change in emphasis from a focus on environmental "dr..
The structure of the physicians service market has resulted in the development of the supplier-induced demand hypothesis to explain conduct in the market.
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