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Understanding a nation’s comparative advantage helps understand what and why it trades with other countries. It also illustrates where improvements may need to be made in order to improve its comparative advantage to develop as an economy. Provide a brief summary of Vietnam’s comparative advantage. Discuss what is necessary to improve it. What will assist or prevent this from occurring?
Consider decision making process used by consumers as they budget their money to maximize use of their resources.
To what degree does real GDP measure to health of an economy? How is it possible to make valid international comparisons of real GDP? Support your answer with examples.
The demand for shoes can be expressed as Q = 100 - 10P., where Q is quantity and P is price.Using the midpoint method, what is the price elasticity of demand when the price of shoes goes from $5 to $6?
The Cobb-Douglas production function is given by: Y = AK^(α)L^(1−α) where 0
What would the equilibrium price and quantity be? How much profit is made in the industry and by each firm?
propose to model his tastes in the following way: For any 2 bundles A and B of "grams of cocaine" and "dollars of other consumption.
A woman managing a photocopy establishment for $25,000.00 per year decides to open her own duplicating place.
A corporation is trying to decide whether to buy the patent for a product designed by another company. The decision to buy will require an investment of $8 million, and the demand for the product is not known. Calculate the expected present worth of ..
You are the manager of a firm that receives revenues of $60,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross-price elasticity of demand between product Y and X is..
As a savings plan for college, the Smithfield's deposited $15,000 in an account paying 6% compounded annually when their daughter Mary was born. How much will the account be worth when Mary is 18 years old?
A farmer sells cotton to a clothing company for $1,000 and the clothing company turns the cotton into T-shirts that it sells to a store for a total of $2,000. How much did GDP increase a result of these transactions?
Periodic outlays for inventory control software at Baron Chemicals are expected to be $280,000 immediately, $280,000 in 1 year, and $200,000 in 2 years. What is the present worth of the costs at an interest rate of 3.92% per year, compounded continuo..
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