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Suppose that Home has 100 workers, a marginal product of 4 making apples, and a marginal product of labor of 4 making shirts. Foreign has 100 workers, a marginal product of labor of 8 making apples and a marginal product of labor of 6 in shirts A) In no-trade equilibrium, what are the relative prices of apples in Home and in Foreign? What are the relative prices of shirts in Home and in Foreign? b) What range of relative prices could be observed in a trade equilibrium? c) Draw the production possibilities frontier, world price line and indifference curves for each country for a trade equilibrium when the relative price on world markets is halfway between their autarky relative prices. Label the intercepts of the world price line and PPF.
In principle, the government could impose separate minimum wages on distinct occupations. Suppose the government imposed a minimum wage of 20 percent over their respective market wages for ditch-diggers and university professors.
Discuss the principles of the “law of one price” and the conditions which must hold for the law of one price to hold. Discuss the economic reasons why the increase in North American production could have caused this price divergence to occur. Discuss..
In the following situation, the market is initially in equilibrium. After each event described below, does a surplus or a shortage exist at the original equilibrium price? What will happen to equilibrium price as a result? Draw your answer in GRAPH F..
Michael paid $20,000 in 2010 for an option to purchase 10 acres of land. By paying the $20,000, Michael bought the right to buy the land for $100,000 in 2016. When Michael bought the option in 2010, the 10-acre land was worth $120,000. In 2016, it is..
Why anyone would pay a positive price for a CBOT or NYSE seat and what this price represents. Second, explain why the seat values have changed so much in recent months.
Under oligopoly, if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
full over the last month, are you optimizing. Illustrate wow about if it is 75% full at 9 am.
Compare and contrast the facility costs of VectorCal and the US Government. Determine at least two advantages for using facility costs for both VectorCal and the US Government. Explain your rationale. "Procedures of FCCOM".
Why are securities market institutions not considered to be financial intermediaries?
The market for autographs including letters o other documents signed by famous people is subject to frequent large price changes as are markets for most collectables.
research where you would find the u.s. international trade policies and their history as they apply to various
Compute the price, output, and profit contribution if the product is not certified.
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