What is the minimum price the country with advantages

Assignment Help Econometrics

Reference no: EM13223219

In a day of production, firms in Angola can produce 200 liters of oil or 100 kilograms of tungsten. Firms in Namibia can produce 160 liters of oil or 60 kilograms of tungsten. Which country has:

comparative advantage in tungsten
absolute advantage in oil
comparative advantage in oil

and what is the maximum price the country with the comparative advantage in tungsten is willing to pay for a liter of oil in terms of tungsten and what is the minimum price the country with the comparative advantage in tungsten is willing to pay for a liter of oil in terms of tungsten.

Reference no: EM13223219

Questions Cloud

Determine the success of the experiment : Measurement--what variable will be examined to determine the success of the experiment?

Describe which reduces the marginal cost : You are a manager of Nvidia and your only significant competitor in the mainstream graphics card market is the ATI subsidiary of Advanced Micro Devices. You and ATI both expect to produce the next generation of graphics card in October of next yea..

Compute the ph of lithium hydroxide : A solution is made by adding 0.51 mol of lithium hydroxide (LiOH) in enough water to form 5 L of solution. Calculate the pH.

Construct and plot an x-bar and r-chart : The sample averages and sample ranges are in the table. Construct and plot an X-bar and R-chart using these data. Is the process in control?

What is the minimum price the country with advantages : In a day of production, firms in Angola can produce 200 liters of oil or 100 kilograms of tungsten. Firms in Namibia can produce 160 liters of oil or 60 kilograms of tungsten. Which country has comparative advantage in tungstenabsolute advantage in..

Explain what is the pka of the acid : If the concentration of an acid in solution is 2.2 times larger than the concentration of its conjugate base, and the pH of the solution is 3.5, what is the pKa of the acid?

Economic order quantity for kona coffee beans : What is the economic order quantity (EOQ) for Kona coffee beans and what are the total annual holding costs of cycle stock for Kona coffee beans?

Calculate the ph of a solution : Compute the pH of a solution formed by adding 14.1 g of baking soda (sodium bicarbonate) to enough water to make a 190.0 mL solution

What is the price level and what is the wage : Consider an economy with the production function Y= L^(1/3) a) Derive the Labor demand Curve b) If Labor supply curve is L^s= (w/p) , calculate the equilibrium levels of real wage, labor and output.

User Account

All Pages