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Question 1. Given the following data on the U.S and China: The U.S is endowed with 30 units of labor that will be used to produce wheat and textiles. Its marginal product of labor in the wheat industry is 4 and its marginal product of labor in the textile industry is 2 China is endowed with 80 units of labor whose marginal product in the wheat industry is
Question 2 and its marginal product in the clothing industry is
Question 3. a) Draw the PPF for each country b) Use the midpoint on the PPF to represent the autarky position for each country c) Which country has a comparative advantage in wheat? d) What is the pattern of trade? e) What are the terms of trade for wheat? f) Arbitrarily select a single world price for wheat and draw the CPL (consumption possibility line) for the U,S.? g) Use an equation you learned in class to determine the level of wages in both industries and in both countries?
Suppose that there is a total of 40 units of a non-renewable resource that will be completely depleted in two periods. This resourve has a demand curve Q= 100=2P in each period and a constant marginal extraction cost of $10. Assume the interest rate ..
Consider the central bank balance sheet for the country of Riqueza. Riqueza currently has $1,800 million escudos in its money supply, $1,100 million.
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An agent earns $100 and, although she has the option to burn her money, she chooses to save $30 and use $70 for household expenditures. How would an economist m
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Assume that the labor supply curve to a firm is the one given in Problem 1 above that is, (E=5W). If the firm’s marginal revenue product of labor (MRPL) 240 – 2E, what is the profit-maximizing level of employment (E* ) and what is the wage level (W *..
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