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Suppose that each U.S. worker can produce 8 units of food or 2 units of clothing daily. In Izodia, which has the same number of workers, each worker can produce 7 units of food or 1 unit of clothing daily. Why does the United States have an absolute advantage in both goods? Which country enjoys a comparative advantage in food? Why?
Consider two Countries that share the same technology, South Africa and the UK, and two goods, Diamonds and Tea
For each situation, indicate whether you would favor an appreciation or depreciation of the Mexican Peso relative to the US Dollar. a. You own a hotel in Mexico that caters exclusively to American tourists. b. You run a tortilla factory in Mexico
Suppose that each US worker can produce 8 units of food or 2 units of clothing daily. In Fredonia, which has the same number of workers, each worker can produce 7 units of food or 1 unit of clothing daily.
In May 1996, two Clemson University economists came out with a report that discussed that through removing legal restraints on competition between electricity manufactures,
Assume the dollar-pound rate equals $.5 per pound. According to purchasing power parity theory, determine the dollar's exchange rate under each of the following scenarios?
Describe unequivocally why the foundation of trade has nothing to do with absolute advantage and only law of comparative advantage is relevant.
Suppose the U.S. has 1200 hours of labor. It can produce two goods: passenger cars and personal computers. The unit labor requirement in the production of passenger cars is 1.5 hours and in the production of personal computers is 1 hour.
Many corporation manufacture more than one product. What is the motivation to do this and explain how do rules for profit maximization differ between a single product corporation and a multiproduct corporation?
Describe some models that forecast the effect that reducing protection Tariffs will have on factor prices Labour and capital.
A local chain store has asked Columbia to produce 10,000 loaves of the wheat bread per month with the store's name on the packaging. The store brand wheat will be identical in ingredients as well as technic of production. Estimates are sales of 10..
Explain and estimate the price elasticity of demand for a good or service of your firm, or a firm of interest to you. Estimate the price elasticity of demand by guessing at the effect of a 10 percent price change on the sales level.
Many factors discuss the supply and demand for labor. Identify and describe two factors that would increase or decrease the demand for labor.
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