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What are the possible advantages of free trade?
Firms
a) Specialisation and enhanced use of comparative advantage
b) Possibility of advantages of scale
c) Spread and knowledge of technology - production gains
d) Spread of skills and labour capital
e) Access to new/wider markets
a) Increased choice, i.e. variety
b) lower prices
c) overall consumer welfare (consumer surplus - outside of syllabus) in lower prices and increased consumption
d) Increase in standard of living
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what will be the possible concequences if a large scale like Toyota place its new product in Indian market without having forecast the demand for its product
definition
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elasticity of demand of a product in different market forms such as perfect competition, monoply etc.
Suppose scientists discover that eating soybeans prevents cancer and heart disease
what is the theory of second best ? prove the theorem with the help of a diagram ?
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