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Comparative Advantage

possibilities data

Answer the next question on the basis of the following production possibilities data for Landia and Scandia: Landia production possibilities: A B C D E Fish 8 6 4 2 0 Chips 0

Overview of microeconomics

1. Why do many economists believe that the market system is the most efficient economic system for allocating resources? 2. What are the four main categories of resources? Explain each of them. 3. (a) Explain what happens in the simple circular flow diagram? (b) What effect do price controls have on the market system?

Comparative Advantage of Potatoes and Chickens

Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens,

Calculating Opportunity Cost: Chickens and Potatoes Example

Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens

International trade: Example questions

Questions from these topics. Ricardian Model. Specific - Factors Model Heckscher - Ohlin Model Factor Movements Increasing Returns to Scale and Imperfect Competition See attachment for more.

Consumption possibility frontier

Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs. If Mary devotes all her resources to growing corn, she can raise 200 pounds of corn per year. If she devotes all her resources to raising pigs, she can raise 50 pigs p

(households production)

(households production)many households supplements their food budget by cultivating small vegetable gardens.explain how each of the following migth influence this kind of household production: a.both husband and wife are professionals who can earn high saleries. b.the household is located in acity rather than in a rural area.

Addresses the following questions 1. Why do you think it will be interesting to focus in the economic ideas of Walmart? 2. How you think macro-economics applies to Walmart? What would it contribute to your understanding of this organization's prospects? 3. Pick two of the Big Ideas of the Basic Terminology in Economics. Discuss how they apply to Walmart.

Addresses the following questions 1. Why do you think it will be interesting to focus in the economic ideas of Walmart? 2. How you think macro-economics applies to Walmart? What would it contribute to your understanding of this organization's prospects? 3. Pick two of the Big Ideas of the Basic Terminology in E

Eco102

Please answer 4 attached questions. table attached in xls file. thanks

Microeconomics

There is no word minimum for any answer; just give a complete response. Question One What is the most important determinant of price elasticity of demand? Why is this so? Give an example of a firm that price discriminates for its product or service. Question Two Give an example of the income effect and

Online auction sites

Using some or all of the following, compare some of the most popular online auction sites: -Pricing strategies -Oligopoly -Porter's 5 forces framework I would need around 300-500 words (please include references)

Comparative Advantage - Countries

Why can't one country have a comparative advantage over another country in the production of everything if the first country has excellent natural resources, a huge capital stock, a highly skilled labour force, and ingenious technicians and managers, while the second country is poor in all four areas?

Opportunity costs and comparative advantage

Please help with the following international economics problems. In one day, Canada can produce either 200 tonnes of wheat or 90 tonnes of copper ingots. In one day, Chile can produce either 120 tonnes of wheat or 175 tonnes of copper ingots. Based on these numbers, a. Calculate Canada's opportunity cost of one tonne of w

ECONOMICS QUESTION

Suppose that you test the Linder hypothesis by comparing Germany's absolute difference in per capita income from each of its trading partners with the size of Germany's total trade with each respective partner. You find a strongly negative correlation. Do you thus conclude that the Linder hypothesis must necessarily offer a

Summarize a Protectionist Trade Policy

Who benefits from a tariff or quota? Who loses? What are the positives and negatives of protectionist trade policies on the federal government's part? Which policy is best right now

Theories of comparative advantage

2. How would each of the following theories of comparative advantage explain the fact that the United States exports computers? a. Productivity differences b. Factor abundance c. Human Skills d. Product life cycle e. Preferences 13. Suppose the world price of kiwi fruit is $20 per case and the U.S. equilibrium price wi

Barriers to entry, globalization, oligopoly pricing

1. Other than economies of scale, what would you consider to be barriers to entry into a market? Are these barriers the same for all market structures? Explain your response. 2. How does globalization lead to greater competition in the marketplace? 3. Describe three oligopoly pricing models: a. the kinked-demand

Practice Problems

An increase in the Federal minimum wage to $7.25 per hour from $5.15 per hour, assuming that $7.25 is an effective price floor and that all other things remain constant, will: a. reduce the number of unemployed. b. increase the number of unemployed. c. shift the supply of labor to the right. d. shift the demand of labor to

pros and cons of competing in global environment

What are the pros and cons of companies competing in the global environment and how this has affected the U.S. economy and the global economy? 200 words Firms are struggling to make a profit. Have you noticed more unethical behavior because of this? 200 words

Trade, comparative advantage discussion

Taking business personally: Would you have a higher consumption standard of living by self-sufficiently producing all the goods you and your family want to consume or by employing your labor time and/or entrepreneurship to their comparative advantage in the global market economy? Explain

comparative advantage on the production of a good

Evaluate the following statements: a) The extensive application of protective tariffs destroys the ability of the international market system to allocate resources efficiently. b) Foreign firms that "dump" their products onto the U.S. market are in effect providing bargains to the country's citizens. Thank you.

Financial Statement Analysis

Comparative statement data for Douglas Company and Maulder Company, two competitors, appear below. All balance sheet data are as of December 31, 2009, and December 31, 2008. Douglas Company Maulder Company 2009 2008 2009 2008 Net sales $1,549,035 $339,038 Cost of goods sold 1,080,490 241,000 Operating

Labor Market, Trade and Exchange Rates

Please answer the following, each part in approx. 400-500 words. THE LABOR MARKET (a) If standard microeconomic analysis could be applied to the labour market, then there would be no such thing as unemployment. (i) Explain why the above statement is true in theory (ii) Explain why the above statement has very limited re

Find the Opportunity Cost

As the French franc appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in France? What happens to the price of French goods in the U.S.? Suppose the Canadian dollar (C$) price of one British pound is C$2.414. A hotel room in London costs 110 pounds, while a similar hotel room in Toronto

Interdependent Trade

Most countries are interdependent where trade is concern. We all depend on each other. Should America aim to be self sufficient in the production of goods and services, rather than depending on other countries for trade?