The table above shows the worker hours required to produce two different goods in two countries. Which country has the comparative advantage in the production of oil?
Q: The profit function for a company selling two mobile phone models is: π = 140Q₁-2Q₁²+…
A: Profit is the difference between total revenue and total cost. Profit = TR - TC Profit is…
Q: What is the recessionary gap and inflationary gap? Explain the following concepts in detail. Use…
A: The cross-section of the economy’s AD and short-run AS curves computes the equilibrium real GDP and…
Q: 4. Use the table below of market shares for the 5 firms to answer the following. Market Share 40 18…
A: Herfindahl- Hirschman Index (HHI): It is a measure of market concentration and is used to determine…
Q: Problem 8 (Marginality Principle and Profit Maximization II). Correct the following statement. "If…
A: The profit is maximized where the MR = MC. The MR or Marginal revenue refers to the change in total…
Q: Which three indicators are currently used in the Human Development Index (HDI)? Real GNP per…
A: The HDI was developed to underline that, rather than relying solely on economic growth to gauge a…
Q: Many home improvement retailers like Home Depot and Lowes have low-price guarantee policies. At a…
A: The procedures and methods that may be used to determine prices for goods and services are included…
Q: At an interest rate of 6%, there is a Group of answer choices shortage of money and the interest…
A: Given that the money supply is constant for all value of interest rate (i), means that the quantity…
Q: What is the effect on China's aggregate demand when the United States goes into an expansionary…
A: Aggregate demand is the collective demand for goods and services made by all of the consumers within…
Q: Use the generalized Nash bargaining solution to show that an individual's share increase with his…
A: To check the consequences of the changes in power we take and example , In this game seller is…
Q: AN INVESTMENT OF P270,000.00 ON COMPUTER SHOP WILL HAVE THE FOLLOWING DATA: UNIFORM ANNUAL…
A: The yearly worth is the sum of all the advantages and expenses over the course of a year. The annual…
Q: Please explain thoroughly the limitations of using the monetary policy tools.
A: Monetary policy refers to the collection of tools that a central bank uses to stabilize the economy.…
Q: The industry in the figure below consists of many firms with identical cost structures, and the…
A: Demand: It refers to goods and services that are consumed by the people. More demand leads to an…
Q: Question: what are some examples of successful expansion of global trade, countries are seeing, and…
A: International trade refers to economic transactions between countries. Consumer goods such as…
Q: When inflation happens in an economy… Select one: a. Workers who are paid the…
A: The increase in the cost of goods and services throughout the economy is referred to as inflation.…
Q: Investment contributes to economic growth O True O Fabe
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 5. Questionable business practices according to antitrust agencies Complete the following table by…
A: Introduction : Pricing : Pricing strategies are the means by which a retailer may maximize his or…
Q: The graph below is associated with a hypothetical country. Consider an increase in aggregate demand…
A: The total of consumption expenditures, government expenditures, investment expenditures, and net…
Q: In the long run, an increase in the nominal exchange rate (foreign currency per unit of domestic…
A: Exchange rate refers to the value of one currency in terms of another currency. Depreciation means…
Q: What factors will shift the supply and demand for currency?
A: According to economic definitions, money is a good that acts as both a store of value and a means of…
Q: a. Add the marginal revenue curve to the graph above (starting at zero). Plot only the end points.…
A: monopoly is the market where single seller sells the product at relatively high price and produce…
Q: 1.Find the firm's demand for inputs (as a function of output and the input prices) 2. Find the cost…
A: Supply function is a numerical portrayal of the association between the amount expected (quantity…
Q: Suppose that a risk neutral competitive firm has to make its output (y) decision before it observes…
A: Cost function : C(y) = y + y2 There are two cases to be considered to find the maximum price that…
Q: Tom Atoe grows tomatoes for home consumption. This activity is: a. Productive but is excluded from…
A: The total cash value of all the goods and services produced in an economy during a given time period…
Q: Money is Group of answer choices the value of all coins and currency in circulation at any time.…
A: It serves as a means of communicating values and pricing. It is the primary indicator of wealth…
Q: Monopolists, unlike competitive firms, have some market power. A monopolist can increase price,…
A: Nature of a Monopoly: A monopoly is mainly identified by a single seller selling a unique product.…
Q: What is the marginal utility per dollar spent on the 6th strawberry? Which of the combinations of…
A: Utility shows the satisfaction. MU is the marginal utility. MU is calculated as the change in…
Q: Define econometric in 200 words!
A: Econometrics refers to the use of statistical techniques to economic data in order to provide…
Q: Suppose an American business owner purchases chocolates from Belgium in order to sell them in her…
A: The answer provided below has been developed in a clear step by step manner.
Q: The following graph plots an aggregate demand curve. Using the graph, shift the aggregate demand…
A: A tax hike will decrease the consumption & investment component of aggregate demand , which thus…
Q: D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item,…
A: Producer surplus is described as the difference between the amount the producer is willing to supply…
Q: A monopoly's inverse demand function is p=100-Q+ 2 10A-A Q where Q is its quantity, p is its price,…
A: The interaction by which businesses and enterprises decide techniques to create more gains with…
Q: onsider the exchange rate between the Malaysian ringgit and the euro. Suppose the Malaysian…
A: Demand is the individuals wish to purchase a specific good or service. Market demand is the demand…
Q: Which of the following are characteristics the monopolistically competitive firm and the perfectly…
A: In perfect competition , The firm produces where P = MC in the short run. And In long run, it will…
Q: Consider two individuals who face an uncertain income, w, that can have two values, 0 and 16, with…
A: Given: Utility function: u1=w12 u2=w1212 The wealth can be: w = 0 with the probability of 12 w = 16…
Q: Which of the following is least likely to be included in calculating GDP by the sum-of-value-added…
A: The sum of value-added method is used to measure GDP by summing up all transaction costs incurred…
Q: 23) Which of the following policies could lead to a deadweight loss? A) imposing subsidies. B) price…
A: The deadweight loss is where the trade has not been made because of disequilibrium in supply and…
Q: Suppose the United States has a comparative advantage over Mexico in producing pork. The principle…
A: A country is said to have comparative advantage in producing a particular good or service if it can…
Q: Solve the following using the Lagrange multiplier method. iv. Max KL s.t. 4K+2L=20
A: Optimal input demand : The optimal input demand bundle is such that at that bundle the consumer’s…
Q: How imposition of some tax on goods will affectlabor supply
A: The labor supply curve represents the wage rate and quantity of labor supplied in the market.
Q: Compared to digital goods, traditional goods have: lower inventory costs. O lower marginal costs per…
A: Digital goods are the new technology goods produced to satisfy the needs of the consumers. These…
Q: Draw an upward-sloping supply curve and a downward sloping demand curve. The market is initially…
A: Consumer surplus is the area below demand curve and above price. Producer surplus is the area below…
Q: = Consider two firms with differentiated products, whose demand functions are given by: 9₁ = 2 - 2p1…
A: Given information Demand function for firm 1 q1=2-2p1+p2 Demand function for Firm 2 q2=2-2p2+p1…
Q: Veritas Inc. has decided to acquire a new Hydraulic Excavator. It has three options. Caterpillar:…
A: The benefit-cost ratio (BCR) is a measure showing the connection between the relative costs and…
Q: HW 2 ECON 6110 2. Show that B = {P₁x₁ + P₂x₂ ≤ w} = Bapa = {ap₁x₁ + ap₂x₂ ≤aw}. P.w aw
A: Budget constraint: given the price of 2 goods and consumer’s income. The budget constraint shows…
Q: A good is called "inferior" if: i) There are other goods that consumers prefer to it. ii) Consumers…
A: The kinds of items that people buy depend on their personal income. When people have very high…
Q: Please choose two of the question threads to answer. 1) Screening and Imperfect Information…
A: Since you have posted multiple questions, we will answer the first two questions for you. If you…
Q: 26.A man borrowed P20,000 and promised to pay an amount of P21,500 with simple interest of 20%. How…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: What is the answer for d and e?
A: Introduction ( General terms) The term "marginal private cost" (MPC) refers to the variation in a…
Q: As the price level decreases, the cost of borrowing money will (remain the same/increase/decrease)…
A: In economics, the term "aggregate demand" refers to a metric that measures the overall demand for a…
Q: Prominent Sdn Bhd produces furniture at several factories. Its Seberang Prai factory produces office…
A: The point at which a company's revenues and costs are equal is known as the break-even point. The…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Table 33.15 shows how the average costs of production for semiconductors (the chips In computer memories) change as the quantity of semiconductors built at that factory increases. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers.4 5 Oil Corn (hrs/barrel) (hrs/bushel) US 3 1 Russia 2 2 The table above shows the worker hours required to produce two different goods in two countries. Which country has the comparative advantage in the production of corn? Russia Both US Neither Country Country Oil Corn (hrs/barrel) (hrs/bushel) 3 1 2 2 US Russia The table above shows the worker hours required to produce two different goods in two countries. Which country has the comparative advantage in the production of oil? US Both Neither RussiaShort Answer (8.0score) 33. The chart below is the prodution cost of US. and UK. U.S. U.K. Wheat (bushels/labor hour) 6 1 Cloth (yards/labor hour) 4 2 question: (1) explain the comparative advantage of each nation; (2) what is the gain from trade if the two trade for 4 wheat for 4 cloth?
- 42. In Canada, one labour hour can produce 6 bagels or 24 chairs In the United States, one comparative advantage in deciding what to produce and trade with Canada at a trade price abour hour can produce 14 bagels or 19 chairs. Suppose the United Stateates, one come chairs per bagel. For every, 36 units of the goods the United States produces an trade, what is the gains from trade in terms of the other goods? Answer: Units. IDO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER ENTER YOUR RESPONSE ROUNDED TO TWO DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS).From the following table indicate which commodities the US should export to England. Explain! US UKWheat (Bushels/Labor Hour) 9.0 4.8Cloth (Yards/Labor Hour) 4.5 2.41. The countries France and Italy produce Perfumes and Leather Coats using only labor as an input. AvailableLabor for France and Italy is 3000 and 1000 respectively. Unit of labor per Leather Coat in France is 6 units and inItaly are 2 units. France needs 2 units of labors to produce 1 bottle of Perfume and Italy needs 4 unit of labor. a) Draw the Production Possibility Curve by using relevant information. b) Which country has the comparative advantage in producing Perfume?
- If Texia specializes in food, it can produce 1,000 units of food and 0 units of clethingg this year If it specializes in clothing, it can produce 500 units of clothing and O units of food. This year Urbania can produce either 500 units of food and O units of clothing or 200 units of cleth and O units of food. (assume linear production possibility frontiers) has the comparative advantage in the production of clothing and comparative advantage in the production of food. has the Urbania; Texia O Texia; Texia Urbania; Urbania Texia; Urbaniawine 90 80 70 60 50 40 30 20 10 PPF ܝܝܝܕܘ Portugal CPF 0 10 20 30 40 50 60 cloth wine Ob) Production of cloth in England will fall to zero, while the price of wine will increase to %ydbo O (c) Production of wine in Portugal will increase to 90 while the price of cloth will tail to 2 yabole O() Production of wine in England will increase to 60, while the price of cloth will tall to 3 bottleslyd 88284821 90 80 70 60 50 40 30 20 10 England PPF 0 0 10 20 30 40 50 60 cloth 13. According to the above sel of production possibiles and consumption (trade) possibites onders, what will happen to production and relative prices once trade is opened between these two countes? O(x) Production of cloth in Portugal will fall to zero, while the price of wine will fall to % ydb CPF(Table: Four persons) The table lists the minutes that it will take four people to wash a car and to sort and fold a load of laundry. Use the data to answer the question. Table: Four persons Minutes it takes to: Wash a car Sort and fold a load of laundry Asad 150 50 Junko 120 50 Jason 90 45 Jen 80 45 Who has a comparative advantage in washing a car? Asad Jason Junko Jen Incorrect
- Homework (Ch 02) Suppose South Africa produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and industrial robots, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that results in fewer workers entering the country. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 300 PPF 250 200 150 100 O RIAL ROBOTS (Thousands) O IOutput of Consumer Goods (units per year) D O с E G B Output of Military Goods (units per year) Iceland has no military. a. So, at what point in the figure is Iceland producing? point (Click to select) ✓ b. If Iceland decided to produce the quantity OE of military goods, how much consumer output would it have to give up? Give up quantity (Click to select)Wagons Tricycles James 16 32 Click to select your answer The table above shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. Which of the following statements true? O A. Lucy has a comparative advantage in making both products. O B. Lucy has a comparative advantage in making tricycles and James in making wagons. O C. James has a comparative advantage in making both products. O D. Lucy has a comparative advantage in making wagons and James in making tricycles. Lucy 18 24