PATTERN S OF INT ERNATIO NAL TRADE 122 PART 2 Export ($ billions) lo Import 8($ billions) Product HTS Level 19.2 6.4 22 Beverages 64.1 38.0 30 Pharmaceutical products 8.2 1.1 52 Cotton 1.4 41.1 61 Apparel 64 Footwear 0.8 23.7 72 Iron and steel 22.0 29.0 10.2 Copper Electric machinery 74 9.3 85 105.0 289.0 87 Vehicles 122.3 240.0 88 Aircraft 95.8 24.2 94 Furniture 8.7 44.3 95 Toys 4.4 27.0 Source: International Trade Administration, U.S. Department of Commerce. 10. Following are data for soybean yield, produc- tion, and trade for 2010–2011: a. In which countries does land b free trade in soybeans? Explai Suppose that the countries listed in b. In

PATTERN S OF INT ERNATIO NAL TRADE 122 PART 2 Export ($ billions) lo Import 8($ billions) Product HTS Level 19.2 6.4 22 Beverages 64.1 38.0 30 Pharmaceutical products 8.2 1.1 52 Cotton 1.4 41.1 61 Apparel 64 Footwear 0.8 23.7 72 Iron and steel 22.0 29.0 10.2 Copper Electric machinery 74 9.3 85 105.0 289.0 87 Vehicles 122.3 240.0 88 Aircraft 95.8 24.2 94 Furniture 8.7 44.3 95 Toys 4.4 27.0 Source: International Trade Administration, U.S. Department of Commerce. 10. Following are data for soybean yield, produc- tion, and trade for 2010–2011: a. In which countries does land b free trade in soybeans? Explai Suppose that the countries listed in b. In

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 4SCQ: Edna is living in a retirement home where home where most of her needs are taken care of, but she...

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Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…
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heABCCompanyLtd.HasapproximatedthemarginalrevenuefunctionforoneofitsproductsbyMR=20x – 2x 2 .ThemarginalcostfunctionisapproximatedbyMC=81 – 16x+x 2 .Determinetheprofitmaximizingoutput,thetotalprofit,thetotalrevenuefunction,anddemandfunction
Edna is living in a retirement home where home where most of her needs are taken care of, but she has some discretionary spending. Based on the basket of goods in Table 22.5, by what percentage does Ednas cost of living increase between time 1 and time 2
Why do you mink the U.S. experience with inflation over the last 50 years has been so much milder than in many other countries?
What assumptions about the economy must he true for the invisible hand to work? To what extent are those assumptions valid in line real world?
] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.
i wil 5 upvotes. do fast no use chagpt answer.
Please ASAP. Thank you. QUESTION Slope is sometimes defined as rise over run. If we raise the price of an appointment by $50 and the associated new quantity of visits increases by 10, we can say that for every $50 increase in the prices we can expect an increase of 10 visits. What is the slope with regard to price? A. 50/10 B. Zero C. Undefined D. 10/50 QUESTION In causal terms, slope can be expressed as the magnitude or sensitivity of response.TrueFalse
EXERCISE 1Below is a production possibilities table for consumer goods (Food) and capital goods(Robots):A B C D EFood 0 1 2 3 4Robots 10 9 7 4 01. Show these data graphically. Upon what specific assumptions is this productionpossibilities curve based?2. If the economy is at point C, what is the cost of one more food? Of one morerobot? Explain how the production possibilities curve reflects the law ofincreasing opportunity costs.3. If the economy characterized by this production possibilities table and curvewere producing 3 food and 2 robots, what could you conclude about its use ofavailable resources?4. What would production at a point outside the production possibilities curveindicate? What must occur before the economy can attain such a level ofproduction?EXERCISE 2Explain how (if at all) each of the following affects the location of a country’s productionpossibilities curve:1. The quality of education increases.2. The number of unemployed workers increases.3. A new technique…
In 2012, an estimated 7.8 million Mexican-born immigrants were employed in the United States. a. If 60 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $100 per month, how much money did they remit in total? b. If, instead, 100 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $250 per month, how much money did they remit in total? c. The actual amount remitted to Mexico in 2012 by Mexicanborn immigrants living in the United States was about $23 billion. If we assume that 75 percent of the Mexicanborn immigrants remitted money to Mexico that year and if we further assume that each of those immigrants remitted an equal amount each month, how much per month did each of those immigrants have to remit to total $23 billion for the year?
Exercise 2. Describe the difference between allocative efficiency and productive efficiency in theproduction of health. Assume researchers prove beyond a shadow of doubt that allocative efficiencyand productive efficiency are both causal mechanisms for the production of health. Should theUnited States spend more money educating its citizens if the goal is to become the healthiest nationin the world? [