Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 33, Problem 34P
Consider two countries: South Korea and Taiwan. Taiwan can produce one million mobile phones per day at the cost of
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The multinomial logit choice model determines the mode split. The following utilitymodel was developed to predict the H-year mode split between two TAZs 1 and 2:Um: Ui = Bi - 0.05TTi - 0.25COSTiwhereUi = Utility value for mode iBi = Mode specific constant for mode iTTi = Travel time per trip for mode i, in minuteCOSTi = Travel cost per trip per person for mode i, in dollar.The modal attributes areMode Bi TTi COSTiAutoCarpoolTransit2.11.20.01621302.500.800.75Assuming that the total attractions over the entire morning commuting period from TAZ 2 to TAZ 1are 7,000 person trips and each vehicle on average consumes 400 ft2 land in the parking lot (Note:transit is run by an outside transit company, which does not use the parking lots).a) What is the mode share for auto, carpool, and transit between TAZs 1 and 2?b) Assuming that the average auto and carpool occupancies are 1.0 and 3.2, respectively, how manyautos and carpools will use the parking lots?c) The industrial companies that attract…
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Chapter 33 Solutions
Principles of Economics 2e
Ch. 33 - True or False: The source of comparative advantage...Ch. 33 - Brazil can produce 100 pounds of beef or 10 autos....Ch. 33 - In France it takes one worker to produce one...Ch. 33 - In Germany it takes three workers to make one...Ch. 33 - How can there be any economic gains for a country...Ch. 33 - Table 33.15 shows how the average costs of...Ch. 33 - If the removal of trade banters is so beneficial...Ch. 33 - What is absolute advantage? What is comparative...Ch. 33 - Under what conditions does comparative advantage...Ch. 33 - What factors does Paul Krugman identity that...
Ch. 33 - Is it possible to have a comparative advantage in...Ch. 33 - How does comparative advantage lead to gains from...Ch. 33 - What is intra-industry trade?Ch. 33 - What are the two main sources of economic gains...Ch. 33 - What is splitting up the value chain?Ch. 33 - Are the gains from international trade more likely...Ch. 33 - Are differences in geography behind the...Ch. 33 - Why does the United States not have an absolute...Ch. 33 - Look at Exercise 33.2. Compute the opportunity...Ch. 33 - You just overheard your friend say the following:...Ch. 33 - Look at Table 33.9. Is there a range of trades for...Ch. 33 - You just got a job in Washington, D.C. You move...Ch. 33 - Does intra-industry trade contradict the theory of...Ch. 33 - Do consumers benefit from intra-industry trade?Ch. 33 - Why might intra-industry trade seem surprising...Ch. 33 - In World Trade Organization meetings, what do you...Ch. 33 - Why might a low-income country put up barriers to...Ch. 33 - Can a nations comparative advantage change over...Ch. 33 - France and Tunisia both have Mediterranean...Ch. 33 - In Japan, one worker can make 5 tons of rubber or...Ch. 33 - Review the numbers for Canada and Venezuela from...Ch. 33 - In Exercise 33.31, is there an ask where...Ch. 33 - From earlier chapters you will recall that...Ch. 33 - Consider two countries: South Korea and Taiwan....Ch. 33 - If trade increases world GDP by 1 per year, what...
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- Not use ai pleasearrow_forwardThe accompanying graphs show the production possibilities frontiers (PPFS) for Italy and India for their domestic production of olives and tea. Without trade, assume that each country is consuming olives and tea at point a. Italy 12 0 Olives (millions of tons) 6 + 2 PPF 0 10 20 30 40 Tea (millions of tons) India 12 10 10 Olives (millions of tons) 60 4 2 0 a PPF 10 20 30 40 50 60 Tea (millions of tons)arrow_forwardThe accompanying graphs show the production possibilities frontiers (PPFS) for Italy and India for their domestic production of olives and tea. Without trade, assume that each country is consuming olives and tea at point a. Italy 12 0 Olives (millions of tons) 6 + 2 PPF 0 10 20 30 40 Tea (millions of tons) India 12 10 10 Olives (millions of tons) 60 4 2 0 a PPF 10 20 30 40 50 60 Tea (millions of tons)arrow_forward
- 1. Income inequality and the poverty rate The following table summarizes the income distribution for the town of Perkopia, which has a population of 10,000 people. Every individual within an income group earns the same income, and the total annual income in the economy is $500,000,000. Suppose that in 2019, the poverty line is set at an annual income of $40,850 for an individual. Share of Total Income in Perkopia (Percent) Year Lowest Quintile Second Quintile Middle Quintile Fourth Quintile Highest Quintile 2001 4.0 10.0 16.5 23.0 46.5 2007 3.8 9.7 15.0 22.5 49.0 2013 3.4 8.8 14.8 22.0 51.0 2019 3.0 8.2 14.0 21.8 53.0 The data in the table suggest that there was income inequality from 2001 to 2019.arrow_forward2. Understanding the U.S. poverty line The following table shows the U.S. poverty thresholds for 2021 by size of family and number of related children under the age of 18. All figures are in dollars. For example, a family with two adults and three children is considered to be living in poverty if the family's income in 2021 is below $32,338. Use the table to answer the questions that follow. Size of Family Unit One person (unrelated individual) None One Related Children under 18 Years Two Three Four Five Under 65 years 65 years and over Two persons Households under 65 years Households 65 years and over Three persons Four persons Five persons Six persons Seven persons Eight persons Nine persons or more 14,097 12,996 18,145 18,667 16,379 18,606 21,196 21,811 21,831 27,949 28,406 27,479 27,575 33,705 34,195 33,148 32,338 31,843 38,767 38,921 38,119 37,350 36,207 35,529 44,606 44,885 43,925 43,255 42,009 40,554 49,888 50,329 49,423 48,629 47,503 46,073 60,012 60,303 59,501 58,828 57,722…arrow_forwardThe accompanying graphs show the production possibilities frontiers (PPFS) for Italy and India for their domestic production of olives and tea. Without trade, assume that each country is consuming olives and tea at point a. Use the information provided in the graphs to answer the following questions. Olives (millions of tons) Italy 12 10 8 60 2 a PPF 0 10 20 30 40 Tea (millions of tons) India 12 Olives (millions of tons) 4 6 Co 10 2 a 0 PPF 10 20 30 40 50 60 Tea (millions of tons)arrow_forward
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