ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Typed plz and asap please provide me a quality answer take care of plagiarismarrow_forwardÑ7arrow_forward1. Suppose that the United States and Canada have the factor endowments given in Table 1 below. Table 1 ..................United States......... Canada Capital..... 80 machines ...........40 machines Labour..... 40 workers ..............80 workers a) According to the above table, which country is relatively more labor-abundant? Which country is relatively more capital-abundant? Explain your answer with working calculations and a relevant diagram. (factor abundance diagram for the countries) b) Suppose further that the production requirements for a unit of steel is 4 machines and 2 workers, and the requirement for a unit of bread is 2 machines and 4 workers. Which good, bread or steel, is relatively capital-intensive, and which good is labor-intensive? Explain your answer with a relevant diagram. (factor intensity diagram for both commodities) c) Which country would export steel? Why? Explain which trade theory that predicts such a pattern of trade.arrow_forward
- X.The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Price 2017 (Base year) Production Price 2018 Price per Unit ($) Production Price per Unit ($) 55,000 tem Rice ('000 tons) Wheat (000 tons) Tractors mid-size (units) Cotton (000 tons) Used cars ('00) Manufacture garments (000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef (000 tons) Second hand cloths (000 tons) Alcoholic Beverages ('000 litres) Milk ('000) 50,000 100,000 1.50 2.00 23,000.00 2.00 98,000 45,000 2.50 24,500.00 50,000 120,000 5,000 150,000 110,000 6,000 100.00 120.00 5,000.00 7,000.00 50.00 145,000 70.00 2,000 6,000 2.50 3.50 2,300 6,500 0.80 1.20 700 1.10 850 1.50 5,000 500 500 7,000 6.50 4,800 8.50 15.00 450 25.00 3.25 600 3.75 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and…arrow_forwardBy how much did the change in the price of college tuition differ from the 2019 average rate of inflation? I know it rose but how do I find the percentage?arrow_forwardType answer pleasearrow_forward
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