ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 19, Problem 1.4P
To determine
The reasons for specialization in international trade
Concept Introduction:
International specialization: It is a method of production where an economy emphasizes on the production of a product or service to gain greater degrees of efficiency and welfare.
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The preferences of a consumer are represented by the following utility function:
U = min (×1, 2x2)
If income is 100 and p1=p2=1
a) What is the optimal bundle?
b) If p₁=4, what is the new optimal bundle?
c) If p2=4, what is the new optimal bundle?
d) Decompose the price effect into income and substitution effect and provide a graphical representation of your results.
Challenges of Nepal's foreign trade.
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