Q: What is free trade and what are the benefits of free trade as suggested by the principle of…
A: FREE TRADE Free trade is, in the simplest terms, the total absence of government policies which…
Q: If a producer is producing at point z and wants to move to point X, then what is the trade-off?
A: A production possibility curve is defined as that curve which shows different quantities of two…
Q: In the eighteenth century, some writers argued that one person in a trade could be made better off…
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Q: “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily…
A: Opportunity cost refers to the next best alternative that is foregone to select the best…
Q: Describe a constant production possibility frontier cost graph.
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Q: Melitz explains that under free trade
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Q: Use the following table to answer the question below:
A: Diseconomies of scale:- In the competitive market, a firm operates at a level where the price is…
Q: Explain the importance of opportunity costs to decision-making and how opportunity costs lead to…
A: Opportunity cost is the next best alternative foregone. For decision making,it is useful because…
Q: there are many benefits to free trade.what 2 (two) benefits do you believe are most important and…
A: laissez-faire policy is also known as free trade. laissez-faire policy refers to a policy by which a…
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A: Micro economics facilitates easy understanding of our economic system.
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Q: What are some examples of a command economy? Market Economy?
A: In a command economy, macroeconomic and political contemplations decide resource allocation. Command…
Q: What phenomenon DIRECTLY relates to gains from trade? a. rationality b. trade-offs c. specialization…
A: Gains from trade is the net benefit any country receives when they get involved in trading with…
Q: Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this…
A: Opportunity cost is the given-up quantities of one good for the additional unit of the other…
Q: Countries trade to achieve economies of scale in production. Show in diagram(s) how nations (e.g.…
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Q: What are the advantages of a market economy as compared to a command economy
A: Market economy is a type of economy in which the private businesses control economic matters.…
Q: Comparative Advantage:
A: Comparative benefit is an monetary principle that describes the ability of a country, character, or…
Q: The following hypothetical production possibilities tables are for China and the United States.…
A: Comparative cost advantage means that if countries specialize in production of a good which has a…
Q: This diagram represents the production possibility frontier of a Country. Point A has coordinates (0…
A: PPF is the production possibility frontier. Production possibility frontier shows the production…
Q: How does specialization increase production?
A: Specialization refers to the process of concentrating in a single process which enables the…
Q: Write one example each for the four strategies for Global Product planning. You can search in…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Many trading partners trade the same goods and services with one another. The U.S. exports…
A: Trade is essentially an exchange between two parties who are in need of each other's resources, such…
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A: When a nation has the capacity to carry out the production of a particular commodity in large…
Q: What is the per-unit opportunity cost of product Y as production moves from point D to point A?
A: The PPF is also referred to as the production possibility curve (PPC). It is a key economic concept…
Q: Table 19.15 shows how the average costs of production for semiconductors (the "chips" in computer…
A: This can be defined as the cost advantages, which can be achieved by increasing production or…
Discuss scale economies as they apply to trade.
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- The chart is already done. I need help with the last two questionsIf a country chose to produce twice as many wooden chairs as before, how would that affect its production of wooden tables? show would the law of increasing costs apply to the chairs ?Discuss the various production costs that firms face.
- Which country has a comparative advantage in the production of wine?there are many benefits to free trade.what 2 (two) benefits do you believe are most important and why did you select them as most important?Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier.
- Explain the importance of opportunity costs to decision-making and how opportunity costs lead to tradeCountries trade to achieve economies of scale in production. Show in diagram(s) how nations (e.g. China and USA) can benefit from their specialisation in the production of goods and services with internal economies of scale (only a limited range of goods and services (e.g. China specialising in compact cars while USA specialising in large continental cars).The chart is already done. Need help with the questions below.
- I've already read the answer provided on this site, but it is not giving me the information I need. I understand the math for finding the opportunity costs for each item in each country. However, where are they getting the answer that 2.5 tons of chemicals is what the US will give up, and 1 ton of apparel is what China will give up? From videos I've seen on youtube, they basically state that as long as the cost is less than what the original opportunity cost is, then nations will trade. So, it costs China 4 apparel for every 1 ton of chemicals, and in the US it costs 1 apparel for every 3 tons of chemicals. Am I right to assume that as long as China can trade less than 4 apparel it will benefit, and as long as the US can trade less than 3 tons of chemicals it will benefit? If so, then what is the math being used to arrive at exactly 1 ton of Chemicals for 1 ton of Apparel for China, and 1 apparel for 2.5 tons of Chemicals for the US? I need to understand the math that is used to…What are some examples of a command economy? Market Economy?Write one example each for the four strategies for Global Product planning. You can search in Google. Briefly write the example in two three sentences. (Note: Examples given in handout is not accepted) Strategy Strategy 1: Dual extension Example Strategy 2: Product extension communication adaptation Strategy 3: Product adaptation Communication extension Strategy 4: Dual adaptation
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