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why would divisionof labor without trade not work?
Division of labor refers to the assignment of different parts of processes or task to different people in order to improve the efficiency.
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- explain how Lego gained global competitiveness by referring to Porter's Diamond TheoryConsider the following production diagram: 12 10 A Capital 6 2 0 0 1 Labor 4 For each of the five labeled points (A, B, C, D, and E), determine whether the correct levels of labor and capital are being used. If the correct level is not being used, explain why, and what change should be made. Hint: Start by identifying the optimal point. Being able to compare to the optimal point will assist you in determining the changes that need to be made.Trade in Inputs?
- Economic As I hire more and more workers – one, two, then three – what happens to the marginal product of labor?Let suppose in the world there is two country, Country X and Country Y. In country X there is only one worker A while on country Y the worker is B. And both can produce sugar and wheat. But the country B is specialized in producing wheat and the other one in sugar. Suppose that the A and the B each work 40 hours a week and can devote this time to growing sugar, raising wheat, or a combination of the both. The person A can produce a pound of sugar in 10 hours and a pound of wheat in 20 hours. The B, who is more productive in both activities, can produce a pound of Sugar in 8 hours and a pound of meat in 1 hour. (a) Draw the Production Possibilities Frontiers for both workers? (b) Whose have absolute and comparative advantage? (c) Why they move toward trade? (d) Graphically shows the gain from trade.ASAP
- According to the Infant Industry Argument Poor countries can foster economic development by using tariffs to protect new firms while they learn to become more productive. O Countries that allow children to work have an unfair advantage in international trade. O Costs of young firms are low because their workers lack seniority, and this contributes to comparative advantage. O When technological change creates a new product, it is the innovating country that is likely to be able to export it.Indicate whether each labor demand decision by Benjamin's Café illustrates the opportunity cost principle, the cost-benefit principle, or the interdependence principle. a. Benjamin's Café cuts back on baristas when the market wage rises. Consequently, Benjamin's sells less coffee. O interdependence principle cost-benefit principle opportunity cost principle b. The discovery of shale gas reserves prompts an influx of new workers into the area, leading to a surge in demand for Benjamin's coffee. In response, Benjamin's hires additional baristas. opportunity cost principle interdependence principle cost-benefit principle c. Benjamin's Café weighs the benefits of hiring an additional barista a certain volume of increased drink production and thus revenue-against the cost of hiring that worker. O opportunity cost principle interdependence principle cost-benefit principle3. Gains from trade Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn Country (Pairs per hour of labor) (Bushels per hour of labor) Contente 6 12 Felicidad 4 16 Initially, suppose Contente uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce corn, while Felicidad uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce corn. Consequently, Contente produces 6 million pairs of jeans and 36 million bushels of corn, and Felicidad produces 12 million pairs of jeans and 16 million bushels of corn. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans…
- What are the advantages and disadvantages of free-trade vis a vis regional trade agreements such as custom union or an economic union like the EU and what are the differences? Use diagrams in your answer.Zagreb International Review of Economics & Business, Vol. 10, No. 1, pp. 33-66, 2007© 2007 Economics Faculty ZagrebAll rights reserved. Printed in CroatiaISSN 1331-5609; UDC: 33+65Outsourcing to China: Opportunities, Threats, and StrategicFitIlan Alon*Theodore T. Herbert**J. Mark Munoz***Abstract: China is a prominent outsourcing destination in Asia. International labour outsourcing,specially in the IT sector, has grown rapidly in recent years. This article defines outsourcingthrough an extensive review of the literature and discusses the opportunities and challengesfor outsourcing to China. Seeking strategic âfitâ among the disparate elements that influencethe firmâs outsourcing decision is recommended. The authors explore the IT and businesslandscapes in China and propose strategies for outsourcing success there.Keywords: labour outsourcing, China, information technology, international business,…