Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization. Concept Introduction: Specialization means being able to produce certain limited types of goods and services but at a lower cost and with greater productive efficiency. Absolute advantage is the ability to make certain goods and services at a lower cost compared to other producers. Comparative advantage is to make certain goods and services at a lower opportunity costs than other producers do. While absolute advantage depends on the superiority in the production in production capabilities, the comparative advantage depends on the loss of benefits from not choosing to produce the alternative good. Absolute advantage is comparison in production of same goods with other countries, whereas comparative advantage is the comparison with opportunity cost of production of different goods in the same country with other countries. Comparative advantage is more beneficial to the economies. However, the quotas and tariffs reduce the comparative advantage not allowing efficient use of resources in producing the good that gives highest returns.

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Problem 3-ABC Challenges: Attrition, Balance and ComplianceCan television inform people about public affairs? Political scientists Bethany Albertson and Adria Lawrence (2009) conducted an experiment in which they randomly assigned people to treatment and control groups to evaluate the effect of watching TV on a person’s information level. Those assigned to the treatment group were told to watch a specific television broadcast and were later asked questions related to what they watched. Those in the controlgroup were not shown the TV broadcast but were asked questions related to the material in the TV broadcast. The dataset contains the following variables: : Dummy variable which =1 if a person reads news and 0 otherwise. : interest in political affairs (not interested=1 to very interested=4) : years of education : female dummy variable (female=1; male=0) : family income in thousands of dollars : information level (low information level=1 to high information level=4) =1 if the…

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 2, Problem 2.4PA

To determine

Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization.

Concept Introduction:

Specialization means being able to produce certain limited types of goods and services but at a lower cost and with greater productive efficiency. Absolute advantage is the ability to make certain goods and services at a lower cost compared to other producers. Comparative advantage is to make certain goods and services at a lower opportunity costs than other producers do. While absolute advantage depends on the superiority in the production in production capabilities, the comparative advantage depends on the loss of benefits from not choosing to produce the alternative good. Absolute advantage is comparison in production of same goods with other countries, whereas comparative advantage is the comparison with opportunity cost of production of different goods in the same country with other countries. Comparative advantage is more beneficial to the economies. However, the quotas and tariffs reduce the comparative advantage not allowing efficient use of resources in producing the good that gives highest returns.

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Problem 3-ABC Challenges: Attrition, Balance and ComplianceCan television inform people about public affairs? Political scientists Bethany Albertson and Adria Lawrence (2009) conducted an experiment in which they randomly assigned people to treatment and control groups to evaluate the effect of watching TV on a person’s information level. Those assigned to the treatment group were told to watch a specific television broadcast and were later asked questions related to what they watched. Those in the controlgroup were not shown the TV broadcast but were asked questions related to the material in the TV broadcast. The dataset contains the following variables: : Dummy variable which =1 if a person reads news and 0 otherwise. : interest in political affairs (not interested=1 to very interested=4) : years of education : female dummy variable (female=1; male=0) : family income in thousands of dollars : information level (low information level=1 to high information level=4) =1 if the…

Problem 2-Experiments/Randomized Control Trial Suppose you are interested in studying the effect of academic counselling on the years it takes for a student to obtain an undergraduate degree. You conduct a randomized control trial to answer the question. You randomly assign 2500 individuals in a university in New York to receive academic counselling and 2500 students to not receive any academic counselling. a. Which people are a part of the treatment group and which people are a part of thecontrol group? b. What regression will you run? Define the variables where required. c. Suppose you estimate = -0.3. Interpret it. d. You test for balance using the variables mentioned in the table below. Based on the results do you think that the treatment and control group are balanced? If your answer is “yes” then explain why. If your answer is “no”, then explain why and mention how will you address the issue of imbalance. e. Suppose that some unmotivated students in the control group decided to…

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 2, Problem 2.4PA

To determine

Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization.

Concept Introduction:

Specialization means being able to produce certain limited types of goods and services but at a lower cost and with greater productive efficiency. Absolute advantage is the ability to make certain goods and services at a lower cost compared to other producers. Comparative advantage is to make certain goods and services at a lower opportunity costs than other producers do. While absolute advantage depends on the superiority in the production in production capabilities, the comparative advantage depends on the loss of benefits from not choosing to produce the alternative good. Absolute advantage is comparison in production of same goods with other countries, whereas comparative advantage is the comparison with opportunity cost of production of different goods in the same country with other countries. Comparative advantage is more beneficial to the economies. However, the quotas and tariffs reduce the comparative advantage not allowing efficient use of resources in producing the good that gives highest returns.

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Answer 3

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 2, Problem 2.4PA

To determine

Various examples of specialized market or retail outlets and the factors that make the web favorable to specialization.

Concept Introduction:

Specialization means being able to produce certain limited types of goods and services but at a lower cost and with greater productive efficiency. Absolute advantage is the ability to make certain goods and services at a lower cost compared to other producers. Comparative advantage is to make certain goods and services at a lower opportunity costs than other producers do. While absolute advantage depends on the superiority in the production in production capabilities, the comparative advantage depends on the loss of benefits from not choosing to produce the alternative good. Absolute advantage is comparison in production of same goods with other countries, whereas comparative advantage is the comparison with opportunity cost of production of different goods in the same country with other countries. Comparative advantage is more beneficial to the economies. However, the quotas and tariffs reduce the comparative advantage not allowing efficient use of resources in producing the good that gives highest returns.

Expert Solution & Answer

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Answer 4

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Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

Chapter 2, Problem 2.4PA

To determine