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China is labor abundant; Russia is land abundant. Wheat production is land intensive relative to textiles. Draw a graph for each country using the HO model (make sure you carefully label everything on your graph!). Show the autarky equilibria and show potential free trade equilibria on each graph. Find and label the imports and exports for each graph. Which factors of production gain and which factors of production lose when trade arises between these two countries? You'll need to draw two graphs (one for each country) and describe your findings carefully.

Suppose an indifference curve is given by the equation U=2*C*T. Assume that initially the consumer owns the bundle C = 25, T = 2. What is the Utility value along this indifference curve? Show your calculations! Other than point, (C, T) = (25, 2), list 3 other points on this indifference curve. Graph the indifference curve including the point (C, T) = (25, 2) and the 3 points you listed in part b. Place T on the vertical axis and C on the horizontal axis. Make sure to label the axes, the indifference curve, and the 4 points on the indifference curve.What is the slope of this indifference curve between C=24 and C=25? Show your calculations!

"When a person has an absolute advantage in producing a good, the person necessarily has a lower opportunity cost of producing it." Is this assertion true or false? describe your answer.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946551

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