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Explain he differences between the Ohlin and Leontif theory on factor abundance
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- Recent work suggests that the efficiency of factors of production seems to differ inter- nationally. Explain how this would affect the concept of factor-price equalization in the Heckscher-Ohlin model.I don't understand how to gtaphically change the resulting fators.Define the Fisher effect. To what extent do empirical tests confirm that the Fisher effect exists in practice?
- discuss the key concepts of the Heckscher-Ohlin Model in factor abundenceIs the pareto principle generally accepted as true or accurate? Or is it considered not true?In the two good specific factor model with diminishing returns to the mobile factor the utility possibility frontier is a straight line. True False
- 9There are three popular types of social welfare functions. Benthamite Social Welfare Function - W (u,, uz, --- Un) = Eu Egalitarian Social Welfare Function - W(u,uz, Un) = E,u-1E(u- min(u)) Rawlsian Social Welfare Function - W(u,, u, .u) = min(u) Select two values of 2 in the Egalitarian Social Welfare Function such that it becomes equivalent to the Benthamite Function and Rawlsian Function respectively. (Note: Make sure that the first value in the option corresponds to Benthamite and second value corresponds to Rawlsian.) ON, 1/N O0, 1 01.0 O0.33, 0.67 O0.67,0.33Define Gini coefficient?Prove that if the Walrasian demand function is generated by a rational preference relation, then it must satisfy the weak axiom. Is the converse true? If yes, prove it, or else give a counterexample?