From the trade model, we found that in most cases, trade creates value. Where do we see that conclusion in the Supply and Demand model? You should be able to answer this in a few sentences.
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From the trade model, we found that in most cases, trade creates value. Where do we see that conclusion in the Supply and Demand model? You should be able to answer this in a few sentences.
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- What is economics all about? What is supply and demand? What is exchanges rates?When Oz land closes off to trade, it notices that the number of firms in an industry double in size. What economic theory would help us explain this phenomenon?What is Production Efficiency and Inefficiency in economics? Explain with the help of a diagram. When does a country have a comparative advantage over producing a good? Explain with examples.
- Is absolute advantage or comparative advantage more important for trade? Give an ExampleI don't understand the second part of this homework. If Frankie and Johnny completely specialize according to comparative advantage, what will happen to the amount of eggs and milk? I have the opportunity cost calculated to understand who should do what in this case. But what will I do to that number?What are the disadvantages and advantages of free trade?
- A) Which producer has the comparative advantage in producing puzzles? Geppetto or Lewis B) Which producer has the comparative advantage in producing puppets? C) If both producers decided to trade with each other to stock their toy stores, which of the following is a range of terms of trade that would benefit both Geppetto and Lewis (1 puppet = x puzzles)? Please explain to me how to solve those questions. Don't just give me the answers. Thank you so much!What is free trade and what are the benefits of free trade as suggested by the principle of comparative advantage?Give three examples of trade in servieces and explain how comparative advantage may play a role in them. Do you think there are other factors at work than comparative advantage?