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Hello. I am struggling to answer these 5 questions for my Microeconomics ECO 110 class. Any help answering these questions so I understand for future
Hello. I am struggling to answer these 5 questions for my Microeconomics ECO 110 class. Any help answering these questions so I understand for future reference would be a great help. Thank you again for the time and effort to help me. For question 6 here is the video reference: https://youtu.be/Fq-Danyaguc
Question 6 {1 point} Land, Labor, Capital (Unit 1} Identify the Land, Labor, and capital in the following video: Lipstick | How It's Made v Sample testing worker v Iron Oxide v Lipstick mold worker v Mixing vat 1. Land v Waxes 2. Labor v Heat guns 3. Capital v Measuring workers v Rollers v Color testing worker v Heating kettle V Hide hint for Question 6 Land (aka "materials"} become part of the final product Labor is all of the human work Capital is all of the tools and machines used to produce the product Question 7 (10 points) Ricardian Trade (Unit 2) The Fictional Republic of Zinlandia and Portugal can produce Hibbejawabitz and broccoli as shown below Hibbejawabitz Broccoli Zinlandia 10 56 Portugal 11 88 Based on this table, we can say that A/ (Zinlandia/Portugal) has an absolute advantage in Hibbejawabitz, and (Zinlandia/Portugal) has the comparative advantage in Hibbejawabitz. Furthermore, A (Zinlandia/Portugal) has an absolute advantage in broccoli, while (Zinlandia/Portugal) has the comparative advantage in broccoli Hide hint for Question 7 A country has an absolute advantage if they make more of the good than the other country. So if Kyrgyzstan makes 118 knit sweaters, and Peru only makes 5, then Kyrgyzstan has an absolute advantage in sweaters A country has a comparative advantage if they make it for a lower opportunity costQuestion 8 (10 points) Winners and Losers from Trade (Unit 8) Moldova (M) is an Eastern European country (infamous for a certain pop song). Suppose that before opening to trade with the rest of the world, Moldovans buy and sell tomatoes for 55 Lei per kilogram. The rest of the world is buying and selling tomatoes at a price of 72.30 Lei (about $4.31) per kilogram If Moldova starts trading tomatoes with the rest of the world, it will 5/ (import / export) tomatoes to the world As a result, consumers will 5/ (gain / lose) from trade and producers will 6/ (gain/ lose) from trade The whole economy will l I 6/ (gain/ lose) from trade BHide hint for Question 8 If the domestic price is higher than the world price, the country will import the product If the domestic price is lower than the world price, the country will export Question 9 (10 points) Winners and Losers from Trade (Unit 8) Suppose the world price of airplanes (34) is $500 million, and the price of airplanes made in Belize (3) is $724.78 million. If Belize opens to world trade in airplanes, it will Q/ (import/export) airplanes to / from the world As a result, Belize's producers will 5/ (gain/lose) from trade and consumers will 13/ (gain/lose) from trade Therefore, Belize's producers will ask the government for a ' ' A'V (tariff/SubSidy)' wthh l5 a tax on l l 33/ (imports/exports) V Hide hint for Question 9 If the domestic price is higher than the world price, the country will import the product If the domestic price is lower than the world price, the country will export Question 10 (10 points) gositive and Negative Externalities (Unit Although cats (5;) and dogs ((-93) are often fun and wonderful pets, stray cats and dogs can be a major nuisance. Stray animals can bite, defecate on private property, cause traffic accidents, and transmit rabies and fleas. Stray animals are therefore a Q/ (positive! negative) externality. To solve the externality problem, the town government taxed its citizens to create and subsidize a department of animal control. This is an example of a 6/ solution (comma nd-and-control/market-based) Bark Park is a (fictional) volunteer-run animal shelter that rescues stray cats and dogs. Ever since the shelter opened, complaints about stray animals have fallen to an all-time low; and many former stray animals have been adopted as pets. The shelter is therefore a l l 6/ [positiveegative) externality, since it l l 6/ (benefits/costs) people who don't even adopt the pets. If Bark Parkis more efficient at rescuing stray animals than the government, then the 6/ theorem implies that Bark Park can replace the department of animal control as long as it can receive enough funding from private donorsStep by Step Solution
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