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- Table 33.15 shows how the average costs of production for semiconductors (the chips In computer memories) change as the quantity of semiconductors built at that factory increases. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers.Question 35 Autarky is a situation in which a country is economically O developed O dependent on a single firm O limited to own resources without trade underdevelopedee-trade benefits Ttion to the positive welfare effects that free trade has on an economy, there are a variety of other benefits of international trade ng scenario: Thout free trade, Sapphira has market power as a local producer. Once free trade is implemented in the local economy, Sapphira ger able to raise its prices above competitive levels. vious scer represents which of the following benefits of free trade? D An enhanced flow of ideas Increased variety of goods Increased competition Lower costs through economies of scale Grade It Now Sav
- How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes? Explain with diagram and own concepts.1. What will a diagram look like if we assume increasing returns of scale for two countries trading with each other? 2. Visualize a diagram which portrays a high inelastic export situation of a large country and declining terms of trade?30. Assume a Ricardian, constant-cost world. There are two coun- tries, the United States and Canada. Each country can produce cam- eras and milk. The table below shows production per man-hour for each country. United Canada States Cameras 6 Milk 1 The United States has a labor force of 1,000 workers, and Canada has a labor force of 500 workers. a) Graph the world supply curve for cameras. b) Show a possible world demand curve and price (assuming that both countries completely specialize).
- QUESTION 23 Maximum Feasible Hourly Production Rates for either Tablets or TVs Using All AvailableResources United States Product Mexico Tablets TVs 6. Refer to the above table. Assuming that opportunity costs are constant, which of the following is a correct statement? O Mexico has a comparative advantage in producing both goods. O The United States has a comparative advantage in TV production. O The United States has a comparative advantage in producing both goods. O Mexico has a comparative advantage in producing TVs.QUESTION 1 Consider the model with R&D and Components and with two countries: Home and Foreign. Home has comparative advantage in R&D. Which of the statements below is TRUE? Oa The Terms of Trade of Home will worsen over time if Foreign improves in R&D. Ob The Terms of Trade of Home will improve over time if Foreign improves in R&D Oe If Foreign improves in R&D or Components, gains from trade could disappear over time Od The Terms of Trade of Foreign will improve over tume if Home improves in Components.What is Free Trade Prices? How it benefits the country? How does the Autarky Prices and Free Trade Prices relate?
- 19. If production of specific goods exhibit the opportunity for economies of scale (Oil for example), then: A. the countries producing these goods gain from trade while other countries are worse off. B. the countries producing these goods lose from trade while other countries are better off. C. all countries gain from trade but those not producing the goods with economies of scale gain more. D. all countries gain from trade but those producing the goods with economies of scale gain more. Please give correct step by step answer with proper explanation of each option given within 40 50 minutes . Thank youGermany 300 900 T-shirts per year Turkey 500 250 T-shirts per year The opportunity cost of producing an optical instrument in Germany is| t-shirts per year. Optical instruments per year Optical instruments per yearSuppose country A and B have a labour force of 1 and produce hops and barley using only labour. Country A's unit labour cost are 0.5 for hops and 0.5 for barley, country B's 0.2 for hops and 0.4 for barley. Suppose that both are needed to brew beer in equal quantitiy, so that both national and international demand has the property that equal amounts of barley and hops are demanded. How much more beer (as a percentage) will be brewed under international trade than in autarky? Please enter the percentage rounded to a whole number (up or down is both acceptable) without the percentage sign.