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Question description

1.) the market for pizza has the following demand and supply schedule:

 

price             quantity demanded                quantity supplied

$4                           135 pizzas                                            26 pizzas

 5                             104                                                         53

 6                             81                                                          81

 7                             68                                                           98

 8                             53                                                          110

 9                             39                                                           121

 

 a. graph the demand and supply curves. what is the equilibrium price and quantity in this market?

 b. if the actual price in this market were above equilibrium price, what would drive the price toward the equilibrium?

 c. if the actual price in this market where below the equilibrium price, what would drive the price toward the equilibrium?

2.) american and japanese workers can each produce 4 cars a year. american workers can produce 10tons of grain a year, whereas japanese workers can produce 5 tons a grain a year. to keep things simple lets assume that each country has one hundred million workers.
a) for this situation, construct a table analogous to the table in figure 1.
b) graph the production possibilities frontier of the american and japanese economies.
c) for the united states, what is the oppurtunity cost of a car? of grain? for japanese, what is the oppurtunity cost of a car? of grain? put this information in a table analogous to table 1.
d)which country has an absolute advantage in producing cars? in producing grain?
e) which country has an comparative advantage in producing cars? in producing grain?
f) without trade half of each country's workers porduce cars and the other half produce grain. what quanities of cars and graindoes each country produce?
g) starting from a position without trade give an example in which trade makes each country better off. 


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(Top Tutor) Daniel C.
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School: University of Maryland
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