International Economics
... • Both countries should specialise in the product they produce more efficiently as compared to the other country • Hungary – compared to Slovakia – is more efficient in producing medicine, but less efficient in the production of cars • Absolute advantage: when one country can produce a unit of good ...
... • Both countries should specialise in the product they produce more efficiently as compared to the other country • Hungary – compared to Slovakia – is more efficient in producing medicine, but less efficient in the production of cars • Absolute advantage: when one country can produce a unit of good ...
Total costs
... • As more workers have to share limited space and equipment in the short run, this “crowding” increases MC and reduces MPP. ...
... • As more workers have to share limited space and equipment in the short run, this “crowding” increases MC and reduces MPP. ...
elsevier - Journal of Policy Modeling
... income for consumption and savings in lifetime budget condition. Income expenditure and savings of firms are also considered. Furthermore, it is assumed that consumers invest/reinvest all savings for buying domestic/foreign bonds, and firms invest/reinvest all savings into the next period capital st ...
... income for consumption and savings in lifetime budget condition. Income expenditure and savings of firms are also considered. Furthermore, it is assumed that consumers invest/reinvest all savings for buying domestic/foreign bonds, and firms invest/reinvest all savings into the next period capital st ...
Applied Analysis III: Partial Equilibrium Analysis and Simulation
... Advantages of using PE Analysis • PE models can be used to compute trade impacts of trade policy at a very disaggregated level of statistical product classification. – This detailed level is very often the level at which trade liberalization and rule of origin in trade agreements are negotiated. ...
... Advantages of using PE Analysis • PE models can be used to compute trade impacts of trade policy at a very disaggregated level of statistical product classification. – This detailed level is very often the level at which trade liberalization and rule of origin in trade agreements are negotiated. ...
Answers to Exercise 1 Question 1 (a) One of the most important
... (b) Germany has comparative advantage in computer production because the opportunity cost in making computers is lower than in France ( 20 < 25) France has a comparative advantage in wheat production because of a lower opportunity cost in its production than Germany ( 0.04< 0.05) (c) If Terms of Tra ...
... (b) Germany has comparative advantage in computer production because the opportunity cost in making computers is lower than in France ( 20 < 25) France has a comparative advantage in wheat production because of a lower opportunity cost in its production than Germany ( 0.04< 0.05) (c) If Terms of Tra ...
