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Midterm

国际经济代考 Problem 1 1.1 What is the opportunity cost of cloth in Foreign in terms of widgets? 1.2 Which of the following statements is true?

Problem 1

1.1 What is the opportunity cost of cloth in Foreign in terms of widgets?

1.2 Which of the following statements is true?

A Domestic has a comparative advantage in widgets

B Foreign has a comparative advantage in widgets

C Domestic has a comparative advantage in widgets and cloth

D Neither country has a comparative advantage in widgets

1.3 What is the total amount of cloth that will be produced in the free-trade equilibrium?

1.4 What is the total number of widgets that will be produced in the free-trade equilibrium?

1.7 What is Domestic’s real wage in the free-trade equilibrium in terms of the good they export?

1.8 What is Foreign’s real wage in the free-trade equilibrium in terms of the good they import?

Problem 2 国际经济代考

Consider a country called the North Pole that produces toy robots (R) and toy airplanes (A) in a specific-factors model setting. The production of both goods uses elf labor, but paints (T) is specific to the production of toy airplanes, and buttons (K) are specific to the production of toy robots. The price of toy airplanes is P_A = 4 and the price of toy robots is P_R = 2. The amounts of paints, buttons, and elf labor are T = 500, K = 4000, and L = 450, respectively. The marginal products of labor in the production of toy robots and toy airplanes are given:

MPL_R = (K/L_R)^1/3                              (1)

MPL_A = 2 × (T /LA)^1/3                     (2)

2.1 How many workers produce toy airplanes in equilibrium?

2.2 What is the equilibrium nominal wage?

2.3 Suppose immigration causes L to rise by 90. What is the new equilibrium nominal wage?

2.4 Do paint-owners or button-owners gain in real terms from this change?

A Paint-owners unambiguously gain, button-owners unambiguously gain

B Paint-owners unambiguously gain, button-owners unambiguously lose

C Paint-owners unambiguously lose, button-owners unambiguously gain

D Paint-owners unambiguously lose, button-owners unambiguously lose

E The effect for paint-owners and button-owners is ambiguous

F Paint-owners and button-owners do not gain or lose

2.5 Instead, suppose FDI causes T to rise by 125. What is the new equilibrium nominal wage?

2.6 Do paint-owners or button-owners gain from this change?

A Paint-owners unambiguously gain, button-owners unambiguously gain

B Paint-owners unambiguously gain, button-owners unambiguously lose

C Paint-owners unambiguously lose, button-owners unambiguously gain

D Paint-owners unambiguously lose, button-owners unambiguously lose

E The effect for paint-owners and button-owners is ambiguous

F Paint-owners and button-owners do not gain or lose

Problem 3 国际经济代考

Consider an economy that is served by a monopolist. Market demand is P = 32−3×Q_D, the marginal revenue curve is MR = 32 − 6 × Q_D and the monopolist’s marginal cost curve is MC = 4 + Q_S.

Suppose that export supply is perfectly elastic at P^W = 8.

3.1 Compute the monopolist’s revenue in the autarkic equilibrium.

3.2 Compute consumer surplus in the autarkic equilibrium.

3.3 Compute the monopolist’s revenue in the free trade equilibrium.

3.4 Compute consumer surplus in the free trade equilibrium.

3.5 Compute the new quantity imported when a tariff of τ = 3 is placed on foreign exports.

3.6 Compute the monopolist’s revenue when a tariff of τ = 3 is placed on foreign exports.

3.7 Consider an import quota equal to your answer in 3.5. Which statement is true:

A Consumer surplus will be higher with the quota than with the tariff 

B Consumer surplus will be lower with the quota than with the tariff

C Consumer surplus will be the same with the quota and with the tariff

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