Troy in terms of 1 ship. . 8. Based on your answer to question 7‚ which country should specialize in the production of which good? Why? Athens’ MRT=0.66 and Troy’s MRT=2. So we can know Athens has comparative advantage in ship‚ and Troy has comparative advantage in food. Thus‚ Athens should specialize in the production of ship‚ and Troy should specialize in the production of food.
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“comparative advantage.” As important and simple as this concept is‚ however‚ it seldom seems to inform public discussions of international trade. Almost everyone “knows” that we can’t compete with countries that have cheap labor—if we have free trade with such countries either wages will be driven down or many workers will lose their jobs. As Will Rogers once observed‚ “It’s not what people don’t know that is the problem‚ it is what they do know that’s not true.” Understanding comparative advantage has the
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Nowadays‚ Brazil is one of the largest producer of wild cashews. Brazil is expanding its presence in the world markets and has steadily improved its macroeconomic stability. As a cashew’s producer since they harvested the cashew apple they had absolute advantage because they were specialized and they produced it more efficiently. We can see that in their yields which are usually higher than other countries and Brazilian processors pay only between 30 and 36 percent of the price the Indian processors pay
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ECONOMICS PROJECT NEW TRADE THEORY: CONTRIBUTIONS OF PAUL KRUGMAN Paul Robin Krugman‚ born February 28‚ 1953 is an American economist‚ Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University‚ Centenary Professor at the London School of Economics‚ and an op-ed columnist for The New York Times. In 2008‚ Krugman won the Nobel Memorial Prize in Economics for his contributions
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than that country would have the comparative advantage. Having this soil means that the farmers have to fertilize their fields less‚ the corn grows quicker‚ and it tastes better making corn their main crop and main export leaving little room for them to produce cheese. But cheese is still a necessity so this country must trade some of its corn for cheese this is their opportunity cost. If there is a neighboring country that has the comparative advantage on cheese these two countries could easily trade
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Simple Machine- A device that performs work with only one movement. Simple machines include lever‚ wheel and axle‚ inclined plane‚ screw‚ and wedge. Ideal Mechanical Advantage (IMA)- A machine in which work in equals work out; such a machine would be frictionless and a 100% efficient IMA= De/Dr Actual Mechanical Advantage (AMA)- It is pretty much the opposite of IMA meaning it is not 100% efficient and it has friction. AMA= Fr/Fe Efficiency- The amount of work put into a machine compared
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intensity of commodities among two or more than two trading countries. It is generated by Ricardo’s comparative advantage concepts that a country is necessary to take part in free trade even in its absolute predominance of two productions‚ when comparing with other countries‚ as long as a country’s comparative costs differentiate those of others. This distinction gives comparative advantage to every country; they will gain profits from exchanging. It is a simple example showing in the table below.
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hanicalSimple Machines and its Mechanical Advantage What are Simple Machines? What do we mean by Mechanical Advantage? Simple Machines * creates a greater output force than the input force Therefore since work is performed by applying a force over a distance‚ with the use of these machines we can do more work with lesser effort than working with our bare hands. In short‚ they make work easier. Mechanical Advantage * The Ratio between the input force and the output force. * The measure
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the above Q. The actual mechanical advantage of a machine…. A. Is less than the ideal mechanical advantage of a machine Q. If you know the work input and the work output… A. Then you can find the Ideal Mechanical Advantage Q. If you apply 40 N on a crowbar to lift a rock that weighs 400 N‚ what is the actual mechanical advantage on the crowbar? A. 10 Q. A 120 meter long ski lift carries people to the second station. What is the ideal mechanical advantage? A. 160 Q. Reducing the friction
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SWEATSHOP LABOUR ARGUMENT AND THE PRINCIPLE OF COMPARATIVE ADVANTAGE ASSIGNMENT NO 2 RIZWANA MASOOD F11MB001 SWEATSHOP: INTRODUCTION & BRIEF HISTORY Sweatshop labor is a negative term that is used for the working environment that is very difficult and dangerous to work in. It is a shop or factory in which employees work for long hours and get very low pay and they work under extreme poor conditions. The shop or factory that violates more than 2 labor laws is a sweatshop
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