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In what significant ways has technological innovation changed the way we do international business? Explain the main influences the technological innovation using a generic type of product, process or service to illustrate your response.

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Prachi Dabas
Prachi DabasLv10
29 Sep 2019
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Related questions

Part A

Describe three (3) ways we can use macroeconomic analysis, with one (1) original example for each way.

You are running a small yard maintenance business for the summer. What do you expect to happen to the number of yards you can maintain in a day as you add workers if you don't purchase more capital equipment (like mowers and leaf blowers)? Provide at least two (2) supporting facts to support your response.

Part B

Using the real business cycle theory, explain two (2) effects of an adverse technological shock on the labor market and on the output market.

Suppose you were interested in increasing technological progress in your country. Suggest two (2) ways to do this.

Suppose that two countries in a two-country-two-factor-two-commodity model have identical and homothetic tastes, have identical endowments of labor and have the same technology in the capital-intensive industry. However the foreign country has a larger endowment of capital than the home country and has a Hicks-neutral technological advantage over the home country in the production of the labor-intensive commodity, product 1. [Hint: A Hicks-neutral technological advantage shifts the isoquants up without changing their shape and thus marginal rate of substitution along any ray from the origin, i.e., λX1 = λf(K,L) where λ is the degree of the technological change in product 1.]

(i) What is the pattern of trade between the two countries if we also know that, in autarky, the wage-rental ratio is higher in the foreign country than it is in the home country? Explain as carefully as you can each step of your reasoning. In order to solve this problem, break down the problem in two sub-questions, (i) what happens if there is no technological difference and differences only with respect to endowments, and (ii) what happens if there is no difference in endowments and the only difference is about technology.

I've completed this but I want to check my answers. Thanks

1) List and briefly explain three economic variables that shift the Demand Curve.

2) Define opportunity cost. How is opportunity cost used to determine comparative advantage?

3) In the market for calculators we observe that the price has fallen and more calculators are being sold. What might have happened to cause this change?

4) The price of gasoline rises. What would we expect to see happen in the market for cars with high gas mileage (like the Prius)?

5) What is the effect of a price floor (a price set above equilibrium) in the sugar market. Why does the government impose price floors?

6) Define the price elasticity of demand. Why is this concept important in economics?

7) Define the income elasticity of demand. Why is this concept important in economics?

8) List and briefly explain three economic variables that shift the Supply Curve.

9) A firm lowers of price of its product by 10% and consumers buy 5% more of the product. What is the price elasticity of demand for the product?

10) If the price elasticity of demand for a product is elastic, explain what will happen to total revenue when the price is decreased.

11) What is the difference between a change in quantity supplied and a shift in supply?

12) Write out the equation for the arc price elasticity of demand using symbols. Then write out the equation using the following numbers: the price increases from $8 to $10 and the quantity demanded falls from 3 units to 2 units. (Do not calculate the equation.)
Three Questions (no choice)

Long Answer Questions (20 points each)

Be certain to label all graphs. Write all explanations in complete sentences.

1) Draw a supply and demand graph for the market for oranges.

Illustrate and explain what happens with when a freeze destroys part of the crop.

2) Draw an increasing cost Production Possibilities Curve (PPC) for the U.S. with computers on the horizontal axis and textiles on the vertical axis.
a) What is the definition of a PPC

b) Choose a point on the PPC. What does this point represent?

c) Illustrate the opportunity cost of producing more computers.

d) Explain a point inside the PPC.

e) Explain a point outside the PPC.

f) Technological change reduces the cost of producing computers and textiles, illustrate and explain what happens in the graph.

g) Choose a new point that represents production and consumption after technological change.

h) Where does the U.S. produce and consume relative to before technological change.

i) Illustrate and explain the opportunity cost of producing more computers after technological change.

3) Define the price elasticity of demand. What does elastic, inelastic and unitary price elasticity of demand mean? For each of the three values of the price elasticity of demand explain what happens to quantity demanded and total revenue when the price of the product is increased? What about when the price of the product is decreased?

4) Using a supply and demand graph in the market for bread, illustrate and explain the effect of a price ceiling (Price set below equilibrium price).

Why would the government impose such a price ceiling?

How is the available bread distributed to consumers when there is a price ceilin

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