Note: same information for questions 20-25, except where oth…

Note: same information for questions 20-25, except where otherwise noted. A small country is engaged in free international trade with a large country. There are two sectors (goods): sector (good) x and sector (good) y. There are three factors of production: labor, which is perfectly mobile across the two sectors; land, which is specific to good x; and capital, which is specific to good y. The solid lines of the following figure represent: Px MPLx for the small country as a function of Lx, measured from origin O; and Py MPLy as a function of Ly, measured from origin O*. The length of the base of the figure is L=2000, the total units of labor in the country. One unit of labor is one worker working for a year. The scale on the vertical axis is thousands of dollars. Note that each grid spacing on the horizontal represents 50 workers, and each grid spacing on the vertical axis represents 1 thousand dollars. NOTE:            Ignore the dashed line until it is mentioned below. Since this is a graphical question, some of the answers may be approximate! For all remaining questions in this group, suppose that labor can move freely from one sector to another. For the remainder of this group, suppose that the price of good y doubles, resulting in the dashed line, labeled P’y MPLy. After the price of good y doubles, approximately how much is the new wage in the country?

Note: same information for questions 12-15, except where oth…

Note: same information for questions 12-15, except where otherwise noted. Two countries, Home and Foreign, can produce five goods: A, B, C, D, E. The table below shows the unit labor requirements for each good in each country, as well as the relative productivity advantage of Home (the ratio of Foreign’s unit labor requirement to Home’s unit labor requirement). The two countries are engaged in free and costless trade.   Unit Labor Inputs GOOD HOME FOREIGN (Foreign’s unit labor requirement) / (Home’s unit labor requirement) Good A 2 20 10 Good B 3 18 6 Good C 1 5 5 Good D 3 6 2 Good E 5 2 0.4   For questions 12 and 13, assume that we don’t know the relative wage between the two countries, w/w*, where w is the Home wage and w* is the Foreign wage. In which of the following good(s) does Home have Comparative Advantage in? (HINT: remember that Comparative Advantage is about having the lowest cost of producing a good.)

An 80-year-old man in a long-term care facility has a chroni…

An 80-year-old man in a long-term care facility has a chronic leg ulcer and states that the area has become increasingly painful in recent days. The nurse notes that the site is now swollen and warm to the touch. The patient should undergo diagnostic testing for what problem?