ECON ECON 355 – Science and Economic Development

Economics 355 (921)Summer Session, Term I, May 2016M. VaneyProblem Set 1Due: This problem set is due Tuesday May 17 at the start of lecture.1. Innovation, Science and Economic Development Canada (https://www.ic.gc.ca/eic/site/icgc.nsf/eng/maintains a trade database (Trade Data Online) that allows the user to generate reports (tables). Use the database (or another reliable source) to determine:(a) Canada’s 10 largest trading partners (exports of goods) and $ value of exports.(b) Canada’s 10 largest trading partners (imports of goods) and $ value of imports.(c) Composition of Canada’s exports (by industry).(d) Composition of Canada’s imports (by industry).2. The production side of an economy consists of a single input (labour, L) and twoproduction goods, Rope (R) and Shoes (S). Technology is such that the marginalproductivity of labour in the production of a good is constant. In the Home country,the unit labour requirement in the production of Rope is aLR = 5; while the unit labourrequirement in the production of Shoes is aLS = 2.(a) What is opportunity cost of producing additional Rope? What is the opportunitycost of producing additional Shoes?(b) If the size of the labour force at Home is L = 3000; determine the maximumamount of Rope that can be produced (no Shoes produced) and the maximumamount of Shoes that can be produced (no Rope produced).(c) Draw the Production Possibilities Frontier for the Home economy. What are relaAtive prices, PPRS if there is no trade but both goods are produced and consumed?Compare wages paid in the two industries.T(d) If world relative prices with trade are PPRS = 2; explain using the P P F from (c)whether there is specialization of production at Home.3. Continue with the assumptions regarding Home’s production possibilities from question3. Assume the presence of another country, Foreign, with a labour force, L = 2250;and unit labour requirements aLR = 21 and aLS = 1.(a) Show the Production Possibilities Frontier for Foreign, PPF .(b) Compare productivities across countries. Determine absolute advantages and comparative advantages.T(c) Place bounds on the world relative prices, PPRS . (i.e. …nd the smallest and largestpossible free-trade prices). With trade, which country will specialize in the production of which good?1(d) Place bounds on the relative wage of the two countries,ww(i.e.ww).4. Continue with the assumptions from questions 3 and 4: The World Relative Demandfunction (RD) (demand for R relative to demand for S) is given by:QD =DQDR + QR=6DQDS + QS2PR TPS(a) For the goods market (Ropes and Shoes), derive the World Relative Supply function (RS) measuring supply of Rope relative to supply of Shoes for all possibleTworld prices PPRS .T(b) Find PPRS , by equating RS = RD and con…rm that it falls within the bounds from4:(c).(c) Determine home’s wage relative to foreign,range speci…ed in question 4:(d).wwand con…rm that it falls within the(d) Show the equilibrium in a graph that shows RS and RD.2

Save Time On Research and Writing
Hire a Pro to Write You a 100% Plagiarism-Free Paper.
Get My Paper
Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with Essay Fountain
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
Education
Thank you so much!!! Will use this service again highly recommend this site!!!
Customer 452739, May 2nd, 2021
Sociology
Thank you for following the guidelines of the discussion essay. We are off to a great start.
Customer 452919, March 20th, 2024
History
Thanking you all in advance for your assistance.
Customer 452919, November 26th, 2024
Social Work and Human Services
The support team was available upon request. For the past two semesters I have been stressing on receiving my assignments on expected achievement dates. I value your service and hope that you all would improve your teamwork. I have been using this service now for 2-years and was totally satisfied. With this being said, I have spent at least a thousand plus dollars with this company. Knowing there are other competing companies that are on the market for a lot less than you guys are charging. "I trust that you all would get it together and avoid last minute communication which increases stress to the student."
Customer 452919, March 27th, 2024
Psychology
Paper was received before time which I was quite please with.
Customer 453101, June 18th, 2022
Sociology
Thank you, the journal wa submitted today and I hope to continue receiving services.
Customer 452919, October 28th, 2021
Communications
Thank you.
Customer 452723, April 22nd, 2021
Sociology
Thank you for answering all of the questions provided. The last 3 discussions, I only received a grade of 14 out of 20 points. Let's see how it goes after the grades are posted next week.
Customer 452919, February 9th, 2023
Sociology
Thank you so much. Your Team is the greatest!
Customer 452919, May 3rd, 2022
Economics
Satisfactory
Customer 452963, November 11th, 2021
History
Thank you
Customer 452919, October 28th, 2024
Social Work and Human Services
Thank you for your assistance.
Customer 452919, March 28th, 2025
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat