Help with an Economics Problem

[Natec333]

Hi all,

I have an economics problem that I am not understanding at all. I was hoping that someone can at least explain to me what the problem means and how it can be solved.

 

[B. Kidd]

Tell your Prof. that you outsourced and to bugger off!

 

[eagle1462010]

It appears this is what they are after.........

Earth Math

 

[eagle1462010]

 

[Natec333]

I really appreciate the effort, but the problem is not focusing on supply vs. demand. It is focusing on the relationship between the utility of 2 countries and where the equilibrium lies within that relationship.

The answer to (A) I believe is AlphaA x QuanityA + AlphaB x QuanityB is less than or equal to the Labor Costs.

(B) - (D) are confusing me because I am not understanding what model they are focusing on. I have attempted to look up the Ricardian Model, Factors Model, and the utility function. Yet, I am still confused.

 

[Mr Natural]

Special Ed should be able to help. He's an economics expert.

 

[eagle1462010]

I really appreciate the effort, but the problem is not focusing on supply vs. demand. It is focusing on the relationship between the utility of 2 countries and where the equilibrium lies within that relationship.

The answer to (A) I believe is AlphaA x QuanityA + AlphaB x QuanityB is less than or equal to the Labor Costs.

(B) - (D) are confusing me because I am not understanding what model they are focusing on. I have attempted to look up the Ricardian Model, Factors Model, and the utility function. Yet, I am still confused.

I'll have to refer to the other experts on the board. I'm just pushing at examples of equilibrium. I was in to math in the past but I am rusty as cobwebs.

Sorry I couldn't help any........Interested though.

 

[Natec333]

My description of the problem was wrong. The problems are asking for the equilibrium utility (I think) of 2 products that a single countries makes (Beta 1 & Beta 2).

Thanks for the assistance egale14262010