Consider the following weekly production possibilities of bagpipes and accordions in Poland and Scotland: Scotland Poland Bagpipes 50 75 Accordions 25 150 a) What is each country's opportunity cost of producing bagpipes and accordions? If the countries could, should they trade?  b) What is the possible range of terms of trade between Poland and Scotland? 5. Define the marginal revenue product of labour. Explain two factors that could cause the marginal revenue product curve of labour to shift to the right.

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter25: The Supply Of And Demand For Productive Resources
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Consider the following weekly production possibilities of bagpipes and accordions in Poland and Scotland: Scotland Poland Bagpipes 50 75 Accordions 25 150

a) What is each country's opportunity cost of producing bagpipes and accordions? If the countries could, should they trade? 

b) What is the possible range of terms of trade between Poland and Scotland?

5. Define the marginal revenue product of labour. Explain two factors that could cause the marginal revenue product curve of labour to shift to the right.

6. Under what conditions does an oligopoly market result in the same outcome as monopoly? What does this imply for the oligopoly's long-run profits?

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