In class, we discuss comparative advantage as a driving force determining who specializes in specific goods for export to world markets. Sometimes, however, wihen considering scale economies, accidents of history lead to countries exporting goods/services in which they might not have a comparative advantage, simply because they happen to be the first-movers in the market. As a result, they capture a large world market share — making it difficult for new, perhaps more efficient, firms to enter the market. This is the situation depicted in the graph below.Please do the following (15 points; 15 minutes): a. When there are economies of scale, trade can potentially leave a country worse off than it would be in the absence of trade. How do we know this is the case for Thai consumers depicted above? Please explain as clearly as possible, using the info depicted on the graph. b. What policy might the Thailand government impose to aid Thailand’s entry into the watch market,and what price/cost (on the graph) should be the target of said policy? Explain.c. Once in the business of watch production, Thai watch producers should be able to take advantage of scale economies at home then in the world. If Thailand ultimately offers watches to the world, where on the above graph would we determine the new price point to be? 

In lecture, we discussed the political economy of trade policy. In that discussion, we constructed Tullock’s Rectangle within an imperfectly competitive firm supply (i.e., MC) and demand framework. Please discuss, in detail, Tullock’s Theory. Be sure to address the following (15 points; 15 min.): a. What year was Gordon Tullock born, and what year did he win the Nobel Prize in Economics? b. What is the Harberger triangle and how does Tullock’s Rectangle relate? c. Explain the theory of Tullock’s Rectangle (i.e., what does the value captured by the area of the rectangle represent, according to Tullock?). d. Explain the Collective Action Problem and how it relates to Tullock’s ammendment to our basicknowledge of dead-weight loss.

Vitamin B12 is only found in animal products.

To determine customer opinion of their safety features, Toyota randomly selects 140 dealerships during a certain week and surveys all customers visiting the dealerships. Which type of sampling is used?   

Use the side-by-side boxplots below to answer the question. The boxplots summarize the number of sentenced prisoners by state in the Midwest and West. Based on the boxplot for the Midwest, which of the following is true?

The following data were collected from a survey of participant’s political party and their social media usage.   Democrat Republican Green Facebook 324 198 130 Instagram 458 325 245 TikTok 377 276 167 For each question below, show your work in the answer box or on paper. No credit will be given if only the answer is provided. Round each answer to 3 decimal places if necessary.   a) Find the probability that a randomly selected individual is a republican. b) Find the probability that a randomly selected individual is a democrat or uses Facebook. c) Find the probability that a randomly selected individual uses Instagram given that he/she is a democrat.  d) If two different individuals are randomly selected, find the probability that they are in the Green Party.

The probability that a randomly selected 7-year-old female feral cat will live to be 8 years old is 0.96877. Find the probability that three randomly selected 7-year-old female feral cats will live to be 8 years old.

The mean of the commute time to work for a resident of a certain city is 27.8 minutes. Assume that the standard deviation of the commute time is 8.1 minutes and use Chebyshev’s inequality to answer the following question.  What is the minimum percentage of commuters who have commute times between 3.5 minutes and 52.1 minutes?

Suppose babies born after a gestation period of 32 to 35 weeks have a mean weight of 3000 grams and a standard deviation of 1000 grams while babies born after a gestation period of 40 weeks have a mean weight of 3300 grams and a standard deviation of 650 grams. If a 33​-week gestation period baby weighs 2540 grams and a 41​-week gestation period baby weighs 3130 grams, find the corresponding​ z-scores. Which baby weighs less relative to the gestation​ period? Explain. (Hint: compare z-scores) Show work (z-scores) and type your explanation in the answer box below or on paper. Round each z-score to 2 decimal places. No credit will be given if only the answer is indicated.

Determine whether the underlined value is a parameter or a statistic.Following the election, 18% of the governors of all 50 areas of a country were female.