Helpful hints for Assignment 2
How do I make use of the numbers?
There are numbers for you to determine which country is relatively labor abundant and which country is relatively capital abundant.
There are other numbers for you to determine which good is relatively labor intensive and which good is relatively capital intensive.
The hint given in class is that Utopia is capital abundant and bicycles are capital intensive. (This implies Idealand is labor abundant and sandwiches are labor intensive.)
You MUST be able to argue why this is so, given the definitions of relative factor abundance, relative factor intensity, and the numbers that are given.
After this, you no longer need to make use of the numbers. The rest of your story is drawing the conclusions of Heckscher-Ohlin. You basically follow your notes but change the name of good X and good Y to sandwiches and bicycles, and the names of countries from Country A and Country B to Idealand and Utopia.
You should be able to figure out which countries export which good and import which good.
You should be able to finish the story by telling what happens to wages and rental rates in Utopia and Idealand as trade opens.
Tell a story. Make use of diagrams.
On another note: I asked that people try to use the equation editor in Microsoft Word. I neglected to introduce that in class. Here's how to insert equations:
Word 2003:
Pull down the Insert menu to choose Insert -> Object.
A box will open up. Scroll to find Microsoft Equation 3.0.
Open that and a little box will form in your document and a window will pop up. You will see how you can make fractions and subscripts and superscripts. Play around with it. Its pretty cool. I'll warn you. If you wait until 9 p.m. Sunday to figure it out you'll be swearing my name.
Word 2007:
Click the Insert menu. You'll see the Equation button on the far right. Click that. Again, a box will open where you inserted it and a window will open giving you the various things you can do. You're basically going to make fractions. You can use subscripts and superscripts pretty easy.
These "objects" in your paper can be moved around and copied like most other objects.
All diagrams can be hand drawn.
Check out my diagrams in the I-drive folder! There're also some notes.
There are numbers for you to determine which country is relatively labor abundant and which country is relatively capital abundant.
There are other numbers for you to determine which good is relatively labor intensive and which good is relatively capital intensive.
The hint given in class is that Utopia is capital abundant and bicycles are capital intensive. (This implies Idealand is labor abundant and sandwiches are labor intensive.)
You MUST be able to argue why this is so, given the definitions of relative factor abundance, relative factor intensity, and the numbers that are given.
After this, you no longer need to make use of the numbers. The rest of your story is drawing the conclusions of Heckscher-Ohlin. You basically follow your notes but change the name of good X and good Y to sandwiches and bicycles, and the names of countries from Country A and Country B to Idealand and Utopia.
You should be able to figure out which countries export which good and import which good.
You should be able to finish the story by telling what happens to wages and rental rates in Utopia and Idealand as trade opens.
Tell a story. Make use of diagrams.
On another note: I asked that people try to use the equation editor in Microsoft Word. I neglected to introduce that in class. Here's how to insert equations:
Word 2003:
Pull down the Insert menu to choose Insert -> Object.
A box will open up. Scroll to find Microsoft Equation 3.0.
Open that and a little box will form in your document and a window will pop up. You will see how you can make fractions and subscripts and superscripts. Play around with it. Its pretty cool. I'll warn you. If you wait until 9 p.m. Sunday to figure it out you'll be swearing my name.
Word 2007:
Click the Insert menu. You'll see the Equation button on the far right. Click that. Again, a box will open where you inserted it and a window will open giving you the various things you can do. You're basically going to make fractions. You can use subscripts and superscripts pretty easy.
These "objects" in your paper can be moved around and copied like most other objects.
All diagrams can be hand drawn.
Check out my diagrams in the I-drive folder! There're also some notes.
posted by Atomic Kid at 4:20 AM
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