Homework Answers
A. When the two countries uses half of their resources in two commodities. The output can be expressed as follows
| Food | Equipment | |
|---|---|---|
| Oz | 13 | 20 |
| Zes | 26 | 13 |
| Total output | 39 | 33 |
B. Total production of food = 39 units
Total production of equipment = 33 units.
C. First of all calculate the opportunity cost
| OZ | Zes | |
|---|---|---|
| 1 unit of Food | 1.39 per unit DVD |
0.5 per unit. |
| 1 unit of Equipment |
0.65 per unit. |
2 per unit |
Oz should produce equipment and See should produce only food.
| Food | Equipment | |
|---|---|---|
| Oz | 0 | 40 |
| Zes | 52 | 0 |
| Total | 52 units | 40 uniys |
Total production of foods is 52 units.
Total production of equipment = 40 units.
The two countries have comparative advantage so they are able to get benefited by the trade.
The gains from as a result of specialization are 13 units of food produced and 7 more units of equipment produced.
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$10 per unit and no shelter, which
cost $20 a unit. Then she received a raise to $600 each month and
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unit. Sketch Carla’s income-
consumption curve for food. Also sketch her Engel curve for food
and indicate whether food is a normal
or inferior good.
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