Homework Answers
Opportunity cost of something is how much of the other thing you
give up to get it. Here, opportunity cost of one unit of basket
(birdhouse) is how much of birdhouse (basket) you have to give up
to get that one unit of basket (birdhouse). Using this concept of
opportunity cost the above problems have been solved.
Add Answer to:
Do
the 3 questions
Table 1-1 Labor Hours Needed to Make One Basket Birdhouse Montana Missouri...
Nominal Cost Help; Both questions, please. Refer to table 1. Consider a basket of goods that...
Nominal Cost Help; Both questions, please.
Refer to table 1. Consider a basket of goods that includes 10 apples, 5 bananas, 3 kiwis, and 1 pineapple. At the prices given in the table, what is the nominal cost of the basket of goods in 2004? Table 1 ear apple baaa kiwi pineapple 2003 $4 $2 $5 $6 2004 $3 $2 $6 $8 Select one: O a. $80 o b. $66 O c. $73 O d. $40 Refer to table 1...
1.) Suppose it takes Zeeland 5 labor hours to make each car and 15 labor hours...
1.) Suppose it takes Zeeland 5 labor hours to make each car and 15 labor hours to make each robot, while it requires Antigo 1 labor hours to make each car and 10 labor hours to make each robot. Further suppose each nation has 90 labor hours available. 2.) What is the opportunity cost of one car for Antigo and for Zeeland? What about for one robot? 3.) Suppose each nation specializes according to comparative advantage and then trades with...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Frui...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
Labour hours needed to make one pound of: Farmer Rancher Meat 10 5 Potatoes 1 For...
Labour hours needed to make one pound of: Farmer Rancher Meat 10 5 Potatoes 1 For the rancher, the opportunity cost of one pound of meat is a. 5 pounds of meat b. 1 pound of meat c.0.2 pound of potatoes d. 5 pounds of potatoes 2 The farmer and rancher both could benefit by the farmer's specialising and the rancher's specialising in_ Select one: a meat, potatoes b. potatoes, meat c. neither good, meat d. They cannot benefit by...
Table 3-11 Assume that Max and Min can switch between producing mittens and producing hats at...
Table 3-11 Assume that Max and Min can switch between producing mittens and producing hats at a constant rate. Quantity Produced in 36 Hours Labor Hours Needed to Make 1 Hats Mittens Hats Mittens Max 18 Min Refer to Table 3-11. Which of the following points would not be on Max's production possibilities frontier, based on a 36-hour production period? a. (6 mittens, 4 hats) b. (2 mittens, 6 hats) C. (18 mittens, 0 hats) d. (12 mittens, 2 hats)
I have the answer to the problem but I can't figure out the steps to get...
I have the answer to the problem but I can't figure out the
steps to get the answer. I know opporunity cost is whats lost over
whats gained, but I still don't understand where to get the numbers
from. Sorry if that doesn't make sense.
Table 1 Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate. old na baba wolnom mod Hours Needed Amount Produced i V4 To Make 1 in 40...
The following table pertains to Quicheland, an economy in which the typical consumer's basket consists of...
The following table pertains to Quicheland, an economy in which the typical consumer's basket consists of 12 bushels of apples and 7 bushels of almond. Year Price of Apples Price of Almond (Dollars per bushel) (Dollars per bushel) 14 4 7 13 Year 1 Year 2 Refer to Table 24-1. The cost of the basket in Year 1 was O a. $97. b. $196. C. $28. d. $259.
Cottage Industries Ltd makes baskets. The fixed costs of operating the workshop for a month total...
Cottage Industries Ltd makes baskets. The fixed costs of operating the workshop for a month total $1,500. Each basket requires materials which cost $6. Each basket takes two hours to make and the business pays the basket- makers $9 an hour. The basketmakers are all on contracts that specify that if they do not work, for any reason, they are not paid. The baskets are sold to a wholesaler for $30 each. In addition, there is a fixed handling fee...
24. Refer to Table 3-2. Suppose that both countries fully specialize in the good in which...
24.
Refer to Table 3-2.
Suppose that both countries fully specialize in the good in
which they have a
comparative advantage. Both countries have 1,000 hours of labor
to devote to production. What is an
example of a mutually beneficial trade?
a.
Spain gives 50 bottles of olives to Italy in exchange for 50
bottles of wine.
b.
Spain gives 50 bottles of olives to Italy in exchange for 150
bottles of wine.
c.
Spain gives 50 bottles of wine...
The table below shows the number of hours of labor required to produce one unit of...
The table below shows the number of hours of labor required to produce one unit of output of two different products (A and B) in two different countries (1 and 2). Product A Product B Country 1 6 2 Country 2 3 . 4 In trade equilibrium, the real wage of workers from country 2 employed in sector B will be Group of answer choices A equal to 1/2 B equal to 1/4 C equal to 4 D larger or...
Nominal Cost Help; Both questions, please.
Refer to table 1. Consider a basket of goods that includes 10 apples, 5 bananas, 3 kiwis, and 1 pineapple. At the prices given in the table, what is the nominal cost of the basket of goods in 2004? Table 1 ear apple baaa kiwi pineapple 2003 $4 $2 $5 $6 2004 $3 $2 $6 $8 Select one: O a. $80 o b. $66 O c. $73 O d. $40 Refer to table 1...
Refer to the information provided in Table 8.5 below to answer the following questions. Table 8.5 Number of Fruit Baskets 60 10 TFC TVC TCMC $50 SO 50 10 50 15 655 50 21716 8110 96 15 68 118 22 16) Refer to Table 8.5. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize profits, Exotic Fruit should sell_ fruit baskets and their profit is A) three;...
Labour hours needed to make one pound of: Farmer Rancher Meat 10 5 Potatoes 1 For the rancher, the opportunity cost of one pound of meat is a. 5 pounds of meat b. 1 pound of meat c.0.2 pound of potatoes d. 5 pounds of potatoes 2 The farmer and rancher both could benefit by the farmer's specialising and the rancher's specialising in_ Select one: a meat, potatoes b. potatoes, meat c. neither good, meat d. They cannot benefit by...
Table 3-11 Assume that Max and Min can switch between producing mittens and producing hats at a constant rate. Quantity Produced in 36 Hours Labor Hours Needed to Make 1 Hats Mittens Hats Mittens Max 18 Min Refer to Table 3-11. Which of the following points would not be on Max's production possibilities frontier, based on a 36-hour production period? a. (6 mittens, 4 hats) b. (2 mittens, 6 hats) C. (18 mittens, 0 hats) d. (12 mittens, 2 hats)
I have the answer to the problem but I can't figure out the
steps to get the answer. I know opporunity cost is whats lost over
whats gained, but I still don't understand where to get the numbers
from. Sorry if that doesn't make sense.
Table 1 Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate. old na baba wolnom mod Hours Needed Amount Produced i V4 To Make 1 in 40...
The following table pertains to Quicheland, an economy in which the typical consumer's basket consists of 12 bushels of apples and 7 bushels of almond. Year Price of Apples Price of Almond (Dollars per bushel) (Dollars per bushel) 14 4 7 13 Year 1 Year 2 Refer to Table 24-1. The cost of the basket in Year 1 was O a. $97. b. $196. C. $28. d. $259.
Cottage Industries Ltd makes baskets. The fixed costs of operating the workshop for a month total $1,500. Each basket requires materials which cost $6. Each basket takes two hours to make and the business pays the basket- makers $9 an hour. The basketmakers are all on contracts that specify that if they do not work, for any reason, they are not paid. The baskets are sold to a wholesaler for $30 each. In addition, there is a fixed handling fee...
24.
Refer to Table 3-2.
Suppose that both countries fully specialize in the good in
which they have a
comparative advantage. Both countries have 1,000 hours of labor
to devote to production. What is an
example of a mutually beneficial trade?
a.
Spain gives 50 bottles of olives to Italy in exchange for 50
bottles of wine.
b.
Spain gives 50 bottles of olives to Italy in exchange for 150
bottles of wine.
c.
Spain gives 50 bottles of wine...
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