Suppose (for simplicity) that the U.S. economy uses one resource – labor – to produce two goods: soybeans and health care. The U.S. has 100 million workers at first. Each worker can produce either 10 bushels of soybeans or 2 units of health care each day.
On the graph below, draw the nation’s production possibilities frontier
Suppose the U.S. produces a total of 800 million bushels of soybeans per day.
- If the U.S. produces 800 million bushels of soybeans, how many units of health care per day can it produce? Show how you calculate this.
Homework Answers
Add Answer to:
Suppose (for simplicity) that the U.S. economy uses one resource
– labor – to produce two...
The following table shows the maximum amount of steel or aluminum that Canada and France can...
The following table shows the maximum amount of steel or aluminum that Canada and France can produce if all factors of production are fully employed. Assume that production occurs under constant-cost conditions. In the absence of trade, Canada produces and consumes 600 tons of aluminum and 300 tons of steel, and France produces and consumes 400 tons of aluminum and 600 tons of steel. Canada France Steel (tons) 500 1,200 Aluminum (tons) 1,500 800 On the following graph, draw the...
Please help me. I have tried these 3 on my own, but I am still not...
Please help me. I have tried these 3 on my own, but I am still
not understanding
1) Two countries produce two goods and they each have 4 million
hours of labor. Consider the table that shows the quantity produced
per labor hour:
shirts
corn
Alpha
4
12
Beta
2
10
If each country allocates 2 million hours of labor to each good
then in total the two countries can together produce __ million
shirts and ___ million brushels of...
Consider two economies (Home and Foreign) that can produce either tomatoes or soy beans. Labor is...
Consider two economies (Home and Foreign) that can produce either tomatoes or soy beans. Labor is the only factor of production. The Production Possibilities Curves for the two countries are shown to the right. You may have to scroll down to see both diagrams Home Production Possibilities 400 Suppose that with trade, the price of tomatoes in terms of soy beans is 3. What will each country produce? O A. Foreign will produce only tomatoes and Home will produce both...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton...
8. Problems and Applications Q2 American and Japanese workers can each produce 4 cars a year....
8. Problems and Applications Q2 American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that e ach country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. U.S. PPF China PPF Quantity of Computers (Millions) HHHHHHHHHH...
10. Problems and Applications Q4 Suppose that there are 10 million workers in Canada and that...
10. Problems and Applications Q4 Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a The opportunity cost of producing a car in Canada isbushels of wheat, and the opportunity cost of producing a bushel of wheat in Canada is cars. Use the blue line (circle symbol) to draw Canada's production possibilities frontier (PPF) on the following graph. Then use the black point...
4 Shifts in production possibilities Suppose the Netherlands produces two types of goods: agricultural and capital....
4 Shifts in production possibilities Suppose the Netherlands produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and airplanes, a capital good Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that resuits in fewer workers entering the country Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both...
4. Shifts in production possibilities Suppose Canada produces two types of goods: agricultural and capital. The...
4. Shifts in production possibilities Suppose Canada produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that results in fewer workers entering the country. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers There are 1 million workers in each country Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China U.S. PPF 21 18 S15 China PPF U.S. without...
The following table shows the maximum amount of steel or aluminum that Canada and France can produce if all factors of production are fully employed. Assume that production occurs under constant-cost conditions. In the absence of trade, Canada produces and consumes 600 tons of aluminum and 300 tons of steel, and France produces and consumes 400 tons of aluminum and 600 tons of steel. Canada France Steel (tons) 500 1,200 Aluminum (tons) 1,500 800 On the following graph, draw the...
Please help me. I have tried these 3 on my own, but I am still
not understanding
1) Two countries produce two goods and they each have 4 million
hours of labor. Consider the table that shows the quantity produced
per labor hour:
shirts
corn
Alpha
4
12
Beta
2
10
If each country allocates 2 million hours of labor to each good
then in total the two countries can together produce __ million
shirts and ___ million brushels of...
Consider two economies (Home and Foreign) that can produce either tomatoes or soy beans. Labor is the only factor of production. The Production Possibilities Curves for the two countries are shown to the right. You may have to scroll down to see both diagrams Home Production Possibilities 400 Suppose that with trade, the price of tomatoes in terms of soy beans is 3. What will each country produce? O A. Foreign will produce only tomatoes and Home will produce both...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton...
8. Problems and Applications Q2 American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that e ach country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. U.S. PPF China PPF Quantity of Computers (Millions) HHHHHHHHHH...
10. Problems and Applications Q4 Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a The opportunity cost of producing a car in Canada isbushels of wheat, and the opportunity cost of producing a bushel of wheat in Canada is cars. Use the blue line (circle symbol) to draw Canada's production possibilities frontier (PPF) on the following graph. Then use the black point...
4 Shifts in production possibilities Suppose the Netherlands produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for alfalfa, an agricultural good, and airplanes, a capital good Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that resuits in fewer workers entering the country Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both...
4. Shifts in production possibilities Suppose Canada produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of an immigration law that results in fewer workers entering the country. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers There are 1 million workers in each country Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China U.S. PPF 21 18 S15 China PPF U.S. without...
Most questions answered within 3 hours.
-
1. When a nearsighted person looks at an object that is in the
distance with their...
asked 6 minutes ago -
QUESTION 8
Both of these statements will store the same value in the
variable $number
$number...
asked 31 minutes ago -
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 1 hour ago -
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 1 hour ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 2 hours ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 2 hours ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 4 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 4 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 6 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 6 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 6 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 7 hours ago