1. Comparative Advantage (5 points) The following chart represents the production capabilities of the US and...
1. Comparative Advantage (5 points) The following chart represents the production capabilities of the US and Japan:.
|
Output per worker-day |
||
|
Country |
Food |
Clothing |
|
US |
2 |
1 |
|
Japan |
3 |
9 |
a) Which country has an absolute advantage in food production? In clothing? Why?
b) What is the US opportunity cost of producing food? Of clothing? Why?
c) What is Japan's opportunity cost of producing food? Of clothing? Why?
d) Which country has a comparative advantage in producing food? Why?
e) Which country has a comparative advantage in producing clothing? Why?
Homework Answers
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1. Comparative Advantage (5 points) The following chart
represents the production capabilities of the US and...
Please help with this economics question. a. Which country has an absolute advantage in producing steel?...
Please help with this economics question.
a. Which country has an absolute advantage in producing steel?
Which country has an absolute advantage in producing Flash Drives?
Briefly explain your answers.
b. Which country has a comparative advantage in producing Flash
Drives? Why?
c. According to comparative advantage theory, at what price
should the country specializing in Flash Drives sell them and
why?
d. What is the opportunity cost of one ton of steel in South
Korea?
Table 1. Output possibilities...
need help with d and e 1. Comparative Advantage (1.5 marks) Analyze the following two countries....
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
1. Absolute advantage and comparative advantage A AaB Suppose you have the following information on the...
1. Absolute advantage and comparative advantage A AaB Suppose you have the following information on the marginal product of labor in rice production and apparel production in Japan and Thailand: Marginal Product of Labor Thailand Rice (bushels per hour) Apparel (units per hour) Complete the following table by computing opportunity costs of each good in terms of units of another good for both countries: Japan Thailand Opportunity cost of rice (units of apparel per bushel) Opportunity cost of apparel (bushels...
Blank # 1 AV US Blank # 2 US Question 2 (6 points) Saved In a...
Blank # 1 AV US Blank # 2 US Question 2 (6 points) Saved In a single year, the US can produce 30 soybeans or 150 avocados. Mexico can produce 15 soybear 60 avocados. READ THE QUESTIONS CAREFULLY 1) What is the opportunity cost of producing 1 soybean in terms of avocados for the US? (Only put numbers) 2) What is the opportunity cost of producing 1 avocado in terms of soybeans for the US? (Only put ntumbers and write...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing a certain item arises from being the first country to manufacture that item. All countries can gain from trade if they all specialize in production according to comparative advantage A country cannot have comparative advantage in producing a certain item if it causes an increasing opportunity cost in producing the item A country cannot have a comparative advantage in producing a particular good unless...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
PLEASE COMPLETE THE FOLLOWING COMPARATIVE ADVANTAGE Resources to produce 1 T of product Onions Garlic 5...
PLEASE COMPLETE THE FOLLOWING
COMPARATIVE ADVANTAGE Resources to produce 1 T of product Onions Garlic 5 10 15 Trinidad Guyana 40 ASSUMPTION: Suppose that each country has 100 units of resources 1. Who has the absolute advantage in onions and garlic if each country devotes half of it's resources to producing each product.? 2. What is the total output without world trade for each product? 3. Who has the opportunity cost in producing garlic? 4. Determine what goods should each...
Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil...
Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil Answer the following: a. Who has the absolute advantage in which good? b. What is the opportunity cost of wheat in the US? in Brazil? c. What is the opportunity cost of clothing in the US? in Brazil? d. Who has the comparative advantage in which good? e. What are the limits of the post-trade relative price of wheat? Suppose the actual post-trade relative...
1. Below is production levels of lumber and oll for the United States and Canada. Country...
1. Below is production levels of lumber and oll for the United States and Canada. Country Lumber Production (using 50 worker hours) 100 200 Oil Production (using 50 worker hours) 150 50 United States Canada a. Calculate the opportunity cost of producing 100 units of lumber for U.S. b. Calculate the opportunity cost of producing 200 units of lumber for Canada. C. Calculate the opportunity cost of producing 150 units of oil for U.S. d. Calculate the opportunity cost of...
Comparative advantage 5 Consider the following table. Country A Country B MPL of wheat 8 MPL...
Comparative advantage
5 Consider the following table. Country A Country B MPL of wheat 8 MPL of cloth 10 | 4 a. Which country has an absolute advantage in wheat production? Why? b. Which country has an absolute advantage in cloth production? Why? c. Which country has a comparative advantage in wheat production? (Show why) d. Which country has a comparative advantage in cloth production? (show why) has an absoluto advantage in wheat production? (show
Please help with this economics question.
a. Which country has an absolute advantage in producing steel?
Which country has an absolute advantage in producing Flash Drives?
Briefly explain your answers.
b. Which country has a comparative advantage in producing Flash
Drives? Why?
c. According to comparative advantage theory, at what price
should the country specializing in Flash Drives sell them and
why?
d. What is the opportunity cost of one ton of steel in South
Korea?
Table 1. Output possibilities...
need help with d and e
1. Comparative Advantage (1.5 marks) Analyze the following two countries. In one day in Germany, it takes 24 workers to produce an airplane and 6 workers to produce a boat. In one day in France, it takes 8 workers to produce an airplane and 4 workers to produce a boat. Both countries have 48 workers available each day. Draw the PPF of each country for one day's worth of production. Use a separate graph...
1. Absolute advantage and comparative advantage A AaB Suppose you have the following information on the marginal product of labor in rice production and apparel production in Japan and Thailand: Marginal Product of Labor Thailand Rice (bushels per hour) Apparel (units per hour) Complete the following table by computing opportunity costs of each good in terms of units of another good for both countries: Japan Thailand Opportunity cost of rice (units of apparel per bushel) Opportunity cost of apparel (bushels...
Blank # 1 AV US Blank # 2 US Question 2 (6 points) Saved In a single year, the US can produce 30 soybeans or 150 avocados. Mexico can produce 15 soybear 60 avocados. READ THE QUESTIONS CAREFULLY 1) What is the opportunity cost of producing 1 soybean in terms of avocados for the US? (Only put numbers) 2) What is the opportunity cost of producing 1 avocado in terms of soybeans for the US? (Only put ntumbers and write...
Incorrect Question 11 0/1 pts Which of the following statements is true? Comparative advantage in producing a certain item arises from being the first country to manufacture that item. All countries can gain from trade if they all specialize in production according to comparative advantage A country cannot have comparative advantage in producing a certain item if it causes an increasing opportunity cost in producing the item A country cannot have a comparative advantage in producing a particular good unless...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
PLEASE COMPLETE THE FOLLOWING
COMPARATIVE ADVANTAGE Resources to produce 1 T of product Onions Garlic 5 10 15 Trinidad Guyana 40 ASSUMPTION: Suppose that each country has 100 units of resources 1. Who has the absolute advantage in onions and garlic if each country devotes half of it's resources to producing each product.? 2. What is the total output without world trade for each product? 3. Who has the opportunity cost in producing garlic? 4. Determine what goods should each...
Problems: 50 points 1. (10 points) Labor Inputs 100 120 Wheat Clothing Country United States Brazil Answer the following: a. Who has the absolute advantage in which good? b. What is the opportunity cost of wheat in the US? in Brazil? c. What is the opportunity cost of clothing in the US? in Brazil? d. Who has the comparative advantage in which good? e. What are the limits of the post-trade relative price of wheat? Suppose the actual post-trade relative...
1. Below is production levels of lumber and oll for the United States and Canada. Country Lumber Production (using 50 worker hours) 100 200 Oil Production (using 50 worker hours) 150 50 United States Canada a. Calculate the opportunity cost of producing 100 units of lumber for U.S. b. Calculate the opportunity cost of producing 200 units of lumber for Canada. C. Calculate the opportunity cost of producing 150 units of oil for U.S. d. Calculate the opportunity cost of...
Comparative advantage
5 Consider the following table. Country A Country B MPL of wheat 8 MPL of cloth 10 | 4 a. Which country has an absolute advantage in wheat production? Why? b. Which country has an absolute advantage in cloth production? Why? c. Which country has a comparative advantage in wheat production? (Show why) d. Which country has a comparative advantage in cloth production? (show why) has an absoluto advantage in wheat production? (show
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