1. A country can produce either 16 pounds of fish or 9 bushels of corn. What...
1. A country can produce either 16 pounds of fish or 9 bushels of corn. What is the opportunity cost of producing one bushel of corn? Round to 2 decimal places
Homework Answers
Opportunity cost = The highest valued alternative that must be
forgone when a choice is made.
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1. A country can produce either 16 pounds of fish or 9 bushels
of corn. What...
Question 15 A country can produce either 25 pounds of fish or 7 bushels of corn....
Question 15 A country can produce either 25 pounds of fish or 7 bushels of corn. What is the opportunity cost of producing one bushel of corn? Enter a number rounded to two decimal places. Question 16 England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 30 scones per hour or 2 sweater per hour. Suppose that a Scottish worker can produce 40 scones per hour or 4 sweaters per hour. Who will produce...
In 10 hours, the U.S. can produce 35 bushels of corn. In 7 hours, the U.S....
In 10 hours, the U.S. can produce 35 bushels of corn. In 7 hours, the U.S. can produce 30 bushels of wheat. What is the opportunity cost of producing 1 bushel of corn (in terms of bushels of wheat)? Enter your answer as a fraction OR a number with two decimals. Hint: Calculate how much of each good can be produced in 1 hour, then solve for the amount of foregone wheat when choosing to produce a bushel of corn.
Question 9 If a country has a comparative advantage in producing fish, then they must also...
Question 9 If a country has a comparative advantage in producing fish, then they must also have an absolute advantage in producing fish. True or False Question 11 If John can produce a good in less time than Fred then he has an absolute advantage in producing that good. True or False Question 12 Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an hour. She spends 4 hours per...
In a month, Carlos can produce a maximum of either 50 bushels of pears or 25 bushels of apples
In a month, Carlos can produce a maximum of either 50 bushels of pears or 25 bushels of apples, or any linear combination in between.Similarly, Diane can produce a maximum of either 24 bushels of pears or 6 bushels of apples, or any linear combination in between.What is the opportunity cost for Carlos to produce one more bushel of apples in terms of pears? One bushel of apples equals _______ bushels of pears.
Assume that country A and country B can switch between producing wheat and producing beef at a constant rate.
Assume that country A and country B can switch between producing wheat and producing beef at a constant rate.Minutes Needed to Make 1Bushel of WheatPound of BeefCountry A20 min12 minCountry B15 min10 min1. What is Country A’s opportunity cost of producing one pound of beef?a.3/5 bushel of wheatb.6/5 bushels of wheatc.4/3 bushels of wheatd.5/3 bushels of wheat2. What is Country A’s opportunity cost of producing one bushel of wheat?a.3/5 pound of beefb.6/5 pounds of beefc.4/3 pounds of beefd.5/3 pounds of...
9.(4 points) In Mexico, a worker can produce 80 bushels of corn or 20 bags of...
9.(4 points) In Mexico, a worker can produce 80 bushels of corn or 20 bags of coffee. In Costa Rica, a worker can produce 10 bushels of corn or 60 bags of coffee. Coffee (bags) Country Mexico Corn (bushels) 80 or 20 Costa Rica 10 or 60 a. Who has the absolute advantage in the production of corn? b. Who has the absolute advantage in the production of coffee? c. Which country has a comparative advantage in producing corn? d....
Zambia can produce a maximum of 100 million bushels of corn or a maximum of 60...
Zambia can produce a maximum of 100 million bushels of corn or a maximum of 60 million cars. Japan can produce a maximum of 80 million bushels of corn of 60 million cars. For Zambia, the opportunity cost of corn in terms of cars is _____. (write as a decimal or fraction)
Country A's PPE Country B's PPF O OS Corn (millions of bushels) Corn (millions of bushels)...
Country A's PPE Country B's PPF O OS Corn (millions of bushels) Corn (millions of bushels) 200 Oil (millions of bbls) 180 Oil (millions of bols) From the PPFs shown above it can be determined that the opportunity cost of oil is lower in country Given the comparative opportunity costs as revealed by the PPFs shown above, the comparative advantage for country B lies in V After these two countries specialize and trade with each other, country A will be...
If the fictitious country of Islandia puts all of its production resources into fish, it can...
If the fictitious country of Islandia puts all of its production resources into fish, it can produce 35 units of fish. If it puts all of its production resources into coconuts, it can produce 70 units of coconuts. If the fictitious country of Mountania puts all of its production resources into fish, it can produce 30 units of fish. If it puts all of its production resources into coconuts, it can produce 80 units of coconuts. Assume that both countries...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
In 10 hours, the U.S. can produce 35 bushels of corn. In 7 hours, the U.S. can produce 30 bushels of wheat. What is the opportunity cost of producing 1 bushel of corn (in terms of bushels of wheat)? Enter your answer as a fraction OR a number with two decimals. Hint: Calculate how much of each good can be produced in 1 hour, then solve for the amount of foregone wheat when choosing to produce a bushel of corn.
In a month, Carlos can produce a maximum of either 50 bushels of pears or 25 bushels of apples, or any linear combination in between.Similarly, Diane can produce a maximum of either 24 bushels of pears or 6 bushels of apples, or any linear combination in between.What is the opportunity cost for Carlos to produce one more bushel of apples in terms of pears? One bushel of apples equals _______ bushels of pears.
9.(4 points) In Mexico, a worker can produce 80 bushels of corn or 20 bags of coffee. In Costa Rica, a worker can produce 10 bushels of corn or 60 bags of coffee. Coffee (bags) Country Mexico Corn (bushels) 80 or 20 Costa Rica 10 or 60 a. Who has the absolute advantage in the production of corn? b. Who has the absolute advantage in the production of coffee? c. Which country has a comparative advantage in producing corn? d....
Country A's PPE Country B's PPF O OS Corn (millions of bushels) Corn (millions of bushels) 200 Oil (millions of bbls) 180 Oil (millions of bols) From the PPFs shown above it can be determined that the opportunity cost of oil is lower in country Given the comparative opportunity costs as revealed by the PPFs shown above, the comparative advantage for country B lies in V After these two countries specialize and trade with each other, country A will be...
If the fictitious country of Islandia puts all of its production resources into fish, it can produce 35 units of fish. If it puts all of its production resources into coconuts, it can produce 70 units of coconuts. If the fictitious country of Mountania puts all of its production resources into fish, it can produce 30 units of fish. If it puts all of its production resources into coconuts, it can produce 80 units of coconuts. Assume that both countries...
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