Take a total of 40 hours for comparison
Maya can make five mixers or eight toasters in 40 hours. However Miguel can make two mixers or four toasters in the same time. This implies that, Maya is able to produce both mixtures and two sisters in a greater quantities than Miguel.
Maya has absolute advantage in the production of both tosters and mixers.
Table 3-25 Assume that Maya and Miguel can switch between producing mixers and producing toasters at...
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...
Figure 18-9 Wage Quantity of Labor (of apple pickers) Refer to Figure 18-9. If the price of apples increases, the demand for apple pickers will shift to the left. o demand for apple pickers will shift to the right. supply of apple pickers will shift to the left. supply of apple pickers will shift to the right. Table 3-25 Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate. Hours Needed to Make...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Brad Theresa 10 6 Pound of Beef 12 10 Refer to Table 3-20. Brad has an absolute advantage in the production of A) wheat and Theresa has an absolute advantage in the production of beef. B) beef and Theresa has an absolute advantage in the production of wheat. C) both goods and Theresa...
Assume that Hank and Mika can switch between producing baseballs and producing bats at a constant rate. Labor Hours Needed to Make 1 Quantity Produced in 36 Hours baseball bat baseballs bats Hank 2 6 18 6 Mika 2 4 18 9 Refer to Table 3-8. Mika has an absolute advantage in the production of a. bats and a comparative advantage in the production of baseballs. b. bats and a comparative advantage in the production of bats. c. neither good...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Pound of Beef Brad 10 12 Theresa 6 10 Refer to Table 3-20. Brad has a comparative advantage in the production of wheat and Theresa has a comparative advantage in the production of beef. beef and Theresa has a comparative advantage in the production of wheat. both goods and Theresa...
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)
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Pork Tomatoes Farmer 6 3 4 8 Rancher 4 4 16 6 Refer to Table 3-23. Without trade, the farmer produced and consumed 2 pounds of pork and 4 pounds of tomatoes and the rancher produced and consumed 4 pounds of pork and 2 pounds of...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pork Pounds Produced in 24 Hours Pork Tomatoes omatoe:s Farmer Rancher 4 4 9. Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production...