what is the opportunity cost? To grow 100 kilograms of strawberries requires inputs that cost 80...
what is the opportunity cost?
To grow 100 kilograms of strawberries requires inputs that cost 80 euro. the same value of inputs would be needed to grow 1000 kilogram of wheat
Homework Answers
Opportunity cost is defined as the value of the best alternative that you pass up while making a choice. Thus in the current scenario the opportunity cost of 100 kilograms of strawberries will be 1000 kilogram of wheat.
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what is the opportunity cost?
To grow 100 kilograms of strawberries requires inputs that cost
80...
To grow 100 kilograms of strawberries requires inputs that cost 80 euro. the same value of...
To grow 100 kilograms of strawberries requires inputs that cost 80 euro. the same value of inputs would be needed to grow 1000 kilogram of wheat?
Intercontinental’s special order requires 1,600 kilograms of genatope, a solid chemical regularly used in the company’s...
Intercontinental’s special order requires 1,600 kilograms of genatope, a solid chemical regularly used in the company’s products. The current stock of genatope is 9,300 kilograms at a book value of 8.20 p per kilogram. If the special order is accepted, the firm will be forced to restock genatope earlier than expected, at a predicted cost of 8.80 p per kilogram. Without the special order, the purchasing manager predicts that the price will be 8.40 p when normal restocking takes place....
Compute Opportunity Cost. OC Good A=Amount of Good B given up/Amount of Good A received. For...
Compute Opportunity Cost. OC Good A=Amount of Good B given up/Amount of Good A received. For instance, to compute the opportunity cost of rice for Mo, you would see what would happen if Mo shifted one acre of her farm out of wheat production and instead used it grow rice. The amount of wheat grown would go down while the amount of rice grown would go up. The amount of wheat given up for each additional unit of rice grown...
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...
Opportunity Cost Calculation for Trades
1. Consider two individuals, Teresa and Justin, who produce vegetables. Each uses the same number of workers to produce tomatoes or peppers. Production per lot (in kilograms) is shown in the following table.Teresa JustinTomatoes10080Peppers130120 Who has a comparative advantage in producing peppers and tomatoes? ExplainMy Attempt: Teresa- Opportunity cost of Tomatoes = 130 / 100 = 1.3 Pepper- Opportunity cost of Pepper = 100 / 130 = 0.769 TomatoJustin- Opportunity cost of Tomatoes = 120/80 = 1.5 Pepper- Opportunity cost of Pepper...
The following table is the production possibilities for a 100 acre farm that can grow wheat...
The following table is the production possibilities for a 100 acre farm that can grow wheat or cotton. Suppose the farmer is currently producing 550,000 pounds of cotton and 30,000 bushels of wheat. What is the opportunity cost of increasing wheat production by 10,000 pounds (to 40,000) Wheat production (Bushels) | Cotton Production (pounds) 0 | 800,000 10,000 | 740,000 20,000 | 660,000 30,000 | 550,000 40,000 | 410,000 50,000 | 230,000 60,000 | 0 a- 410,000 pounds of cotton...
Opportunity Cost is defined as whatever must be given up to obtain an item, i.e. using...
Opportunity Cost is defined as whatever must be given up to obtain an item, i.e. using the resources it takes to produce one pound of good, how many units of another good could the person produce with the same resources. The table below shows two people, Mo and Nina, who both own farms. The farms are different size, 100 and 50 acres, and they choose how much of the acreage on their farms gets planted in two crops. If they...
Table 1.15. TABLE 1.15 WINE CHEESE %Inputs Output %Inputs Output 0 20 40 60 80 100...
Table 1.15. TABLE 1.15 WINE CHEESE %Inputs Output %Inputs Output 0 20 40 60 80 100 30 50 65 75 80 20 40 60 80 100 0 40 70 95 105 110 a) From these data. calculate Utopias production possibilities to co these data, calculate Utopia's production possibilities to complete TABLE 1.16 Cheese 0 Wine 0 b) Can Utopia produce 65 cheese and 95 wine? Answer: c) If Utopia is at D, what is the total cost of 10 more...
NOTE: I only need parts F) and G). thank you. 1. In contrast to strawberries, Canada...
NOTE: I only need parts F) and G). thank you. 1. In contrast to strawberries, Canada is a major exporter of wheat. Canada’s demand (QDCDN) and supply (QSCDN) of wheat is given respectively by QDCDN= 80 – 20 PCDN and QSCDN= 40 + 20 PCDN where P is the price per bushel of wheat. Derive the excess supply curve of wheat for Canada. (3 marks) QDCDN = 80 -20P QSCDN = 40 +20P Excess supply = 40+20P-80+20P Excess = -40+40P What will be...
You produce 100 units of good X which requires inputs A and B. At the combination...
You produce 100 units of good X which requires inputs A and B. At the combination of inputs used marginal product of input A is 10, marginal product of input B is 20, price of input A is 4, and price of input B is 4. Do you minimize costs? If not, what do you need to do to minimize the cost?
Compute Opportunity Cost. OC Good A=Amount of Good B given up/Amount of Good A received. For instance, to compute the opportunity cost of rice for Mo, you would see what would happen if Mo shifted one acre of her farm out of wheat production and instead used it grow rice. The amount of wheat grown would go down while the amount of rice grown would go up. The amount of wheat given up for each additional unit of rice grown...
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...
Opportunity Cost is defined as whatever must be given up to obtain an item, i.e. using the resources it takes to produce one pound of good, how many units of another good could the person produce with the same resources. The table below shows two people, Mo and Nina, who both own farms. The farms are different size, 100 and 50 acres, and they choose how much of the acreage on their farms gets planted in two crops. If they...
Table 1.15. TABLE 1.15 WINE CHEESE %Inputs Output %Inputs Output 0 20 40 60 80 100 30 50 65 75 80 20 40 60 80 100 0 40 70 95 105 110 a) From these data. calculate Utopias production possibilities to co these data, calculate Utopia's production possibilities to complete TABLE 1.16 Cheese 0 Wine 0 b) Can Utopia produce 65 cheese and 95 wine? Answer: c) If Utopia is at D, what is the total cost of 10 more...
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