Homework Answers
ANswer
The opportunity cost of production of one good =maximum production
of other good / maximum production of the good
Opportunity cost of one unit of tractors in the US =40/80=0.5 crude
oil
for 40 tractors =40*0.5=20
Option c
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Table: The Production Possibilities for Tractors and Crude Oil Crude oil (thousands of barrels) Country Tractors...
Use the following to answer questions 40-42: Table: The Production Possibilities for Tractors and Crude Oil...
Use the following to answer questions 40-42: Table: The Production Possibilities for Tractors and Crude Oil Crude oil Country Tractors (thousands of barrels) United States 80 40 Mexico 60 180 40. Look at the table The Production Possibilities for Tractors and Crude Oil. In Mexico the opportunity cost of producing one tractor is thousand barrels of crude oil. A) 3 B) 1/2 C) 2 D) 3/4 E) 1/3 41. Look at the table The Production Possibilities for Tractors and Crude...
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum....
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost of is in the United States as (than) in Mexico. Table: Production Possibilities for Machinery and Petroleum Machinery (M) Petroleum (P) Countries (units) United States 80 40 Mexico 60 180 O machinery; the same O petroleum; the same O petroleum; more O petroleum; less 22. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In...
87. (Table: Demand for Crude Oil) Use Table: Demand for Crude Oil. Assume that the crude oil indu...
87. (Table: Demand for Crude Oil) Use Table: Demand for Crude Oil. Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil is zero. If the two firms collude to share the market equally, the price of crude oil will be barrels, firm 2 will produce firm 1 will produce barrels, and each firm will earn revenue equal to Table: Demand for Crude Oil Total Price (S/barrel)Revenue (S) Quantit 0 10 $160 30...
Table: Production Possibilities in the United States and Colombia Colombia United States Quantity of coffee (tons...
Table: Production Possibilities in the United States and Colombia Colombia United States Quantity of coffee (tons Quantity of computers uantity ofQuantity of coffee (tons) computers 100 80 60 40 20 10 a) Look at the table Production Possibilities in the United States and Colombia. Which country should export coffee and which country should export computers? Justify your answer b) Look at the table Production Possibilities in the United States and Colombia. Suppose that in autarky, Colombia produces 10 tons of...
The annual amount of crude oil production in a country (in millions of barrels) can be...
The annual amount of crude oil production in a country (in millions of barrels) can be approximated by the function f(t) = 868(1.099)', where t= 8 corresponds to the year 2008 (a) Find the amount of production in 2010. (b) of the trend continues, find the amount of production in 2020. (a) The amount of production in 2010 was million barrels. (Round to the nearest whole number as needed.) (b) of the trend continues, the amount of production in 2020...
QUESTION 2 D E Tables Production Possibilities Schedule 1 Alternatives 4 B Consumer goods per period...
QUESTION 2 D E Tables Production Possibilities Schedule 1 Alternatives 4 B Consumer goods per period 1 Capital goods per period 30 28 с 2 24 3 18 4 10 F 5 0 (Ref 2-1 Table Production Possibilities Schedule 1) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. a. 6 b.2 c8 d. 4 QUESTION 4 Price S P X Х PU 0, O Quantity (Ref...
Question 1: Exhibit 1 - Production possibilities curves for U.S. and Mexico? Cloth (tons per day)...
Question 1: Exhibit 1 - Production possibilities curves for U.S. and Mexico? Cloth (tons per day) Cloth 10 (tons per day) Prus. 0 20 0 0 40 60 80 100 Wheat (tons per day) 0 0 0 100 Wheat (tons per day) Use the Production Possibilities Curves for U.S. and Mexico to determine i. In what commodity do United States has a comparative advantage over Mexico? il. In what commodity do Mexico has a comparative advantage over United States? iii....
The following table shows annual offshore crude oil production by a company in Mexico for 2008-2014....
The following table shows annual offshore crude oil production by a company in Mexico for 2008-2014. (t = 0 represents 2008.) 0 1 2 3 4 5 6 0.82 0.74 Yeart (year since 2008) Offshore Crude Oil Production p 0.72 0.67 0.67 0.67 0.65 (billion barrels) (a) Use the table to compute the left and right Riemann sums for p(t) over the interval [1, 6] using five subdivisions. left Riemann sum billion barrels of offshore crude right Riemann sum |...
30 Price or eating Oil (Dollars per barrel) Quantity Demanded (Thousands of barrels per day) 100...
30 Price or eating Oil (Dollars per barrel) Quantity Demanded (Thousands of barrels per day) 100 60 Quantity Supplied (Thousands of barrels per day) PRICE (Dollars per barrel) Demand Shifters Supply Shifters Gas Cost of Crude Oil (Per barrel of heating on Price of Natural (Dollars per 1,000 cubicit) Price of an Oil Furnace (Dollars per furnace) Average Annual Income (Thousands of dollars) 2000 Cost of Refining of (Per barrel of heating oil) 20 40 60 80 100 120 140...
The following graph shows the production possibilities frontier (PPF) of an economy that produces drinking water...
The following graph shows the production possibilities frontier (PPF) of an economy that produces drinking water and oil. Points A, B, and C (X symbols) represent three possible output levels in a given month. You can place your mouse over the points to see their exact coordinates. DRINKING WATER Millions of gallons per month 800 0 10 20 30 40 50 60 70 80 OIL (Thousands of barrels per month! Help Clear All Suppose the economy initially produces 540 million...
Use the following to answer questions 40-42: Table: The Production Possibilities for Tractors and Crude Oil Crude oil Country Tractors (thousands of barrels) United States 80 40 Mexico 60 180 40. Look at the table The Production Possibilities for Tractors and Crude Oil. In Mexico the opportunity cost of producing one tractor is thousand barrels of crude oil. A) 3 B) 1/2 C) 2 D) 3/4 E) 1/3 41. Look at the table The Production Possibilities for Tractors and Crude...
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost of is in the United States as (than) in Mexico. Table: Production Possibilities for Machinery and Petroleum Machinery (M) Petroleum (P) Countries (units) United States 80 40 Mexico 60 180 O machinery; the same O petroleum; the same O petroleum; more O petroleum; less 22. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In...
87. (Table: Demand for Crude Oil) Use Table: Demand for Crude Oil. Assume that the crude oil industry is a duopoly and the marginal cost of producing crude oil is zero. If the two firms collude to share the market equally, the price of crude oil will be barrels, firm 2 will produce firm 1 will produce barrels, and each firm will earn revenue equal to Table: Demand for Crude Oil Total Price (S/barrel)Revenue (S) Quantit 0 10 $160 30...
Table: Production Possibilities in the United States and Colombia Colombia United States Quantity of coffee (tons Quantity of computers uantity ofQuantity of coffee (tons) computers 100 80 60 40 20 10 a) Look at the table Production Possibilities in the United States and Colombia. Which country should export coffee and which country should export computers? Justify your answer b) Look at the table Production Possibilities in the United States and Colombia. Suppose that in autarky, Colombia produces 10 tons of...
The annual amount of crude oil production in a country (in millions of barrels) can be approximated by the function f(t) = 868(1.099)', where t= 8 corresponds to the year 2008 (a) Find the amount of production in 2010. (b) of the trend continues, find the amount of production in 2020. (a) The amount of production in 2010 was million barrels. (Round to the nearest whole number as needed.) (b) of the trend continues, the amount of production in 2020...
QUESTION 2 D E Tables Production Possibilities Schedule 1 Alternatives 4 B Consumer goods per period 1 Capital goods per period 30 28 с 2 24 3 18 4 10 F 5 0 (Ref 2-1 Table Production Possibilities Schedule 1) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. a. 6 b.2 c8 d. 4 QUESTION 4 Price S P X Х PU 0, O Quantity (Ref...
Question 1: Exhibit 1 - Production possibilities curves for U.S. and Mexico? Cloth (tons per day) Cloth 10 (tons per day) Prus. 0 20 0 0 40 60 80 100 Wheat (tons per day) 0 0 0 100 Wheat (tons per day) Use the Production Possibilities Curves for U.S. and Mexico to determine i. In what commodity do United States has a comparative advantage over Mexico? il. In what commodity do Mexico has a comparative advantage over United States? iii....
The following table shows annual offshore crude oil production by a company in Mexico for 2008-2014. (t = 0 represents 2008.) 0 1 2 3 4 5 6 0.82 0.74 Yeart (year since 2008) Offshore Crude Oil Production p 0.72 0.67 0.67 0.67 0.65 (billion barrels) (a) Use the table to compute the left and right Riemann sums for p(t) over the interval [1, 6] using five subdivisions. left Riemann sum billion barrels of offshore crude right Riemann sum |...
30 Price or eating Oil (Dollars per barrel) Quantity Demanded (Thousands of barrels per day) 100 60 Quantity Supplied (Thousands of barrels per day) PRICE (Dollars per barrel) Demand Shifters Supply Shifters Gas Cost of Crude Oil (Per barrel of heating on Price of Natural (Dollars per 1,000 cubicit) Price of an Oil Furnace (Dollars per furnace) Average Annual Income (Thousands of dollars) 2000 Cost of Refining of (Per barrel of heating oil) 20 40 60 80 100 120 140...
The following graph shows the production possibilities frontier (PPF) of an economy that produces drinking water and oil. Points A, B, and C (X symbols) represent three possible output levels in a given month. You can place your mouse over the points to see their exact coordinates. DRINKING WATER Millions of gallons per month 800 0 10 20 30 40 50 60 70 80 OIL (Thousands of barrels per month! Help Clear All Suppose the economy initially produces 540 million...
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