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Activity Read the following two cases and answer the questions: 1. John and Matthew can both...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are outlined below: In one hour of time Bill can make: 7 Cars -or- 35 Computers. In one hour of time Steve can make: 4 Cars -or- 12 Computers. 1. What is Bill's opportunity cost of making one (1) Car? What is Steve's opportunity cost of making one (1) Car? 2. What is Bill's opportunity cost of making one (1) Computer? What is Steve's opportunity...
Jane and Brad both produce nuts and coffee. They each prefer toconsume a diet that...
Jane and Brad both produce nuts and coffee. They each prefer to consume a diet that is half nuts and half coffee. Both have access to the same resources. If Jane focuses on producing only coffee, she can produce 20 pounds of coffee in a week. If she only produces nuts, she can produce 40 pounds of nuts in a week. Brad can produce a maximum of 15 pounds of coffee in a week. He could also choose to produce...
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...
SHORT ANSWER SECTION: Trade & Exchange (10 pts Assume that both Switzerland and the US can...
SHORT ANSWER SECTION: Trade & Exchange (10 pts Assume that both Switzerland and the US can produce wine and chocolate. Swiss workers can produce either 1,200 cases of wine or 3,600 pounds of chocolate in one month and American workers can produce 1,500 cases of wine or 6,000 pounds of chocolate in one month. Assume constant opportunity costs. Graph the PPF/PPC for each country on one graph. (Hint: Leave some room for the joint PPC as well.) What is the...
Assume that both Italy and France can produce cheese and wine. Italian workers can produce either...
Assume that both Italy and France can produce cheese and wine. Italian workers can produce either 200 cases of wine or 600 pounds of cheese in one month and French workers can produce 250 cases of wine or 500 pounds of cheese in one month. Assume constant opportunity costs. Graph the PPF/PPC for each country on a single graph Which country has the absolute advantage in wine? ___________ Which country has the absolute advantage in cheese? __________ What is the...
Smoothies Cell phones Martha 15 per day 3 per day Kelly 10 per day 1 per...
Smoothies Cell phones Martha 15 per day 3 per day Kelly 10 per day 1 per day This table shows the how many smoothies or cell phones Martha and Kelly can each produce if they put all of their respective resources into producing that good alone. Use this information to answer the following questions: 1. Who has an absolute advantage in the production of smoothies? 2. Who has an absolute advantage in the production of cell phones? 3. What is...
Suppose Spain can produce 1200 pounds of olives or 1600 pounds of tomatoes each week and...
Suppose Spain can produce 1200 pounds of olives or 1600 pounds of tomatoes each week and that Italy can produce 800 pounds of olives or 800 pounds of tomatoes each week. Which country has the absolute advantage in olives? Which country has the absolute advantage in tomatoes? If the Theory of Comparative Advantage is utilized what good(s) will each country produce and how many of that good will be made by each country? What if the introduction of new agricultural...
Can you help me with the highlighted areas? Randy and Frank are both landscapers. Randy can...
Can
you help me with the highlighted areas?
Randy and Frank are both landscapers. Randy can mow 8 lawns per day or prune 12 trees. Frank can mow 10 lawns per day or prune 20 trees. Randy and Frank each work 240 days per year. a. Determine who has the absolute advantage at each task, what their respective opportunity costs are for mowing a lawn, and who has comparative advantage in each task. Frank has an absolute advantage in mowing...
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...
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly...
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly production possibilities are shown in the following table. Choices Tom Jerry Milk Cheese Milk Cheese Choice A 50oz 0 24oz 0 Choice B 0 10oz 0 8oz Who has absolute advantage in Milk? Why? Using the same amount of resources, if a person can produce greater quantity of a good relative to other person then such person is said to have the absolute advantage...
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...
SHORT ANSWER SECTION: Trade & Exchange (10 pts Assume that both Switzerland and the US can produce wine and chocolate. Swiss workers can produce either 1,200 cases of wine or 3,600 pounds of chocolate in one month and American workers can produce 1,500 cases of wine or 6,000 pounds of chocolate in one month. Assume constant opportunity costs. Graph the PPF/PPC for each country on one graph. (Hint: Leave some room for the joint PPC as well.) What is the...
Smoothies Cell phones Martha 15 per day 3 per day Kelly 10 per day 1 per day This table shows the how many smoothies or cell phones Martha and Kelly can each produce if they put all of their respective resources into producing that good alone. Use this information to answer the following questions: 1. Who has an absolute advantage in the production of smoothies? 2. Who has an absolute advantage in the production of cell phones? 3. What is...
Can
you help me with the highlighted areas?
Randy and Frank are both landscapers. Randy can mow 8 lawns per day or prune 12 trees. Frank can mow 10 lawns per day or prune 20 trees. Randy and Frank each work 240 days per year. a. Determine who has the absolute advantage at each task, what their respective opportunity costs are for mowing a lawn, and who has comparative advantage in each task. Frank has an absolute advantage in mowing...
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