Homework Answers
Various input combinations are used to get different points of
Production possibility frontier.
For eg - if 20% input is used for cheese production it will leave 80% inputs for wine production.
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Wine 1e0 cr Utopia is at D, the total cost of 10 more cheese is□□ ch
Utopla produces only two product s: cheese and wine. The production levels are shown in the...
Utopla produces only two product s: cheese and wine. The production levels are shown in the table below Cheese Wine % inputs l output -inputs l output 0 20 40 60 80 100 105 175 228 263 281 20 40 60 80 100 140 245 368 385 a. From this data, complete Utopia's production possibilities table below. Possibility A BC Cheese 0 Wine b. Utopia (Click to select) produce 228 cheese and 333 wine c. If Utopia is at D,...
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...
What the What s the Answer cost of going from possibility D to possibility C dWhat...
What the What s the Answer cost of going from possibility D to possibility C dWhat is the tsta Answer 4-7) only two products cheese and ine. The production 1 levels are t (LO 7) Utopia produces Table 11S TABLE 1.15 WINE CHEESE output %Inputs %Inputs Output 0 40 70 95 105 110 30 40 so 65 75 80 40 80 100 80 100 a) From these data. calculate Utopias production possibilities t TABLE 1.16 Cheese Wine 0 b) Can...
Q2: Ch 5 (10%) Bridget has a limited income and consumes only wine and cheese; her...
Q2: Ch 5 (10%) Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units. a. Is Bridget making the utility- maximizing choice? Why or why not? b. If...
aL in wine (bottles) aL in cheese (kilos) Vintland 15 10 Moonited Republic 10 4 Vintland...
aL in wine (bottles) aL in cheese (kilos) Vintland 15 10 Moonited Republic 10 4 Vintland has 30 million hours of labor. Moonited Republic has 20 million hours of labor. A. If the equilibrium free trade relative price of cheese is ½ bottle of wine per kilo of cheese, what is the quantity of cheese produced in Vintland? B. If the equilibrium free trade relative price of cheese is ½ bottle of wine per kilo of cheese, what is the...
aL in wine (bottles) aL in cheese (kilos) Vintland 15 10 Moonited Republic 10 4 Vintland...
aL in wine (bottles) aL in cheese (kilos) Vintland 15 10 Moonited Republic 10 4 Vintland has 30 million hours of labor. Moonited Republic has 20 million hours of labor. A. If the equilibrium free trade relative price of cheese is ½ bottle of wine per kilo of cheese, what is the quantity of cheese produced in Vintland? B. If the equilibrium free trade relative price of cheese is ½ bottle of wine per kilo of cheese, what is the...
aL in wine (bottles) aL in cheese (kilos) Vintland 15 10 Moonited Republic 10 4 Vintland...
aL in wine (bottles) aL in cheese (kilos) Vintland 15 10 Moonited Republic 10 4 Vintland has 30 million hours of labor. Moonited Republic has 20 million hours of labor. Questions: a. Graph each country’s production- possibility curve with cheese on the horizontal axis. You can keep the scale in millions. b. Which good does Vintland export under free trade? c. Which good does Moonited Republic export under free trade? d. If the equilibrium free trade relative price of cheese...
Wine Cheese England 1 4 France 3 2 What is the opportunity cost of producing one...
Wine Cheese England 1 4 France 3 2 What is the opportunity cost of producing one unit of Wine in France (in terms of cheese)?
Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of...
Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of production of the two countries are shown in the following table. Assume that the opportunity cost is constant. Daily production Produce cheese only (pounds) Produce wine only (bottles) Germany 300 1.50 France 150 100 (a) Draw the PPF for Germany. Put cheese on the vertical axis, and wine on the horizontal axis. Indicate the values of both intercepts. (b) Which country has the absolute...
International Trade The table below shows how much cheese and how much wine an hour of...
International Trade The table below shows how much cheese and how much wine an hour of labor produces in Portugal and in Spain. Cheese (kg) Wine (liters) Portugal 1 0.8 Spain 0.2 0.4 Saved In the scenario above, Portugal has an absolute advantage in producing: Question 26 options: Wine Cheese Neither good Both goods In the scenario above, in Spain the opportunity cost of 1 kg of cheese is _____ liters of wine. Question 27 options: 0.5 1.25 5 2...
Utopla produces only two product s: cheese and wine. The production levels are shown in the table below Cheese Wine % inputs l output -inputs l output 0 20 40 60 80 100 105 175 228 263 281 20 40 60 80 100 140 245 368 385 a. From this data, complete Utopia's production possibilities table below. Possibility A BC Cheese 0 Wine b. Utopia (Click to select) produce 228 cheese and 333 wine c. If Utopia is at D,...
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...
What the What s the Answer cost of going from possibility D to possibility C dWhat is the tsta Answer 4-7) only two products cheese and ine. The production 1 levels are t (LO 7) Utopia produces Table 11S TABLE 1.15 WINE CHEESE output %Inputs %Inputs Output 0 40 70 95 105 110 30 40 so 65 75 80 40 80 100 80 100 a) From these data. calculate Utopias production possibilities t TABLE 1.16 Cheese Wine 0 b) Can...
Q2: Ch 5 (10%) Bridget has a limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound. The last bottle of wine added 50 units to Bridget's utility, while the last pound of cheese added 40 units. a. Is Bridget making the utility- maximizing choice? Why or why not? b. If...
Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of production of the two countries are shown in the following table. Assume that the opportunity cost is constant. Daily production Produce cheese only (pounds) Produce wine only (bottles) Germany 300 1.50 France 150 100 (a) Draw the PPF for Germany. Put cheese on the vertical axis, and wine on the horizontal axis. Indicate the values of both intercepts. (b) Which country has the absolute...
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