Opportunity Costs, Comparative Advantage, & Benefits of Trade India: USA: tee shirts: 20 30 cell...

Question

Question

Opportunity Costs, Comparative Advantage, & Benefits of Trade India: USA: tee shirts: 20 30 cell...

Opportunity Costs, Comparative Advantage, & Benefits of Trade

India: USA:

tee shirts: 20 30

cell phones: 5 15

6. List one possible “Price” for cell phone, in terms of tee shirts traded, that would make BOTH India & USA better off: _____

1) Below, draw the two “Production Possibilities Curve” - one for each country, India and USA! Label the axes of the Graphs. Show amounts(maximum Quantities produced of cell phones & tee shirts) along the axes of both graphs.

2) Point to (or, circle) the good each country will sell (specialize at) on that country's PPC graph - on the axis where the max. quantity of that good is shown. 3) Show they both can move to a position or point OUTSIDE THEIR OWN curveat the “Price” given in question above.

[Draw your 2 graphs neatly and legibly.

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

ndia USA Shists(s) 20 30 l5 Phones()5 to Produee b phone Giue up Roshiot oc) 8G) Jus both would hutte witu bod e, Aute o phone atle peoialige 15 India USA , B PM 12 3o T-Zhi CA Spaaalize Produers 80-8, then exchange . 98 び0 3 phone, then otrgn, point UsA Cons, (s(0(,13)

Add a comment

Answer 2

Similar Homework Help Questions

Opportunity Costs, Comparative Advantage, & Benefits of Trade India: USA: tee shirts: 20 30 cell...

Opportunity Costs, Comparative Advantage, & Benefits of Trade India: USA: tee shirts: 20 30 cell phones: 5 15 1. What is India's opportunity cost of producing one cell phone? 2. What is the USA’s opportunity cost of producing one cell phone? 3. Which country has a "Comparative Advantage" at producing cell phones? 4. & 5. What will be the Maximum & Minimum ‘Price’ for a cell phone (in terms of tee shirts traded)? Minimum Price: ____ Maximum Price: ____ 6....
1. What is India's opportunity cost of producing one cell phone? 2. What is the USA’s opportunity...

1. What is India's opportunity cost of producing one cell phone? 2. What is the USA’s opportunity cost of producing one cell phone? 3. Which country has a "Comparative Advantage" at producing cell phones? 4. & 5. What will be the Maximum & Minimum ‘Price’ for a cell phone (in terms of tee shirts traded)? Minimum Price: ____ Maximum Price: ____ 6. List one possible “Price” for cell phone, in terms of tee shirts traded, that would make BOTH India &...
4. Specialization and trade When a country has a comparative advantage in the production of a...

4. Specialization and tradeWhen a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods.The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Desonia. Both countries produce grain and sugar, each initially (i.e., before specialization and trade) producing 12 million pounds of...

4. Specialization and trade When a country has a comparative advantage in the production of a...

4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce grain and coffee, each initially (i.e., before specialization and trade) producing 6 million...
Maldonia has a comparative advantage in the production of _______ while Sylvania has a comparative advantage in the production of _______ .

4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Sylvania. Both countries produce grain and tea, each initially (i.e., before specialization and trade) producing 24 million pounds of...
Freedonia has a comparative advantage in the production of

4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Sylvania. Both countries produce lemons and coffee, each initially (i.el, before specialization and trade) producing 24 million pounds of...

4. Specialization and trade When a country has a comparative advantage in the production of a...

4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods The following graphs show the production possibilities frontiers (PPFS) for Freedonia and Desonia. Both countries produce lemons and sugar, each initially (.e., before specialization and trade) producing 6 million...
rk (Ch 03) Attempts: 4. Specialization and trade When a country has a comparative advantage in...

rk (Ch 03) Attempts: 4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Desonia. Both countries produce potatoes and sugar, each initially (I.e., before specialization and...
Specialization and trade When a country has a comparative advantage in the production of a good,...

Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other good The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce grain a tea, each initially (Qie., before specialization and trade) producing 24 million pounds...

When a country has a comparative advantage in the production ofa good, it means that...

When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods.The following graphs show the production possibilities frontiers (PPFs) for Candonia and Sylvania. Both countries produce lemons and coffee, each initially (i.e., before specialization and trade) producing 18 million pounds of lemons and 9...

Opportunity Costs, Comparative Advantage, & Benefits of Trade India: USA: tee shirts: 20 30 cell...

Homework Answers

Add Answer to:
Opportunity Costs, Comparative Advantage, & Benefits of Trade India: USA: tee shirts: 20 30 cell...

Post as a guest

Earn Coins