aL in wine (bottles) aL in cheese (kilos) Vintland 15 10 Moonited Republic 10 4 Vintland...
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aL in wine (bottles) |
aL in cheese (kilos) |
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Vintland |
15 |
10 |
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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 quantity of wine produced in Vintland?
C. 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 Moonited Republic?
D. If the equilibrium free trade relative price of cheese is ½ bottle of wine per kilo of cheese, what is the quantity of wine produced in Moonited Republic?
Homework Answers
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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...
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...
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. Graph each country’s production- possibility curve with cheese on the horizontal axis. You can keep the scale in millions.
I don't understand the answer in part b. For Moonited Republic, 10w=4c To find the cost...
I don't understand the answer in part b. For Moonited Republic,
10w=4c To find the cost of 1w, divide both sides by 10 and we get
1w=.4c, but the answer says 1c=.4w. I don't understand why they
flipped the numbers.
Step 2 of 6 A b. Moonited Republic has a comparative advantage in cheese. The opportunity cost of producing a kilogram of cheese is 0.4 (= 4/10) bottles of wine in Moonited Republic, while the opportunity of a kilo of...
Give me these questions answer. needed argent. Consider another Ricardian example, using standard Ricardian assumptions: Labor...
Give me these questions answer. needed argent.
Consider another Ricardian example, using standard Ricardian assumptions: Labor Hours per Bottle of Wine Labor Hours per Kilogram of Cheese Vintland Moonited Republic Vintland has 30 million hours of a labor in total per year. Moonited Republic has 20 million hours of labor per year. d. When trade is opened, which country exports which good? If the equilibrium international price ratio is 1/2 bottle of wine per kilo of cheese, what happens to...
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...
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...
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only...
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only one factor of production, Labor. In England, one unit of labor can produce 2 units of wine or 1 unit of cheese. In Portugal, one unit of labor can produce 3 units of wine or 1/2 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition. 1) Fill in the...
Gains from Trade Portugal and Spain produce and consume two commodities, Wine (W) and Cheese (C)....
Gains from Trade Portugal and Spain produce and consume two commodities, Wine (W) and Cheese (C). Labor (L) is the only factor of production in both countries. Commodity and labor markets in the two countries are perfectly competitive. In Portugal, it takes 8 labor hours for the production of a bottle of W and 6 labor hours for the production of one kg of C. In Spain, it takes 10 labor hours for the production of a bottle of W...
just need e and f Q.4 (18 points) Suppose that Germany and France both produce cheese...
just need e and f
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. Germany France Daily production Produce cheese only (pounds) Produce wine only (bottles) 300 150 150 100 (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)...
I don't understand the answer in part b. For Moonited Republic,
10w=4c To find the cost of 1w, divide both sides by 10 and we get
1w=.4c, but the answer says 1c=.4w. I don't understand why they
flipped the numbers.
Step 2 of 6 A b. Moonited Republic has a comparative advantage in cheese. The opportunity cost of producing a kilogram of cheese is 0.4 (= 4/10) bottles of wine in Moonited Republic, while the opportunity of a kilo of...
Give me these questions answer. needed argent.
Consider another Ricardian example, using standard Ricardian assumptions: Labor Hours per Bottle of Wine Labor Hours per Kilogram of Cheese Vintland Moonited Republic Vintland has 30 million hours of a labor in total per year. Moonited Republic has 20 million hours of labor per year. d. When trade is opened, which country exports which good? If the equilibrium international price ratio is 1/2 bottle of wine per kilo of cheese, what happens to...
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...
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...
just need e and f
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. Germany France Daily production Produce cheese only (pounds) Produce wine only (bottles) 300 150 150 100 (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)...
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