Homework Answers
Spain has the comparative advantage in cheese because it can produce cheese at lower opportunity cost.
Compariave advantage takes place when one country can produce a good or service at lower oppurtunity cost than another.
For england To produce, 1 more unit of cheese = 8/ 12 = 0.66 units of Bread forgone
For spain to produce , 1 more unit of cheese , opportunity cost is = 4 / 8 = 0.5 unit of Bread forgone.
Same,
For england To produce, 1 more unit of Bread = 12 /8 = 1.5 units of cheese forgone
For spain to produce , 1 more unit of bread , opportunity cost is = 8 / 4 = 2 unit of cheese forgone.
Add Answer to:
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Number of Units Produced in 24 Hours Cheese Bread Cheese Bread 16 Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then...
Table 3-5 Assume that England and Portugal can switch between producing cheese and producing bread at...
Table 3-5 Assume that England and Portugal can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Cheese Bread 3 3 12 England Portugal Refer to Table 3-5. Which of the following combinations of cheese and bread could England produce in 24 hours? a. 7 units of cheese and 6 units of bread b. 6 units of cheese and 8 units of bread c. 8 units of cheese and 3...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
You have to answer the questions that I have typed out, the screenshots are just the...
You have to answer the questions that I have typed out, the
screenshots are just the data (disregard the questions on the
screenshot/worksheet)
Question 1 (10 points)
Refer to HW #7. Does either country have an absolute advantage
in the production of the two goods?
Question 1 options:
Spain has an absolute advantage in the production of both
goods.
England has an absolute advantage in the production of cheese
and Spain has an absolute advantage in the production of bread....
Question Help Suppose Italy and Spain produce only cloth and wine. Assume that each country uses only labor to prod...
Question Help Suppose Italy and Spain produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in Italy and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor. Output per Hour of Labor Cloth Wine Italy Spain According to the table, the opportunity cost to Italy of producing one more unit of cloth is...
Assume that Hank and Mika can switch between producing baseballs and producing bats at a constant...
Assume that Hank and Mika can switch between producing baseballs and producing bats at a constant rate. Labor Hours Needed to Make 1 Quantity Produced in 36 Hours baseball bat baseballs bats Hank 2 6 18 6 Mika 2 4 18 9 Refer to Table 3-8. Mika has an absolute advantage in the production of a. bats and a comparative advantage in the production of baseballs. b. bats and a comparative advantage in the production of bats. c. neither good...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
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...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at...
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Pound of Beef Brad 10 12 Theresa 6 10 Refer to Table 3-20. Brad has a comparative advantage in the production of wheat and Theresa has a comparative advantage in the production of beef. beef and Theresa has a comparative advantage in the production of wheat. both goods and Theresa...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Number of Units Produced in 24 Hours Cheese Bread Cheese Bread 16 Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then...
Table 3-5 Assume that England and Portugal can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Cheese Bread 3 3 12 England Portugal Refer to Table 3-5. Which of the following combinations of cheese and bread could England produce in 24 hours? a. 7 units of cheese and 6 units of bread b. 6 units of cheese and 8 units of bread c. 8 units of cheese and 3...
England siues up Bread for checse 4 0.05 Cheese for Breal 8-5-2 Span Siues up Uniti Problem 4 Nomber ef ts Predeced le 40 1rs Lahor Hasrs Needed to Make 1Uof Bread Choe Cheese Broad Englnd Sp Figure 3: Assume that England and Spain can switch between producing cheese and pro- ducing bread at a constant rate Part A Identify which country has an absolute advantage and which country has a comparative Bread Spa Comp Enl Ab solu Cheese advantage...
You have to answer the questions that I have typed out, the
screenshots are just the data (disregard the questions on the
screenshot/worksheet)
Question 1 (10 points)
Refer to HW #7. Does either country have an absolute advantage
in the production of the two goods?
Question 1 options:
Spain has an absolute advantage in the production of both
goods.
England has an absolute advantage in the production of cheese
and Spain has an absolute advantage in the production of bread....
Question Help Suppose Italy and Spain produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in Italy and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor. Output per Hour of Labor Cloth Wine Italy Spain According to the table, the opportunity cost to Italy of producing one more unit of cloth is...
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Tomatoes Pork Farmer Rancher 4 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is
Most questions answered within 3 hours.
-
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 45 minutes ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 59 minutes ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 2 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 3 hours ago -
In a study of the accuracy of fast food​ drive-through orders,
Restaurant A had 257 accurate...
asked 3 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 3 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 3 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 3 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 3 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 3 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 3 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 3 hours ago