Homework Answers
Sara's opportunity cost of producing a board is 9/12 = 0.8 sails.
Fren's opportunity cost of producing a board is 8/6 = 1.3 sails.
Answer to the MCQ is A.
A person has a comparative advantage in producing a good if it can produce a good at a lower opportunity cost as compared to some other person.
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Sara's Production Possbilities Sara and Fran produce boards and sals for windsurfing The tables show their...
Tony and Patty produce skis and snowboards The tables show their production possibilities. Each week, Tony...
Tony and Patty produce skis and snowboards The tables show their production possibilities. Each week, Tony produces 2 snowboards and 16 skis and Patty produces 4 snowboards and 2 skis. Tony's opportunity cost of producing a snowboard is skis Patty's opportunity cost of producing a snowboard is skis. Patty has a comparative advantage in producing snowboards if O A. Patty produces snowboards at a lower opportunity cost than Tony O B. when all of Patty's resources are used to produce...
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum....
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost of is in the United States as (than) in Mexico. Table: Production Possibilities for Machinery and Petroleum Machinery (M) Petroleum (P) Countries (units) United States 80 40 Mexico 60 180 O machinery; the same O petroleum; the same O petroleum; more O petroleum; less 22. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
Jonas or Janis has an absolute advantage in the production of rye and Jonas, or Janis...
Jonas or Janis has an absolute
advantage in the production of rye and Jonas, or Janis has an
absolute advantage in the production of alfalfa. Jonas’ opportunity
cost of producing one ton of alfalfa is 2, 3, 4, or 5 tons of rye,
while Janis opportunity cost of producing a ton of alfalfa is 2, 3,
4, or 5, tons of rye. Because Jonas has a higher or lower
opportunity cost of producing alfalfa that Janis. Janis or Jonas
has...
2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that...
2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that follow using the information in the tables. Although it is not necessary, you may find it beneficial to graph the tables in order to answer the questions. (26 points) New Zealand's Production Possibilities Table (Millions of Bushels) Product Production alternatives B 0 15 10 20 60 Apples Plums 5 Spain's Production Possibilities Table (Millions of Bushels) Product Production alternatives 20 Apples Plums 60 0...
Use the following information to work Problems 7 and 8. Figure 3.3 on the next page)...
Use the following information to work Problems 7 and 8. Figure 3.3 on the next page) shows Tom's production possibilities and Figure 3.4 (on the next page) shows Abby's production possibilities. Tom uses all his resources and produces 2 rackets and 20 balls an hour. Abby uses all her resources and produces 2 rackets and 40 balls an hour. 7. What is Tom's opportunity cost of producing a racket? What is Abby's opportunity cost of a racket? Who has a...
only answer parts 3-9!! thanks Below, you are provided with Esteban's and Irene's Production Possibilities Frontiers...
only answer parts 3-9!! thanks
Below, you are provided with Esteban's and Irene's Production Possibilities Frontiers between chicken empanadas and beef empanadas. You will use these PPFs to identify the opportunity cost of producing an additional empanada of each type for both individuals, to determine which individual has an absolute advantage in the production of each type of empanada, and to determine which individual has a comparative advantage in the production of each type of empanada. Part 1: Complete the...
Kenji and Lucia are farmers. Each one owns a 12-acre plot of land
2. Comparative and absolute advantage Kenji and Lucia are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn(Bushels per acre)Rye(Bushels per acre)Kenji204Lucia287On the following graph, use the blue line (circle symbol) to plot Kenji's...
Shen and Valerie are farmers. Each one owns a 12-acre plot of land
2. Comparative and absolute advantageShen and Valerie are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest.Barley(Bushels per acre)Alfalfa(Bushels per acre)Shen186Valerie287On the following graph, use the blue line (circle symbol) to plot Shen's...
Eric and Ginny are farmers. Each one owns a 12-acre plot of land
2. Comparative and absolute advantageEric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest.Barley(Bushels per acre)Alfalfa(Bushels per acre)Eric408Ginny287On the following graph, use the blue line (circle symbol) to plot Eric's...
Tony and Patty produce skis and snowboards The tables show their production possibilities. Each week, Tony produces 2 snowboards and 16 skis and Patty produces 4 snowboards and 2 skis. Tony's opportunity cost of producing a snowboard is skis Patty's opportunity cost of producing a snowboard is skis. Patty has a comparative advantage in producing snowboards if O A. Patty produces snowboards at a lower opportunity cost than Tony O B. when all of Patty's resources are used to produce...
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost of is in the United States as (than) in Mexico. Table: Production Possibilities for Machinery and Petroleum Machinery (M) Petroleum (P) Countries (units) United States 80 40 Mexico 60 180 O machinery; the same O petroleum; the same O petroleum; more O petroleum; less 22. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
Jonas or Janis has an absolute
advantage in the production of rye and Jonas, or Janis has an
absolute advantage in the production of alfalfa. Jonas’ opportunity
cost of producing one ton of alfalfa is 2, 3, 4, or 5 tons of rye,
while Janis opportunity cost of producing a ton of alfalfa is 2, 3,
4, or 5, tons of rye. Because Jonas has a higher or lower
opportunity cost of producing alfalfa that Janis. Janis or Jonas
has...
2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that follow using the information in the tables. Although it is not necessary, you may find it beneficial to graph the tables in order to answer the questions. (26 points) New Zealand's Production Possibilities Table (Millions of Bushels) Product Production alternatives B 0 15 10 20 60 Apples Plums 5 Spain's Production Possibilities Table (Millions of Bushels) Product Production alternatives 20 Apples Plums 60 0...
Use the following information to work Problems 7 and 8. Figure 3.3 on the next page) shows Tom's production possibilities and Figure 3.4 (on the next page) shows Abby's production possibilities. Tom uses all his resources and produces 2 rackets and 20 balls an hour. Abby uses all her resources and produces 2 rackets and 40 balls an hour. 7. What is Tom's opportunity cost of producing a racket? What is Abby's opportunity cost of a racket? Who has a...
only answer parts 3-9!! thanks
Below, you are provided with Esteban's and Irene's Production Possibilities Frontiers between chicken empanadas and beef empanadas. You will use these PPFs to identify the opportunity cost of producing an additional empanada of each type for both individuals, to determine which individual has an absolute advantage in the production of each type of empanada, and to determine which individual has a comparative advantage in the production of each type of empanada. Part 1: Complete the...
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