Homework Answers
| Bread | Cakes | |
| Kate | 4 | 8 |
| Sarah | 12 | 9 |
From the production possibilities diagram above, I have taken the maximum production amount both Kate and Sarah can produce if they spend 8 hours of labor in their bakery.
Looking at the opportunity costs for both Kate and Sarah:
| Bread | Cakes | |
| Kate | 4 = 8/4 = 2 | 8 = 4/8 = 1/2 = 0.5 |
| Sarah | 12 = 9/12 = 3/4 = 0.75 | 9 = 12/9 = 4/3 = 1.33 |
For Kate, 1 Bread = sacrificing 2 Cakes and for Sarah, 1 Bread = sacrificing 0.75 cakes. Since Sarah has to sacrifice less cakes to produce 1 Bread, Sarah has a comparative advantage in bread.
For Kate, 1 Cake = sacrificing 0.5 bread and for Sarah, 1 Cake = sacrificing 1.33 bread. Since Kate has to sacrificie less bread to produce 1 cake, than Sarah, Kate has a comparative advantage in cakes.
To summarise,
Kate has a comparative advantage in Option D - cake.
Sarah has a comparative advantage in Option C - bread.
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6 of 13 > The figures illustrate the production possibilities available to Kate and Sarah with...
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Can someone answer question 6 for me, please? the choices are a.
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c. 3/4 pie and 2 pies.
d. 1 pie and 1 1/2 pies.
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You have to answer the questions that I have typed out, the screenshots are just the...
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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
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Question 1 options:
Spain has an absolute advantage in the production of both
goods.
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Can someone answer question 6 for me, please? the choices are a.
1/2 pie and 3/4 pie.
b. 3/4 pie and 1 pie.
c. 3/4 pie and 2 pies.
d. 1 pie and 1 1/2 pies.
These figures illustrate the production possibilities available to Barney and Betty with 8 hours of labor in their bakery. Answer the questions using the following figures. Barney Betty Loaves of Bread Loaves of Bread Pies 15 Ples d. 1. The opportunity cost of 1...
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....
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...
Consider two neighboring Island countries, Charisma and Flatstan. Each has 72,000 labor hours available per week that it can use to produce jeans, wheat, or a combination of both. The following table shows the amount of labor hours required to produce 1 pair of jeans or 1 bushel of wheat. Wheat (Labor hours per bushel) Country Charisma Jeans (Labor hours per pair) 80 24 16 Flatstan 12 has an absolute advantage in the production of jeans, and has an absolute...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. A) Without Specailization/Pre-trade Country/Good Hours/unit of wine Hours/unit of bread Philippines Philippines 1.5 3 5 5 1. Who has absolute advantage in producing both goods? 2. What is the opportunity cost of Bread per unit of wine in each country? (Hint: How many units of wine should each country forgo to produce one unit of bread in each country?) 3. Who has a lower...
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