Homework Answers
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1.
Given, US can produce either 100 lumber or 150 units oil
Canada can produce either 200 lumber or 50 units of oil
A) Opportunity cost of 100 lumber in US = 150 units of oil
B) Opportunity cost of 200 lumber in Canada = 50 units of oil
C) Opportunity cost of 150 units of oil for US = 100 units of lumber
D) Opportunity cost of 50 units of oil for Canada = 200 units of lumber
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1. Below is production levels of lumber and oll for the United States and Canada. Country...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US are using the same amount of capital and labor, the table below shows what each country is capable of producing on its own wheat lumber (tons) Country (bushels) Canada 40 100 United States 60 30 Who has the absolute advantage in producing wheat? In producing lumber? 1 2. What is Canada's opportunity cost of producing 1 bushel of wheat? What is the United States'?...
Food Food A (Y) X 200 Y-200 X-6667 Y=100 dles Oil(x) United States United States Canada...
Food Food A (Y) X 200 Y-200 X-6667 Y=100 dles Oil(x) United States United States Canada S. The production possibility frontiers of two counties are represented on the graphs above. The production possibility frontiers are represented as straight lines. Let Good X be units of oil and Good Y be units of food. The United States is currently producing and consuming the goods combination represented by Point A. Canada is currently producing and consuming the goods combination represented by Point...
Suppose that the United States and Canada can each produce two products: lumber and beef. Create...
Suppose that the United States and Canada can each produce two products: lumber and beef. Create a table like the one below, showing labor requirements per unit of output for each country. (Hint: Choose numbers for each country that are easily divisible by one another.) Labor Requirements per Unit of Output United States Canada Lumber Beef What does absolute advantage mean? How do you calculate absolute advantage? In what output(s) does the U.S. have an absolute advantage? Explain using the...
uppose that the United States and Canada can each produce two products: lumber and beef. Create...
uppose that the United States and Canada can each produce two products: lumber and beef. Create a table like the one below, showing labor requirements per unit of output for each country. (Hint: Choose numbers for each country that are easily divisible by one another.) Labor Requirements per Unit of Output United States Canada Lumber 8tons 16tons ' Beef 10tons 5tons What does absolute advantage mean? How do you calculate absolute advantage? In what output(s) does the U.S. have an...
Suppose initially that the United States is consuming 2 boots and 18 shirts and Canada is...
Suppose initially that the United States is consuming 2 boots
and 18 shirts and Canada is consuming 12 boots and 2 shirts, as
indicated in the figure. Then, suppose the United States and
Canada specialize by each only producing the good for which they
have a comparative advantage and then trade. In particular,
suppose the United States trades Canada half of its production for
half of what Canada produces.?
Using the same amount of resources, the United States and...
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts...
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts and lumberjack boots, as shown in the production possibilities frontiers in the figure to the right Canada has a comparsative advantage in producing lumberjack boots. The United States has a comparative advantage in producing lumberjack shirts 26 44PPF.s Does either country have an absolute advantage in producing both goods? A Neither country has an absolute advantage in both goods because Canada can produce more...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same arnaunts of capital arnd labor United K Fish 12 ish 12 Who has the comparative advantage i preducing oil? A. Nelther country has a comperative advantage producing oll because their opportunity costs of producing...
L4 X-150 Y 150 Y-300 150 ol Mexico Canada ov 1. The production possibility frontiers of...
L4 X-150 Y 150 Y-300 150 ol Mexico Canada ov 1. The production possibility frontiers of two countries are represented on the graph:s above as straight lines. Let Good X be units of oil (100,000's of barrels) and Good Y be units of automobiles (100,000's of cars). Mexico is currently producing and consuming the goods combination represented by Point A. Canada is currently producing and consuming the goods combination represented by Point B a. Does either country have an absolute...
suppose the united states is currently producing 200 tons of hamburgers and 90 tons of tacos mexico is cutrently produc...
suppose the united states is currently producing 200 tons of
hamburgers and 90 tons of tacos mexico is cutrently producing 20
tons of hamburgers and 50 tons of tacoes if the united states and
mexico each specialize in producing only one good the good for
which each has a comparitive advantage then a toal of ? additional
tons of hamburgers can be produced for the two countries combines
and a total of ? additional tons of tacoes can be produced...
1. Table: Production Possibilities for the United States and Canada One Possibility U.S. Production Possibilities Another...
1. Table: Production Possibilities for the United States and Canada One Possibility U.S. Production Possibilities Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 10 0 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 2 0 0 12 Reference: Ref 16-3 (Table: Production Possibilities for the United States and Canada) Examine the table Production Possibilities for the United States and Canada Both nations can produce...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US are using the same amount of capital and labor, the table below shows what each country is capable of producing on its own wheat lumber (tons) Country (bushels) Canada 40 100 United States 60 30 Who has the absolute advantage in producing wheat? In producing lumber? 1 2. What is Canada's opportunity cost of producing 1 bushel of wheat? What is the United States'?...
Food Food A (Y) X 200 Y-200 X-6667 Y=100 dles Oil(x) United States United States Canada S. The production possibility frontiers of two counties are represented on the graphs above. The production possibility frontiers are represented as straight lines. Let Good X be units of oil and Good Y be units of food. The United States is currently producing and consuming the goods combination represented by Point A. Canada is currently producing and consuming the goods combination represented by Point...
Suppose initially that the United States is consuming 2 boots
and 18 shirts and Canada is consuming 12 boots and 2 shirts, as
indicated in the figure. Then, suppose the United States and
Canada specialize by each only producing the good for which they
have a comparative advantage and then trade. In particular,
suppose the United States trades Canada half of its production for
half of what Canada produces.?
Using the same amount of resources, the United States and...
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts and lumberjack boots, as shown in the production possibilities frontiers in the figure to the right Canada has a comparsative advantage in producing lumberjack boots. The United States has a comparative advantage in producing lumberjack shirts 26 44PPF.s Does either country have an absolute advantage in producing both goods? A Neither country has an absolute advantage in both goods because Canada can produce more...
Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same arnaunts of capital arnd labor United K Fish 12 ish 12 Who has the comparative advantage i preducing oil? A. Nelther country has a comperative advantage producing oll because their opportunity costs of producing...
L4 X-150 Y 150 Y-300 150 ol Mexico Canada ov 1. The production possibility frontiers of two countries are represented on the graph:s above as straight lines. Let Good X be units of oil (100,000's of barrels) and Good Y be units of automobiles (100,000's of cars). Mexico is currently producing and consuming the goods combination represented by Point A. Canada is currently producing and consuming the goods combination represented by Point B a. Does either country have an absolute...
suppose the united states is currently producing 200 tons of
hamburgers and 90 tons of tacos mexico is cutrently producing 20
tons of hamburgers and 50 tons of tacoes if the united states and
mexico each specialize in producing only one good the good for
which each has a comparitive advantage then a toal of ? additional
tons of hamburgers can be produced for the two countries combines
and a total of ? additional tons of tacoes can be produced...
1. Table: Production Possibilities for the United States and Canada One Possibility U.S. Production Possibilities Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 10 0 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 2 0 0 12 Reference: Ref 16-3 (Table: Production Possibilities for the United States and Canada) Examine the table Production Possibilities for the United States and Canada Both nations can produce...
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