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Michael and Angelo are both artists who can create sculptures or paintings each...
1. Picasso and Pablo live in Greenwich Village. They are both struggling artists. Picasso is the...
1. Picasso and Pablo live in Greenwich Village. They are both struggling artists. Picasso is the more productive artist. He can produce 15 small sculptures each day but only 5 paintings. Pablo can produce 4 sculptures each day but only 2 paintings a) What is the opportunity cost of a painting for each artist? b) Based on your answer in part (a), who has a comparative advantage? c) If the two artists were to decide to specialize, who should produce...
Micheal Angelo is a renowned " House Painter for the Stars" His craft is well-known throughout...
Micheal Angelo is a renowned " House Painter for the Stars" His craft is well-known throughout Hollywoodland, he is in high demand, and he has limited his work to celebrity homes valued at $2 million or more. Sandra Aniston, a "star of the screen." commands at least $20 million per film. Sandra has sought and secured Michael's services to paint her new home nestled int he Hollywoodland hills. When completed, Sandra's new home will be worth an estimated $2.25 million....
Jane and Brad both produce nuts and coffee. They each prefer toconsume a diet that...
Jane and Brad both produce nuts and coffee. They each prefer to consume a diet that is half nuts and half coffee. Both have access to the same resources. If Jane focuses on producing only coffee, she can produce 20 pounds of coffee in a week. If she only produces nuts, she can produce 40 pounds of nuts in a week. Brad can produce a maximum of 15 pounds of coffee in a week. He could also choose to produce...
Q1: Q2: Suppose that a worker in Country A can produce either 25 bananas or 5...
Q1:
Q2:
Suppose that a worker in Country A can produce either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can produce either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The workers in Country B will benefit from trade if they: Multiple Choice specialize in bananas because they have a comparative advantage in banana production. O specialize in tomatoes because their opportunity cost of tomatoes...
1. Suppose Kyle and Panda live in a two-good world. The only two goods they can...
1. Suppose Kyle and Panda live in a two-good world. The only two goods they can gather and consume are figs and oranges. If Kyle spends all his day gathering figs, he can gather 25 figs in one day. If he spends all his day gathering oranges, he can gather 50 oranges. If Panda spends all her day gathering figs, she can gather 30 figs, and if she spends all her day gathering oranges, she can gather 20 oranges. Use...
12-34 311BNE + 4 Exit Consider Huy and Christian who each have 8 hours available. The...
12-34 311BNE + 4 Exit Consider Huy and Christian who each have 8 hours available. The production possibilities for Huy and Christian are shown in the table below: it shows the respective amounts of exam questions or poems each can produce in 8 hours: Huy Christian Exam questions | 20 15 Poems 10 5 Assume that Huy and Christian both derive positive utility from exam questions and poems. Based on the information in the table: Huy has comparative advantage in...
5 False The law of comparative advantage says that a. 3. the individual with the lowest...
5 False The law of comparative advantage says that a. 3. the individual with the lowest opportunity cost of producing a particular good should produce it comparative advantage exists only when one person has an absolute advantage in the production of two goods whoever has a comparative advantage in producing a good also has an absolute adva in producing that good b. c. d. whoever has an absolute advantage in producing a good also has a comparative advantag in producing...
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly...
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly production possibilities are shown in the following table. Choices Tom Jerry Milk Cheese Milk Cheese Choice A 50oz 0 24oz 0 Choice B 0 10oz 0 8oz Who has absolute advantage in Milk? Why? Using the same amount of resources, if a person can produce greater quantity of a good relative to other person then such person is said to have the absolute advantage...
3. Suppose that there are two workers in an economy, Rick and Morty. Every day, they...
3. Suppose that there are two workers in an economy, Rick and Morty. Every day, they can produce time machines or beer. If Rick spends all of his time on time machines, he can make 1000 time machines. If Rick spends all of his time on beer, he can produce 500 beers. If Morty spends all of his time on time machines, he can produce 1 time machine. If Morty spends all of his time on beer, he can produce...
1. Which of the following is true? A. A nation can have a comparative advantage in...
1. Which of the following is true? A. A nation can have a comparative advantage in the production of a good only if it also has an absolute advantage. B. A nation can have a comparative advantage in the production of every good, but not an absolute advantage. C. A nation cannot have an absolute advantage in the production of every good. D. A nation cannot have a comparative advantage in the production of every good. 2. The fictional country...
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Q2:
Suppose that a worker in Country A can produce either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can produce either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The workers in Country B will benefit from trade if they: Multiple Choice specialize in bananas because they have a comparative advantage in banana production. O specialize in tomatoes because their opportunity cost of tomatoes...
1. Suppose Kyle and Panda live in a two-good world. The only two goods they can gather and consume are figs and oranges. If Kyle spends all his day gathering figs, he can gather 25 figs in one day. If he spends all his day gathering oranges, he can gather 50 oranges. If Panda spends all her day gathering figs, she can gather 30 figs, and if she spends all her day gathering oranges, she can gather 20 oranges. Use...
12-34 311BNE + 4 Exit Consider Huy and Christian who each have 8 hours available. The production possibilities for Huy and Christian are shown in the table below: it shows the respective amounts of exam questions or poems each can produce in 8 hours: Huy Christian Exam questions | 20 15 Poems 10 5 Assume that Huy and Christian both derive positive utility from exam questions and poems. Based on the information in the table: Huy has comparative advantage in...
5 False The law of comparative advantage says that a. 3. the individual with the lowest opportunity cost of producing a particular good should produce it comparative advantage exists only when one person has an absolute advantage in the production of two goods whoever has a comparative advantage in producing a good also has an absolute adva in producing that good b. c. d. whoever has an absolute advantage in producing a good also has a comparative advantag in producing...
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