Economics
Suppose that Costa Rican worker Carlos can produce either 150 pounds of coffee or 1 computer per week, and a second worker, Maria, can produce either 50 pounds of coffee or 1 computer per week. Both Carlos and Maria work 50 weeks per year. A third worker, Pedro, joins the Costa Rican economy. Pedro can produce either 100 pounds of coffee or 1 computer per week. Like the other two workers, Pedro works 50 weeks per year.
If all three workers completely specialize in the production of one good, then together they can produce either computers or pounds of coffee per year.
If the workers instead specialize according to their respective comparative advantage, and with one worker producing computers while the other two produces coffee, together they can produce computers and pounds of coffee per year. If two workers produce computers while only one produces coffee, together they can produce computers and pounds of coffee per year.
b. Assume that world prices are such that 1 computer trades for 125 pounds of coffee on international markets and that Costa Rica is open to trade.
If computers can either be produced domestically or imported from abroad in exchange for Costa Rican coffee, then the maximum number computers that the three workers can consume is . To obtain this number of computers, Carlos will produce , Maria will produce , and Pedro will produce .
If coffee can either be produced domestically or imported from abroad in exchange for Costa Rican computers, then the maximum amount of coffee that the three workers can consume is pounds. To obtain this amount of coffee, Carlos will produce , Maria will produce , and Pedro will produce .
c. Assume instead that world prices are such that 1 computer trades for 40 pounds of coffee on international markets and Costa Rica is open to trade.
If computers can either be produced domestically or imported from abroad in exchange for Costa Rican coffee, then the maximum number computers that Carlos, Maria and Pedro can consume is . To obtain this number of computers, Carlos will produce , Maria will produce , and Pedro will produce .
If coffee can either be produced domestically or imported from abroad in exchange for Costa Rican computers, then the maximum amount of coffee that Carlos, Maria and Pedro can consume is pounds. To obtain this amount of coffee, Carlos will produce , Maria will produce , and Pedro will produce .
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Economics
Suppose that Costa Rican worker Carlos can produce either 100 pounds of coffee or 1 computer per week, and a second worker, Maria, can produce either 150 pounds of coffee or 1 computer per week. Both Carlos and Maria work 50 weeks per year. A third worker, Pedro, joins the Costa Rican economy. Pedro can produce either 140 pounds of coffee or 1 computer per week. Like the other two workers, Pedro works 50 weeks per year.b. Assume that world prices are such that 1...
Suppose that Costa Rican worker Carlos can produce elther 100 pounds of coffee or 1 computer per week, and a second worker, Maria, can produce elther 150 pounds of coffee or 1 computer per week. Both...
Suppose that Costa Rican worker Carlos can produce elther 100 pounds of coffee or 1 computer per week, and a second worker, Maria, can produce elther 150 pounds of coffee or 1 computer per week. Both Carlos and Maria work 50 weeks per year Instructions: Enter all values as absolute numbers. a. Carlos' opportunlty cost of producing a computer is pounds of coffee, and Maria's opportunity cost of producing a computer is pounds of coffee both workers completely specialize in...
Question 1 [30 points] Two Canadian workers, Paul and Irlene, can each produce computers or apples....
Question 1 [30 points]
Two Canadian workers, Paul and Irlene, can each produce
computers or apples. Paul can produce either 60 pounds of apples or
1 computer per month. Irlene can produce either 140 pounds of
apples or 1 computer per month.
Note: Please be sure to be as accurate as possible
and to round your answers to two decimal places.
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plot from the drop down menu at...
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Suppose that in a year an American worker can produce 60 shirts
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computers. There are 1 million workers in each country.
Use the blue line (circle symbol) to graph the production
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Suppose that Costa Rican worker Carlos can produce elther 100 pounds of coffee or 1 computer per week, and a second worker, Maria, can produce elther 150 pounds of coffee or 1 computer per week. Both Carlos and Maria work 50 weeks per year Instructions: Enter all values as absolute numbers. a. Carlos' opportunlty cost of producing a computer is pounds of coffee, and Maria's opportunity cost of producing a computer is pounds of coffee both workers completely specialize in...
Question 1 [30 points]
Two Canadian workers, Paul and Irlene, can each produce
computers or apples. Paul can produce either 60 pounds of apples or
1 computer per month. Irlene can produce either 140 pounds of
apples or 1 computer per month.
Note: Please be sure to be as accurate as possible
and to round your answers to two decimal places.
When plotting lines on the graph, select which line you want to
plot from the drop down menu at...
9.(4 points) In Mexico, a worker can produce 80 bushels of corn or 20 bags of coffee. In Costa Rica, a worker can produce 10 bushels of corn or 60 bags of coffee. Coffee (bags) Country Mexico Corn (bushels) 80 or 20 Costa Rica 10 or 60 a. Who has the absolute advantage in the production of corn? b. Who has the absolute advantage in the production of coffee? c. Which country has a comparative advantage in producing corn? d....
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Suppose that in a year an American worker can produce 60 shirts
or 30 computers and a Chinese worker can produce 60 shirts or 12
computers. There are 1 million workers in each country.
Use the blue line (circle symbol) to graph the production
possibilities frontier (PPF) for the United States, and use the
green line (triangle symbol) to graph the production possibilities
frontier for China.
Suppose that without trade the workers in each country spend
half their time producing...
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