The graph below depicts Alberta's and British Columbia's PPFs between apples and oil...
Homework Answers
Opportunity cost of producing an additional ton of apples in Alberta = Total oil given up in Alberta/Total Apples produced in Alberta = 120/60 = 2 tons of oil
Opportunity cost of producing an additional ton of apples in British Columbia = Total oil given up in British Columbia/Total Apples produced in British Columbia = 40/120 = 0.33 ton of oil
Opportunity cost of producing an additional barrel of oil in Alberta = Total apples given up in Alberta/Total oil produced in Alberta = 60/120 = 0.5 ton of apples
Opportunity cost of producing an additional barrel of oil in British Columbia = Total apples given up in British Columbia/Total oil produced in British Columbia = 120/40 = 3 tons of apples
Alberta has an absolute advantage in producing oil as it can produce more oil than British Columbia and British Columbia has an absolute advantage in producing apples as it can produce more apples than Alberta.
Alberta has a comparative advantage in producing oil as its opportunity cost is lower, and British Columbia has a comparative advantage in producing apples as its opportunity cost is lower.
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The graph below depicts Alberta's and British Columbia's PPFs
between apples and oil...
The graph below...
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
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Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for...
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Choices 1) A or B 2)Corn or Oil 3) oil or both goods or corn Country...
Choices
1) A or B
2)Corn or Oil
3) oil or both goods or corn
Country As PPF Country D's PPF Oil (millions of bbls) Oil (milions of bbls) From tha PPFs shown above it can be determined that the opportunity cost of oll is higher in country B Given the comparative opportunity costs as revealed by the PPFs shown above, the comparative advantage for country A lies ino After these two countries specialize and trade with each other, country...
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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...
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Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers...
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suppose that France and Denmark both produce oil and cheese ttempts: 5. The price of trade...
suppose that France and Denmark both produce oil and
cheese
ttempts: 5. The price of trade Suppose that France and Denmark both produce oil and cheese. France's opportunity cost of producing a pound of cheese is 4 barrels of oil while Denmark's opportunity cost of producing a pound of cheese is 10 barrels of oil. By comparing the opportunity cost of producing cheese in the two countries, you can tell that production of cheese and has a comparative advantage in...
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...
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...
Choices
1) A or B
2)Corn or Oil
3) oil or both goods or corn
Country As PPF Country D's PPF Oil (millions of bbls) Oil (milions of bbls) From tha PPFs shown above it can be determined that the opportunity cost of oll is higher in country B Given the comparative opportunity costs as revealed by the PPFs shown above, the comparative advantage for country A lies ino After these two countries specialize and trade with each other, country...
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...
Suppose that Greece and Germany both produce oil and cheese. Greece's opportunity cost of producing a pound of cheese is 3 barrels of oil while Germany's opportunity cost of producing a pound of cheese is 11 barrels of oil. By comparing the opportunity cost of producing cheese in the two countries, you can tell that has a comparative advantage in the has a comparative advantage in the production of oil. production of cheese and Suppose that Greece and Germany consider...
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suppose that France and Denmark both produce oil and
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ttempts: 5. The price of trade Suppose that France and Denmark both produce oil and cheese. France's opportunity cost of producing a pound of cheese is 4 barrels of oil while Denmark's opportunity cost of producing a pound of cheese is 10 barrels of oil. By comparing the opportunity cost of producing cheese in the two countries, you can tell that production of cheese and has a comparative advantage in...
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