6. Refer to the following table, give the range of the price of errands such that...

Question

Question

6. Refer to the following table, give the range of the price of errands such that both Lo and Manuel will be willing to trade

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

The trade price will reflect the two opportunity cost of production. For Lo, the price of one errand run is 50/2 = 25 dishes washed and for Manuel, it is 40/4 = 10 dishes washed.

The range of price of errands is from 10 dishes washed to 25 dishes washed. This will be the trade price range.

Add a comment

Answer 2

Similar Homework Help Questions

6. Refer to the following table, give the range of the price of errands such that...

6. Refer to the following table, give the range of the price of errands such that both Lo and Manuel will be willing to trade. Assume the opportunity cost is constant. (Don’t forget the units) 87 Times New Roma 14 BIU A A E E Page 1 of 9 6. Refer to the following table, give the range of the price of errands such that both Lo and Manuel will be willing to trade. Assume the opportunity cost is constant....
6 and 7 both please. 6. Refer to the following table, give the range of the...

6 and 7 both please. 6. Refer to the following table, give the range of the price of errands such that both Lo and Manuel will be willing to trade. Assume the opportunity cost is constant. (Don't forget the units) Errands Dishes Run Washed 12 50 Manuel 4 40 Lo 7. Suggest one government policy such that the PPF of a country can shift out a lot in the future.
7. Suggest one government policy such that the PPF of a country can shift out a...

7. Suggest one government policy such that the PPF of a country can shift out a lot in the future. 87 Times New Roma 14 BIU A A E E Page 1 of 9 6. Refer to the following table, give the range of the price of errands such that both Lo and Manuel will be willing to trade. Assume the opportunity cost is constant. (Don't forget the units) Errands Dishes Run Washed 2 50 4 40 Lo Manuel 7....

5. What happens to the PPF when more resources for production are discovered. 6. Refer to...

5. What happens to the PPF when more resources for production are discovered. 6. Refer to the following table, give the range of the price of errands such that both Lo and Manuel will be willing to trade. Assume the opportunity cost is constant. (Don’t forget the units) Errands Run Dishes Washed Lo 2 50 Manuel 4 40 7. Suggest one government policy such that the PPF of a country can shift out a lot in the future. 8. Consider...
1. "You are the best student in the class. You can get into Harvard." Which part...

1. "You are the best student in the class. You can get into Harvard." Which part of the statement is positive? Which part of the statement is normative? 2. The government has been trying to discourage the use of plastic bags. Give one negative incentive to achieve that. 3. Give one opportunity cost of watching TV rather than studying. 4. Dexter decides to buy a new smartphone and offset the cost by selling his old phone to one of his...
1. “You are the best student in the class. You can get into Harvard." Which part...

1. “You are the best student in the class. You can get into Harvard." Which part of the statement is positive? Which part of the statement is normative? 2. The government has been trying to discourage the use of plastic bags. Give one negative incentive to achieve that. 3. Give one opportunity cost of watching TV rather than studying. 4. Dexter decides to buy a new smartphone and offset the cost by selling his old phone to one of his...

1. “You are the best student in the class. You can get into Harvard.” Which part...

1. “You are the best student in the class. You can get into Harvard.” Which part of the statement is positive? Which part of the statement is normative? 2. The government has been trying to discourage the use of plastic bags. Give one negative incentive to achieve that. 3. Give one opportunity cost of watching TV rather than studying. 4. Dexter decides to buy a new smartphone and offset the cost by selling his old phone to one of...
Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of...

Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of production of the two countries are shown in the following table. Assume that the opportunity cost is constant. Daily production Produce cheese only (pounds) Produce wine only (bottles) Germany 300 1.50 France 150 100 (a) Draw the PPF for Germany. Put cheese on the vertical axis, and wine on the horizontal axis. Indicate the values of both intercepts. (b) Which country has the absolute...
just need e and f Q.4 (18 points) Suppose that Germany and France both produce cheese...

just need e and f Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of production of the two countries are shown in the following table. Assume that the opportunity cost is constant. Germany France Daily production Produce cheese only (pounds) Produce wine only (bottles) 300 150 150 100 (a) Draw the PPF for Germany. Put cheese on the vertical axis, and wine on the horizontal axis. Indicate the values of both intercepts. (b)...

please answer F too :) Q.4 (18 points) Suppose that Germany and France both produce cheese...

please answer F too :) Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of production of the two countries are shown in the following table. Assume that the opportunity cost is constant. Daily production Produce cheese only (pounds) Produce wine only (bottles) Germany 300 1.50 France 150 100 (a) Draw the PPF for Germany. Put cheese on the vertical axis, and wine on the horizontal axis. Indicate the values of both intercepts. (b)...

6. Refer to the following table, give the range of the price of errands such that...

Homework Answers