Homework Answers
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Huey production = 4 carrots or 6 tomatoes
Steve Production = 9 carrots or 1 tomatoes
So as per competitive advantage , Huey should produce 6 tomatoes and Steve should produce 9 carrots
So Exchange rate = 6 tomatoes = 9 carrots
So 1 Pound of Tomatoes = 9/ 6 = 1.5 Pounds of carrots
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just need e and f Q.4 (18 points) Suppose that Germany and France both produce cheese...
just need e and f
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please answer F too :) Q.4 (18 points) Suppose that Germany and France both produce cheese...
please answer F too :)
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Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing...
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Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Pork Tomatoes Farmer 6 3 4 8 Rancher 4 4 16 6 Refer to Table 3-23. Without trade, the farmer produced and consumed 2 pounds of pork and 4 pounds of tomatoes and the rancher produced and consumed 4 pounds of pork and 2 pounds 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 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 :)
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