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Suppose Home and Foreign again produce cheese and wine. Their unit labour requirements are 1 houir...
1a. Suppose that each worker in Home can produce 2 pound of cheese or 3 gallons...
1a. Suppose that each worker in Home can produce 2 pound of cheese or 3 gallons of wine. Assume that Home has 40 workers. a. Graph the production possibilities frontier (PPF) for Home? What is the no-trade relative price of cheese in Home? Why? b. Suppose that each worker in Foreign can produce 1 pounds of cheese or 2 gallons of wine. Assume that Foreign also has 40 workers. Graph the PPF for Foreign? What is the no-trade relative price...
2. Suppose that Home and Foreign consumers have the same preferences over these two goods, and...
2. Suppose that Home and Foreign consumers have the same preferences over these two goods, and they are represented by the following utility function: U(Q ,Q ) = Q1/3Q2/3. cwcw a. Graph the consumer budget line of the Home country and add indifference curves to the figure. Find the amount of cheese and wine that people in Home country consume in the no-trade equilibrium? b. Graph the consumer budget line of the Foreign country and add indifference curves to the...
Consider two countries Home and Foreign that can produce two goods, apples and bananas, using labour...
Consider two countries Home and Foreign that can produce two goods, apples and bananas, using labour as the sole production factor. Home and Foreign have, respectively, 2400 and 1600 units of labour available and the unit labour requirements in the production of both goods are as shown in the following table: Home Foreign Apple 6 hours 10 hours Bananas 4 hours 2 hours 1. Construct the world relative supply curve and graph the relative demand curve along with the relative...
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...
Home Foreigrn MarginalProducts Cheese Wine Labor Force 100 200 g Suppose that the home country consumes...
Home Foreigrn MarginalProducts Cheese Wine Labor Force 100 200 g Suppose that the home country consumes 240 units of cheese before trade and 240 units of cheese after trade Calculate the amount of wine the home country will consume both before and after trade h. Calculate home country's exports and imports (list the good it is exporting and the amount, and the good that it is importing and the amount) . i. Draw the world supply curve for wine. Label...
Home Fareign Cheese Wine Labor Force 100 200 Several questions require drawing graphs. In these cases...
Home Fareign Cheese Wine Labor Force 100 200 Several questions require drawing graphs. In these cases you should graph carefully, either using graph paper à computer, or if you graph by hand, a ruler to show exact amaunts an the vertical and horizantal axes à. Whith country has an absolute advantage in producing cheese? Which country has an absolute advantage in producing wine? b. Whith country has a comparative advantage in producing cheese? Which country has a comparative advantage in...
Marginal Products Home Foreign Cheese 6 2 Wine 4 3 Labor Force 100 200 k. What...
Marginal Products Home Foreign Cheese 6 2 Wine 4 3 Labor Force 100 200 k. What effect will the increase in the relative price from 1 to 1.25 have on the foreign country’s utility (increase, decrease or no change)? Explain l. Suppose foreign’s marginal product of labor in producing wine decreases from 3 to 1 due to a disease that is affecting foreign grapes. Sketch the effect that this will have on the world supply curve for wine. Label your...
Suppose that Greece and Austria both produce fish and cheese. Greece's opportunity cost of producing a pound of cheese is 4 pounds of fish while
3. Terms of trade Suppose that Greece and Austria both produce fish and cheese. Greece's opportunity cost of producing a pound of cheese is 4 pounds of fish while Austria's opportunity cost of producing a pound of cheese is 10 pounds of fish. By comparing the opportunity cost of producing cheese in the two countries, you can tell that _______ has a comparative advantage in the production of cheese and _______ has a comparative advantage in the production of fish. Suppose that Greece and Austria...
Suppose that Greece and Germany both produce oil and cheese. Greece's opportunity cost of producing a...
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...
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...
Consider two countries Home and Foreign that can produce two goods, apples and bananas, using labour as the sole production factor. Home and Foreign have, respectively, 2400 and 1600 units of labour available and the unit labour requirements in the production of both goods are as shown in the following table: Home Foreign Apple 6 hours 10 hours Bananas 4 hours 2 hours 1. Construct the world relative supply curve and graph the relative demand curve along with the relative...
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...
Home Foreigrn MarginalProducts Cheese Wine Labor Force 100 200 g Suppose that the home country consumes 240 units of cheese before trade and 240 units of cheese after trade Calculate the amount of wine the home country will consume both before and after trade h. Calculate home country's exports and imports (list the good it is exporting and the amount, and the good that it is importing and the amount) . i. Draw the world supply curve for wine. Label...
Home Fareign Cheese Wine Labor Force 100 200 Several questions require drawing graphs. In these cases you should graph carefully, either using graph paper à computer, or if you graph by hand, a ruler to show exact amaunts an the vertical and horizantal axes à. Whith country has an absolute advantage in producing cheese? Which country has an absolute advantage in producing wine? b. Whith country has a comparative advantage in producing cheese? Which country has a comparative advantage in...
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...
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...
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