Homework Answers
The output of the two hypothetical world are
| Food | Cloth | |
|---|---|---|
| East | 24 | 12 |
| West | 45 | 15 |
Opportunity cost
| 1 unit of Food | 1 unit of cloth | |
|---|---|---|
| East | 0.5 unit of cloth | 2 unit of food |
| West | 0.33 unit of cloth | 3 unit of food |
Therefore, the mutually beneficial trade will be
Between 2 and 3 units of food for 1 unit of clothing.
2. When the world price is $ 2 then supply is greater than demand. Therefore, the country will export.
Export = domestic supply - domestic demand
Export = 400 - 200
Export = 200 units.
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Answer the next question using data in the following tables showing production possibilities for units of...
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2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that follow using the information in the tables. Although it is not necessary, you may find it beneficial to graph the tables in order to answer the questions. (26 points) New Zealand's Production Possibilities Table (Millions of Bushels) Product Production alternatives B 0 15 10 20 60 Apples Plums 5 Spain's Production Possibilities Table (Millions of Bushels) Product Production alternatives 20 Apples Plums 60 0...
The following hypothetical production possibilities tables are for China and the United States. Assume that before...
The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative D and for the United States is alternative S. Product China Production Possibilities A B DEF 80,000 64,000 48,000 32,000 16,000 0 32 64 96 128 160 Chemicals(tons) Product Apparel Chemicals(tons) U.S. Production Possibilities R S T U 240,000 192,000 144,000 96,0000 0 48 96 144 V 48,000 192 W 0 240 Instructions:...
The following hypothetical production possibilities tables are for China and the United States. Assume that before...
The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative D and for the United States is alternative S. China Production Possibilities Product A B C D E F Apparel 40,000 32,000 24,000 16,000 8,000 0 Chemicals(tons) 0 16 32 48 64 80 U.S. Production Possibilities Product R S T U V W Apparel 120,000 96,000 72,000 48,0000 24,000 0 Chemicals(tons) 0 24...
QUESTION 2 D E Tables Production Possibilities Schedule 1 Alternatives 4 B Consumer goods per period...
QUESTION 2 D E Tables Production Possibilities Schedule 1 Alternatives 4 B Consumer goods per period 1 Capital goods per period 30 28 с 2 24 3 18 4 10 F 5 0 (Ref 2-1 Table Production Possibilities Schedule 1) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. a. 6 b.2 c8 d. 4 QUESTION 4 Price S P X Х PU 0, O Quantity (Ref...
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it asks to plot 4 points each please help
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a. The following is a set of hypothetical production possibilities for a nation. Cars Computers 0...
a. The following is a set of hypothetical production possibilities for a nation. Cars Computers 0 450 Combination А B с 100 420 330 250 D 380 270 E 510 150 F 550 0 1) Plot the production possibility for the nation. i1) What is the opportunity cost of the first 100 computers produced? iii) What would be happening if this nation is only producing combinations of 200 computers and 300 cars? iv) Show what would happen to the production...
The following graph shows the production possibilities frontier for the imaginary country of Contente under conditions...
The following graph shows the production possibilities frontier for the imaginary country of Contente under conditions of increasing costs. In the absence of trade, the relative cost of corn in Contente in terms of phones (or the marginal rate of transformation (MRT) of corn into phones) is shown by the slope of line t1, tangent to the production possibilities frontier at point A. 300 270 Consumption After Trade 240 210 180 В с CORN (Bushels) 150 120 90 60 30...
To answer the next question, use the following graph showing the domestic demand and supply curves...
To answer the next question, use the following graph showing the
domestic demand and supply curves for a specific standardized
product in a particular nation.
If the world price for this product is $0.50, this nation will
experience a domestic
Multiple Choice
shortage of 160 units, which it will meet with 160 units of
imports.
shortage of 160 units, which will increase the domestic price to
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surplus of 160 units, which it will export.
surplus of 160 units, which...
4. Utilize the following table to construct a Production Possibilities Curve and answer the following questions:...
4. Utilize the following table to construct a Production Possibilities Curve and answer the following questions: Assume you are a plastic goods manufacturer and specializing in making plastic canteens and frisbees, but cannot decide on what output to allocate your resources towards a. Construct a Production Possibilities Curve utilizing the table. (2 Points) b. What is the opportunity cost for the producer for moving from Point C on the graph to point D? (3 Points) c. Due to it being...
2. The following are production possibilities tables for New Zealand and Spain. Answer the questions that follow using the information in the tables. Although it is not necessary, you may find it beneficial to graph the tables in order to answer the questions. (26 points) New Zealand's Production Possibilities Table (Millions of Bushels) Product Production alternatives B 0 15 10 20 60 Apples Plums 5 Spain's Production Possibilities Table (Millions of Bushels) Product Production alternatives 20 Apples Plums 60 0...
The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative D and for the United States is alternative S. Product China Production Possibilities A B DEF 80,000 64,000 48,000 32,000 16,000 0 32 64 96 128 160 Chemicals(tons) Product Apparel Chemicals(tons) U.S. Production Possibilities R S T U 240,000 192,000 144,000 96,0000 0 48 96 144 V 48,000 192 W 0 240 Instructions:...
QUESTION 2 D E Tables Production Possibilities Schedule 1 Alternatives 4 B Consumer goods per period 1 Capital goods per period 30 28 с 2 24 3 18 4 10 F 5 0 (Ref 2-1 Table Production Possibilities Schedule 1) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. a. 6 b.2 c8 d. 4 QUESTION 4 Price S P X Х PU 0, O Quantity (Ref...
it asks to plot 4 points each please help
The accompanying hypothetical production possibilities tables are for New Zealand and Spain. Each country can produce apples and plums. New Zealand's Production Possibilities Table M4lions of Bushels Production Alternatives Product A B с D Apples @ 23 40 60 Pluns 15 10 15 Spain's Production Possibilities Table (Millions of Bushels) Production Alternatives Product R s T U Apples @ 20 40 60 Plums 60 40 20 a plot the production possibile...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a graph. Military 110 5 10s o 95 15 80 Consumer 0 60 40 35 50 10 20 60 Suppose the Economy is operating at point B. What is the opportunity cost of 10 additional units of consumer goods? Between which points is the opportunity cost of b producing consumer goods at maximum? A combination of 70 units of military goods and 45 units of...
a. The following is a set of hypothetical production possibilities for a nation. Cars Computers 0 450 Combination А B с 100 420 330 250 D 380 270 E 510 150 F 550 0 1) Plot the production possibility for the nation. i1) What is the opportunity cost of the first 100 computers produced? iii) What would be happening if this nation is only producing combinations of 200 computers and 300 cars? iv) Show what would happen to the production...
The following graph shows the production possibilities frontier for the imaginary country of Contente under conditions of increasing costs. In the absence of trade, the relative cost of corn in Contente in terms of phones (or the marginal rate of transformation (MRT) of corn into phones) is shown by the slope of line t1, tangent to the production possibilities frontier at point A. 300 270 Consumption After Trade 240 210 180 В с CORN (Bushels) 150 120 90 60 30...
To answer the next question, use the following graph showing the
domestic demand and supply curves for a specific standardized
product in a particular nation.
If the world price for this product is $0.50, this nation will
experience a domestic
Multiple Choice
shortage of 160 units, which it will meet with 160 units of
imports.
shortage of 160 units, which will increase the domestic price to
$1.60.
surplus of 160 units, which it will export.
surplus of 160 units, which...
4. Utilize the following table to construct a Production Possibilities Curve and answer the following questions: Assume you are a plastic goods manufacturer and specializing in making plastic canteens and frisbees, but cannot decide on what output to allocate your resources towards a. Construct a Production Possibilities Curve utilizing the table. (2 Points) b. What is the opportunity cost for the producer for moving from Point C on the graph to point D? (3 Points) c. Due to it being...
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