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And then does this mean cars are more expensive or less expensive? Suppose China and Japan...
Suppose there are two countries, USA and Japan. USA is regarded as the home country and Japan is the foreign country. USA has 100 units of labor available and Japan has 80 units of labor. Both countries can produce only two goods, airplanes and cars. The output per hour of labor in the production of airplanes in the USA is 12, while in car production the output per hour of labor is 6. In Japan, the output per hour of...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
Question 12 State the Heckscher-Ohlin Theorem. Suppose there are two countries, USA and Germany. USA is regarded as the home country and Germany is the foreign country. USA has 100 units of labor available and Germany has 80 units of labor. Both countries can produce only two goods, airplanes and cars. The output per hour of labor in the production of airplanes in the USA is 12, while in car production the output per hour of labor is 6. In...
1. Visualizing the factor-endowment theory Consider the two hypothetical nations of Golikia and Ferville. Suppose they both produce only two goods, robot vacuum cleaners and catnip toys. Each country faces a trade-off when producing the two goods. The following graph displays the respective production possibilities frontiers (PPF) for Golikia and Ferville. 20 18 olikia's PPF Terms of Trade 16 14 12 t0 10 Ferville's PPF 0 4 6 8 0 12 14 16 18 20 ROBOT VACUUM CLEANERS (Thousands) If...
Please answer the problem bellow: Visualizing the factor-endowment theory Consider the two hypothetical nations of Greenburg and Ferville. Suppose they both produce only two goods, robot vacuum cleaners and pogo sticks. Each country faces a trade-off when producing the two goods. The following graph displays the respective production possibilities frontiers (PPF) for Greenburg and Ferville. Greenburg's PPF Terms of Trade POGO STICKS (Thousands) Ferville's PPF Xo 0 5 45 50 10 15 20 25 30 35 40 ROBOT VACUUM CLEANERS...
Problem 1 A country (”Home”) is populated with 300 workers who produce either food (F) and/or clothing (C). Each food worker produces 6 units of food and each clothing worker produces 3 units of clothing. The preferences of the consumers over food and clothing are represented by the utility function: u(DF , DC) = (DF ) 2/3 (DC) 1/3 1) Assuming that at the optimum, consumers set their marginal rate of substitution, MRSDF ,DC , to the relative price, i.e.,...
Q 1: Clancy and Eileen are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest.CornRye(Bushels per acre)(Bushels per acre)Clancy205Eileen5010On the following graph, use the blue line (circle symbol) to plot Clancy's production possibilities...
What are the differences between Apple production in the US and China? What would make production more feasible in the United States? Should Apple or other companies move more production to the US? A Tiny Screw Shows Why iPhones Won't Be 'Assembled in U.S.A.' A screw from the late 2013 model of the Mac Pro.CreditJames Nieves/The New York Times A screw from the late 2013 model of the Mac Pro.CreditCreditJames Nieves/The New York Times By Jack Nicas • Jan. 28,...
Question 1.Susan can brew 5 gallons of root beer in an hour or she can make 4 pizzas in an hour. Becky can brew 7 gallons of root beer in an hour or she can make 5 pizzas in an hour. Susan's opportunity cost of making a pizza is gallons of root beer. Becky's opportunity cost of making a pizza is gallons of root beer. Enter numbers rounded to two decimal places. Question 2 Bill and Fred bake cakes and...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...