Homework Answers
1) No one has an absolute advantage in cookies , both can produce equal amount per week. So it can be said both have absolute advantage.
2) Ted has an absolute advanatageas he can produce more per week.
3) Bill's opportunity cost for cookies = socks production given up / cookies given up = 20/20 = 1
4) Bill's opportunity cost for socks = cookies production given up / socks given up = 20/20 = 1
5) Ted's opportunity cost for cookies = socks production given up / cookies given up = 8/16 =1/2
6) Ted's opportunity cost for socks = cookies production given up / socks given up = 16/8 = 2
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The table below gives the production possibilities frontiers for Bill and Ted. Use the information to...
1. Below is production levels of lumber and oll for the United States and Canada. Country...
1. Below is production levels of lumber and oll for the United States and Canada. Country Lumber Production (using 50 worker hours) 100 200 Oil Production (using 50 worker hours) 150 50 United States Canada a. Calculate the opportunity cost of producing 100 units of lumber for U.S. b. Calculate the opportunity cost of producing 200 units of lumber for Canada. C. Calculate the opportunity cost of producing 150 units of oil for U.S. d. Calculate the opportunity cost of...
only answer parts 3-9!! thanks Below, you are provided with Esteban's and Irene's Production Possibilities Frontiers...
only answer parts 3-9!! thanks
Below, you are provided with Esteban's and Irene's Production Possibilities Frontiers between chicken empanadas and beef empanadas. You will use these PPFs to identify the opportunity cost of producing an additional empanada of each type for both individuals, to determine which individual has an absolute advantage in the production of each type of empanada, and to determine which individual has a comparative advantage in the production of each type of empanada. Part 1: Complete the...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are...
Consider two individuals, Bill and Steve. Both can make cars and computers. Their production levels are outlined below: In one hour of time Bill can make: 7 Cars -or- 35 Computers. In one hour of time Steve can make: 4 Cars -or- 12 Computers. 1. What is Bill's opportunity cost of making one (1) Car? What is Steve's opportunity cost of making one (1) Car? 2. What is Bill's opportunity cost of making one (1) Computer? What is Steve's opportunity...
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum....
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost of is in the United States as (than) in Mexico. Table: Production Possibilities for Machinery and Petroleum Machinery (M) Petroleum (P) Countries (units) United States 80 40 Mexico 60 180 O machinery; the same O petroleum; the same O petroleum; more O petroleum; less 22. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In...
Question 1: Exhibit 1 - Production possibilities curves for U.S. and Mexico? Cloth (tons per day)...
Question 1: Exhibit 1 - Production possibilities curves for U.S. and Mexico? Cloth (tons per day) Cloth 10 (tons per day) Prus. 0 20 0 0 40 60 80 100 Wheat (tons per day) 0 0 0 100 Wheat (tons per day) Use the Production Possibilities Curves for U.S. and Mexico to determine i. In what commodity do United States has a comparative advantage over Mexico? il. In what commodity do Mexico has a comparative advantage over United States? iii....
Soybeans USA Mexico 90 Avocados 1. Based on the above PPFs for the United States and...
Soybeans USA Mexico 90 Avocados 1. Based on the above PPFs for the United States and Mexico, which region has an absolute advantage in Soybean production? Which region has an absolute advantage in Avocado production? (20 Points) 1. Please complete the following opportunity cost table. (Hint: In order to produce one unit of Soybeans how many Avocados must U.S./Mexico give up and in order to produce one unit of Avocados how much Soybeans must U.S./Mexico give up.) (20 Points) Opportunity...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US are using the same amount of capital and labor, the table below shows what each country is capable of producing on its own wheat lumber (tons) Country (bushels) Canada 40 100 United States 60 30 Who has the absolute advantage in producing wheat? In producing lumber? 1 2. What is Canada's opportunity cost of producing 1 bushel of wheat? What is the United States'?...
Use the following to answer questions 40-42: Table: The Production Possibilities for Tractors and Crude Oil...
Use the following to answer questions 40-42: Table: The Production Possibilities for Tractors and Crude Oil Crude oil Country Tractors (thousands of barrels) United States 80 40 Mexico 60 180 40. Look at the table The Production Possibilities for Tractors and Crude Oil. In Mexico the opportunity cost of producing one tractor is thousand barrels of crude oil. A) 3 B) 1/2 C) 2 D) 3/4 E) 1/3 41. Look at the table The Production Possibilities for Tractors and Crude...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions....
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. Assume that there are only 2 laborers in each country that works exactly 1 hour only. If each laborer (e.g. 1 laborer in each good) in each country works 1 hour in producing wine and bread, the output per country are as follows: A) Without Specailization/Pre-trade Country/Good Wine /hour or labor Bread /hour of labor Philippines 12 8 20 USA 10 1. Who has...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the followin...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. A) Without Specailization/Pre-trade Country/Good Hours/unit of wine Hours/unit of bread Philippines Philippines 1.5 3 5 5 1. Who has absolute advantage in producing both goods? 2. What is the opportunity cost of Bread per unit of wine in each country? (Hint: How many units of wine should each country forgo to produce one unit of bread in each country?) 3. Who has a lower...
1. Below is production levels of lumber and oll for the United States and Canada. Country Lumber Production (using 50 worker hours) 100 200 Oil Production (using 50 worker hours) 150 50 United States Canada a. Calculate the opportunity cost of producing 100 units of lumber for U.S. b. Calculate the opportunity cost of producing 200 units of lumber for Canada. C. Calculate the opportunity cost of producing 150 units of oil for U.S. d. Calculate the opportunity cost of...
only answer parts 3-9!! thanks
Below, you are provided with Esteban's and Irene's Production Possibilities Frontiers between chicken empanadas and beef empanadas. You will use these PPFs to identify the opportunity cost of producing an additional empanada of each type for both individuals, to determine which individual has an absolute advantage in the production of each type of empanada, and to determine which individual has a comparative advantage in the production of each type of empanada. Part 1: Complete the...
21. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. The opportunity cost of is in the United States as (than) in Mexico. Table: Production Possibilities for Machinery and Petroleum Machinery (M) Petroleum (P) Countries (units) United States 80 40 Mexico 60 180 O machinery; the same O petroleum; the same O petroleum; more O petroleum; less 22. (Table: Production Possibilities for Machinery and Petroleum) Use Table: Production Possibilities for Machinery and Petroleum. In...
Question 1: Exhibit 1 - Production possibilities curves for U.S. and Mexico? Cloth (tons per day) Cloth 10 (tons per day) Prus. 0 20 0 0 40 60 80 100 Wheat (tons per day) 0 0 0 100 Wheat (tons per day) Use the Production Possibilities Curves for U.S. and Mexico to determine i. In what commodity do United States has a comparative advantage over Mexico? il. In what commodity do Mexico has a comparative advantage over United States? iii....
Soybeans USA Mexico 90 Avocados 1. Based on the above PPFs for the United States and Mexico, which region has an absolute advantage in Soybean production? Which region has an absolute advantage in Avocado production? (20 Points) 1. Please complete the following opportunity cost table. (Hint: In order to produce one unit of Soybeans how many Avocados must U.S./Mexico give up and in order to produce one unit of Avocados how much Soybeans must U.S./Mexico give up.) (20 Points) Opportunity...
Practice Problem Canada and the US both produce wheat and lumber. Assuming Canada and the US are using the same amount of capital and labor, the table below shows what each country is capable of producing on its own wheat lumber (tons) Country (bushels) Canada 40 100 United States 60 30 Who has the absolute advantage in producing wheat? In producing lumber? 1 2. What is Canada's opportunity cost of producing 1 bushel of wheat? What is the United States'?...
Use the following to answer questions 40-42: Table: The Production Possibilities for Tractors and Crude Oil Crude oil Country Tractors (thousands of barrels) United States 80 40 Mexico 60 180 40. Look at the table The Production Possibilities for Tractors and Crude Oil. In Mexico the opportunity cost of producing one tractor is thousand barrels of crude oil. A) 3 B) 1/2 C) 2 D) 3/4 E) 1/3 41. Look at the table The Production Possibilities for Tractors and Crude...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. Assume that there are only 2 laborers in each country that works exactly 1 hour only. If each laborer (e.g. 1 laborer in each good) in each country works 1 hour in producing wine and bread, the output per country are as follows: A) Without Specailization/Pre-trade Country/Good Wine /hour or labor Bread /hour of labor Philippines 12 8 20 USA 10 1. Who has...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. A) Without Specailization/Pre-trade Country/Good Hours/unit of wine Hours/unit of bread Philippines Philippines 1.5 3 5 5 1. Who has absolute advantage in producing both goods? 2. What is the opportunity cost of Bread per unit of wine in each country? (Hint: How many units of wine should each country forgo to produce one unit of bread in each country?) 3. Who has a lower...
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