Homework Answers
Answer : Question 3) The answer is option d.
In Australia a worker can produce either 20 units of food or 5 units of electronics. This means that
20 units of food loses 5 units of electronics
So, 1 unit of food loses = 5 / 20 = 1/4 of a unit of electronics.
Therefore, in Australia the opportunity cost for 1 unit of food is 1/4 of a unit of electronics. So, option d is correct.
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question 3
Ausg table shows the units of output a worker can produce per Australia and...
Following table shows 20 ational thows the units of output a worker can produce per (1296)...
Following table shows 20 ational thows the units of output a worker can produce per (1296) Electronics Output America mouth in Amectica dCi 4. China Answer to: Fill in the blanks below, (ID Absolute advantage: country has an absolute advantage in the production of food? country has an absolute advantage in the production of electronice)
2. The following table shows the hourly output per worker measured as quarts of olive oil...
2. The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy Output per Hour of Work Olive Oil Pasta 6 3 6 12 Greece Italy pounds of pasta. (Enter your The opportunity cost of producing one more quart of olive oil in Greece is response rounded to two decimal places.) pounds of pasta. (Enter your The opportunity cost of producing one more quart of olive oil in...
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2 3 and 4 b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production f...
2 3 and 4
b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $25 per unit. Complete the following table, and answer the questions below; 2. 1 5 10 5 30 3 5 60...
Suppose that each worker in Belgium can produce either 20 units of food per hour or...
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Question 1 Answer the following question based on the table below. Productions per worker per day...
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Table 7-6 Output per hour Production and &n
Table 7-6 Output per hour Production and Production of work Consumption without Trade with Trade Swords Belts Swords Belts Swords Belts Estonia 5 3 100 40 200 0 Morocco 2 2 60 60 0 120 Estonia and Morocco can produce both swords and belts. Each country has a total of 40 available labor hours for the production of swords and belts. Table 7-6 shows the output per hour of work, the production and consumption quantities without trade,...
The following table shows how much output a firm can produce as it relates to the...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 70 90 105 115 120 20 40 2 3 4 75 90 100 105 65 70 Starting from K-2 and L-2, if both inputs are scaled by factor t, then O A. Ift1.5, production exhibits constant returns to scale OB. Ift 2,...
The following table shows how much output a firm can produce as it relates to the...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 20 70 90 105 115 120 40 2 3 4 75 90 100 105 65 70 Which of the following statements is true? O A. The marginal product of labor is decreasing, regardless of the level of capital B. The marginal product...
1. Suppose that in an hour a German worker can produce 200 clothes or 20 cars,...
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Following table shows 20 ational thows the units of output a worker can produce per (1296) Electronics Output America mouth in Amectica dCi 4. China Answer to: Fill in the blanks below, (ID Absolute advantage: country has an absolute advantage in the production of food? country has an absolute advantage in the production of electronice)
2. The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy Output per Hour of Work Olive Oil Pasta 6 3 6 12 Greece Italy pounds of pasta. (Enter your The opportunity cost of producing one more quart of olive oil in Greece is response rounded to two decimal places.) pounds of pasta. (Enter your The opportunity cost of producing one more quart of olive oil in...
Suppose that Australia and Brazil have the outputs per worker in producing sleds and clarinets shown in Table 3. Then Brazil has a: Table 1. Productivity of Brazil and Australia Output per worker Australia Brazil Sleds Clarinets 300 2 200 Select one: O a. Comparative advantage in sleds o b. Absolute advantage in clarinets c. Comparative advantage in clarinets d. Absolute advantage in sleds
2 3 and 4
b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $25 per unit. Complete the following table, and answer the questions below; 2. 1 5 10 5 30 3 5 60...
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The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 70 90 105 115 120 20 40 2 3 4 75 90 100 105 65 70 Starting from K-2 and L-2, if both inputs are scaled by factor t, then O A. Ift1.5, production exhibits constant returns to scale OB. Ift 2,...
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