2. Assume that both the United States and Germany produce beef and computers. The U.S. can...
2. Assume that both the United States and Germany produce beef and computers. The U.S. can
produce 200 computers or 1,000 pounds of beef per day. Germany can produce 500 computers or
250 pounds of beef per day.
(a) What is the opportunity cost of beef and computer chips in each country? In which good does
each country have a comparative advantage? What is the range for mutually beneficial trade
in computers?
(b) Graph the PPCs for each country, putting computers on the horizontal axis. Then identify
the slopes of the PPCs. What does the slope represent?
Homework Answers
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2. Assume that both the United States and Germany produce beef
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Suppose that the United States and Canada can each produce two products: lumber and beef. Create...
Suppose that the United States and Canada can each produce two products: lumber and beef. Create a table like the one below, showing labor requirements per unit of output for each country. (Hint: Choose numbers for each country that are easily divisible by one another.) Labor Requirements per Unit of Output United States Canada Lumber Beef What does absolute advantage mean? How do you calculate absolute advantage? In what output(s) does the U.S. have an absolute advantage? Explain using the...
uppose that the United States and Canada can each produce two products: lumber and beef. Create...
uppose that the United States and Canada can each produce two products: lumber and beef. Create a table like the one below, showing labor requirements per unit of output for each country. (Hint: Choose numbers for each country that are easily divisible by one another.) Labor Requirements per Unit of Output United States Canada Lumber 8tons 16tons ' Beef 10tons 5tons What does absolute advantage mean? How do you calculate absolute advantage? In what output(s) does the U.S. have an...
Suppose that France and Germany both produce schnitzel and wine. The following table shows combination of...
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Assume the table below shows the quantities of automobiles and computers that a worker can produce...
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just need e and f Q.4 (18 points) Suppose that Germany and France both produce cheese...
just need e and f
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. Germany France Daily production Produce cheese only (pounds) Produce wine only (bottles) 300 150 150 100 (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)...
please answer F too :) Q.4 (18 points) Suppose that Germany and France both produce cheese...
please answer F too :)
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)...
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just need e and f
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. Germany France Daily production Produce cheese only (pounds) Produce wine only (bottles) 300 150 150 100 (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)...
please answer F too :)
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Suppose the United Kingdom and Norway both produce ol and fish oil, which are sold for the same prices in both countries. The following table shows combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same arnaunts of capital arnd labor United K Fish 12 ish 12 Who has the comparative advantage i preducing oil? A. Nelther country has a comperative advantage producing oll because their opportunity costs of producing...
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