Labor Hours Needed to Produce 1 Dozen Eggs 1 Pound Ham Denmark 10 8 Finland 6...
|
Labor Hours Needed |
||
|
1 Dozen Eggs |
1 Pound Ham |
|
|
Denmark |
10 |
8 |
|
Finland |
6 |
4 |
At which of the following prices, if any, could both Denmark and Finland gain from trade?
|
a. |
2/3 pounds of ham per dozen eggs. |
|
|
b. |
1 pound of ham per dozen eggs. |
|
|
c. |
1.4 pounds of ham per dozen eggs. |
|
|
d. |
None of the above are correct. |
Homework Answers
Opportunity cost of producing dozen eggs in Denmark = 10/8 = 5/4 pounds of ham.
Opportunity cost of producing dozen eggs in Finland = 6/4 pounds of ham = 3/2 pounds of ham.
When the price lies between 5/4 pounds of ham and 3/2 pounds of ham ,then both Denmark and Finland would gain from trade.
1.4 pounds of ham per dozen eggs lies between this range . Hence,option(C) is correct.
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Labor Hours Needed
to Produce
1 Dozen Eggs
1 Pound Ham
Denmark
10
8
Finland
6...
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