Wine Cheese England 1 4 France 3 2 What is the opportunity cost of producing one...
|
Wine |
Cheese |
|
|
England |
1 |
4 |
|
France |
3 |
2 |
What is the opportunity cost of producing one unit of Wine in France (in terms of cheese)?
Homework Answers
The opportunity costs can be defined as the lost units of output of other goods for producing an additional unit of output of a good.
Opportunity cost of producing one unit of Wine in France (in terms of cheese)will be=2/3
=0.66 cheese.
Add Answer to:
Wine
Cheese
England
1
4
France
3
2
What is the opportunity cost of producing one...
Q.4 (18 points) Suppose that Germany and France both produce cheese and wine. The amount of...
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) Which country has the absolute...
Assume that both Italy and France can produce cheese and wine. Italian workers can produce either...
Assume that both Italy and France can produce cheese and wine. Italian workers can produce either 200 cases of wine or 600 pounds of cheese in one month and French workers can produce 250 cases of wine or 500 pounds of cheese in one month. Assume constant opportunity costs. Graph the PPF/PPC for each country on a single graph Which country has the absolute advantage in wine? ___________ Which country has the absolute advantage in cheese? __________ What is the...
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)...
5. Terms of trade Suppose that France and Denmark both produce oil and wine. France's opportunity...
5. Terms of trade Suppose that France and Denmark both produce oil and wine. France's opportunity cost of producing a bottle of wine is 5 barrels of oil while Denmark's opportunity cost of producing a bottle of wine is 10 barrels of oil. 1.By comparing the opportunity cost of producing wine in the two countries, you can tell that ( Denmark, France) has a comparative advantage in the production of wine and ( France, Denmark) has a comparative advantage in...
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only...
Consider a two countries, Portugal and England, that produce two goods, wine and cheese, with only one factor of production, Labor. In England, one unit of labor can produce 2 units of wine or 1 unit of cheese. In Portugal, one unit of labor can produce 3 units of wine or 1/2 of cheese. There are 100 units of labor in Portugal, and 100 in England. Countries share the same tastes, and there is perfect competition. 1) Fill in the...
Suppose Portugal and England both produce only wool and wine. Portugal can produce 900 units of...
Suppose Portugal and England both produce only wool and wine. Portugal can produce 900 units of wool or 800 units of wine, and England can produce 1000 units of wool or 1200 units of wine. Fill in the blanks (using decimals, not fractions). England's opportunity cost of producing one unit of wool is ________ unit(s) of wine, and Portugal's opportunity cost of producing one unit of wool______________ unit(s) of wine.
Table 3-5 Assume that England and Portugal can switch between producing cheese and producing bread at...
Table 3-5 Assume that England and Portugal can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Cheese Bread 3 3 12 England Portugal Refer to Table 3-5. Which of the following combinations of cheese and bread could England produce in 24 hours? a. 7 units of cheese and 6 units of bread b. 6 units of cheese and 8 units of bread c. 8 units of cheese and 3...
Suppose that Greece and Austria both produce fish and cheese. Greece's opportunity cost of producing a pound of cheese is 4 pounds of fish while
3. Terms of trade Suppose that Greece and Austria both produce fish and cheese. Greece's opportunity cost of producing a pound of cheese is 4 pounds of fish while Austria's opportunity cost of producing a pound of cheese is 10 pounds of fish. By comparing the opportunity cost of producing cheese in the two countries, you can tell that _______ has a comparative advantage in the production of cheese and _______ has a comparative advantage in the production of fish. Suppose that Greece and Austria...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
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) Which country has the absolute...
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 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)...
Table 3-5 Assume that England and Portugal can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Cheese Bread 3 3 12 England Portugal Refer to Table 3-5. Which of the following combinations of cheese and bread could England produce in 24 hours? a. 7 units of cheese and 6 units of bread b. 6 units of cheese and 8 units of bread c. 8 units of cheese and 3...
Question 20 (2 points) Assume that England and Spain bread at a constant rate. producing cheese and producing Labor Hours Number of Units Needed to Make Produced in 24 1 Unit of Hours Cheese Bread Cheese Bread England2 3 128 Spain 3 Which of the following statement is correct? England has the comparative advantage in Cheese Spain has the comparative advantage in Cheese England has the comparative advantage in both Cheese and Bread Spain has the comparative advantage in both...
Most questions answered within 3 hours.
-
What would you expect the observed boiling point to be at 10
torrs of a liquid...
asked 1 minute ago -
write a javascript jquery code to display calendar and let it be
sticked on the textbox...
asked 9 minutes ago -
A Call Spread is
A.
The simultaneous purchase of a call and
sale of a put...
asked 8 minutes ago -
In response to concerns about a future recession, the government
decides to give consumers a tax...
asked 10 minutes ago -
Experimental studies of cancer often use strains of animals that
have a naturally high incidence of...
asked 16 minutes ago -
Sociology Question Emile Durkheim
What role does mass media play in the lives of contemporary
citizens?...
asked 20 minutes ago -
Why would you silence gene expression for both wild-type and
mutants? I am on a question...
asked 29 minutes ago -
While all of the elements below are helpful, Booth et al. (2008)
emphasize that it is...
asked 34 minutes ago -
2. Use the three-step method to analyze the effects of the event
on the equilibrium price...
asked 34 minutes ago -
Draw a Venn diagram of three domains of life and explain.
asked 38 minutes ago -
In testing a new drug, researchers found that 5% of all patients
using it will have...
asked 1 hour ago -
List the six general types of information management systems,
and give one logistics application to each...
asked 58 minutes ago