I need help with these
problems. 21-24. I have the answers but dont know how to get to
them. 21 is B, 22 is D, 23 is A, 24 is D
Explanation for all parts is provided in the pic attached here.
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I need help with these problems. 21-24. I have the answers but dont know how to...
9.(4 points) In Mexico, a worker can produce 80 bushels of corn or 20 bags of coffee. In Costa Rica, a worker can produce 10 bushels of corn or 60 bags of coffee. Coffee (bags) Country Mexico Corn (bushels) 80 or 20 Costa Rica 10 or 60 a. Who has the absolute advantage in the production of corn? b. Who has the absolute advantage in the production of coffee? c. Which country has a comparative advantage in producing corn? d....
Consider two neighboring island countries, Botoga and Fiatstan. Each has 72,000 labor hours available per week that it can use to produce jeans, wheat, or a combination of both. The following table shows the amount of labor hours required to produce 1 pair of jeans or 1 bushel of wheat. Country Jeans Wheat (Labor hours per pair) (Labor hours per bushel) Botoga 80 16 Fiatstan 24 12 _____________ (Botoga/Fiatstan) has an absolute advantage in the production of jeans, and ___________...
2. Comparative and absolute advantagePaolo and Sharon are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest.Barley(Bushels per acre)Alfalfa(Bushels per acre)Paolo3010Sharon287On the following graph, use the blue line (circle symbol) to plot Paolo's...
Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per month that they can use to produce corm, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor Corn Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 8 16 Felicidad 5 20 Initially, suppose Contente uses 1 million hours of labor per...
3. Gains from trade Consider two neighboring island countries called Felicidad and Bellissima. They each have 4 labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Corn Country Felicidad Bellissima Jeans (Pairs per hour of labor) 20 (Bushels per hour of labor) Initially, suppose Bellissima uses 1 million hours of labor per...
Consider two neighboring Island countries, Charisma and Flatstan. Each has 72,000 labor hours available per week that it can use to produce jeans, wheat, or a combination of both. The following table shows the amount of labor hours required to produce 1 pair of jeans or 1 bushel of wheat. Wheat (Labor hours per bushel) Country Charisma Jeans (Labor hours per pair) 80 24 16 Flatstan 12 has an absolute advantage in the production of jeans, and has an absolute...
3. Gains from trade Consider two neighbouring island countries called Euphoria and Contente. They each have 4 million labour hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using one hour of labour. Country Jeans Corn (Pairs per hour of labour) (Bushels per hour of labour) Euphoria 5 20 Contente 8 16 Initially, suppose Contente uses 1 million...
3. Gains from trade Consider two neighboring island countries called Euphoria and Arcadia. They each have 4 million labor hours available per month that they can use to produce corn, eans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using hour of abo Corn Jeans (Pairs per hour of labor) 20 16 (Bushels per hour of labor) Country Euphoria Arcadia 8 Initially, suppose Arcadia uses 1 million hours of...
Consider two neighboring island countries called Arcadia and Felicidad. They each have 4 million labor hours available per week that they can use to produce com, Jeans, or a combination of both. The following table shows the amount of com or jeans that can be produced using 1 hour of labor. Initially, suppose Arcadia uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce Jeans while Felicidad uses 3 million hours...
3. Gains from trade Consider two neighboring island countries called Contente and Euphoria. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor Rye Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente Euphoria 16 20 Initially, suppose Contente uses 1 million hours of...