3) Assume the same situation as in question 2, but now you are allowed to trade with each other before you consume. How many hours per day would each of you spend producing each good? (Try to make each of you as well off as you possibly can, and assume that you all prefer the same amount of each good in the end.) ) Based on the situation in question 3, you should be able to determine the following prices: 1 unit of Wine = 1 unit of Wine 1 unit of Cheese units of Bread units of Cheese units of Bread These answers should be the same for every group in the class. Why?
Homework Answers
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2) Assume that the members of your group can produce food per the table below (write...
Support and Spain produce only doth and wine. Assume that each country is only labor to...
Support and Spain produce only doth and wine. Assume that each country is only labor to produce each good, and that the cloth and wine made in Italy and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor Output per Hour of Labor Wine Suppose that Taly and Spain do not trade with each other. Each has 500 hours of labor with which to produce cloth and...
% Concept: Gains From International Trade E Question Help Suppose France and Spain produce only cloth...
% Concept: Gains From International Trade E Question Help Suppose France and Spain produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in France and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor Output per Hour of Labor Cloth Wine France 23 16 Spain Suppose that France and Spain do not trade...
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...
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...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions....
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. Assume that there are only 2 laborers in each country that works exactly 1 hour only. If each laborer (e.g. 1 laborer in each good) in each country works 1 hour in producing wine and bread, the output per country are as follows: A) Without Specailization/Pre-trade Country/Good Wine /hour or labor Bread /hour of labor Philippines 12 8 20 USA 10 1. Who has...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the followin...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. A) Without Specailization/Pre-trade Country/Good Hours/unit of wine Hours/unit of bread Philippines Philippines 1.5 3 5 5 1. Who has absolute advantage in producing both goods? 2. What is the opportunity cost of Bread per unit of wine in each country? (Hint: How many units of wine should each country forgo to produce one unit of bread in each country?) 3. Who has a lower...
1a. Suppose that each worker in Home can produce 2 pound of cheese or 3 gallons...
1a. Suppose that each worker in Home can produce 2 pound of cheese or 3 gallons of wine. Assume that Home has 40 workers. a. Graph the production possibilities frontier (PPF) for Home? What is the no-trade relative price of cheese in Home? Why? b. Suppose that each worker in Foreign can produce 1 pounds of cheese or 2 gallons of wine. Assume that Foreign also has 40 workers. Graph the PPF for Foreign? What is the no-trade relative price...
Suppose that France and Germany both produce wine and schnitzel. The table below shows combinations of...
Suppose that France and Germany both produce wine and schnitzel. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Schnitzel (Kilograms) Wine (Bottles) Schnitzel (Kilograms) 0 12 0 25 1 9 1 20 2 6 2 15 3 3 3 10 4 0 4 5 5 0 Suppose that France is currently producing 1 bottle of wine and 9 kilograms of schnitzel and Germany is currently producing 3 bottles...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Number of Units Produced in 24 Hours Cheese Bread Cheese Bread 16 Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then...
You have to answer the questions that I have typed out, the screenshots are just the...
You have to answer the questions that I have typed out, the
screenshots are just the data (disregard the questions on the
screenshot/worksheet)
Question 1 (10 points)
Refer to HW #7. Does either country have an absolute advantage
in the production of the two goods?
Question 1 options:
Spain has an absolute advantage in the production of both
goods.
England has an absolute advantage in the production of cheese
and Spain has an absolute advantage in the production of bread....
Support and Spain produce only doth and wine. Assume that each country is only labor to produce each good, and that the cloth and wine made in Italy and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor Output per Hour of Labor Wine Suppose that Taly and Spain do not trade with each other. Each has 500 hours of labor with which to produce cloth and...
% Concept: Gains From International Trade E Question Help Suppose France and Spain produce only cloth and wine. Assume that each country uses only labor to produce each good, and that the cloth and wine made in France and Spain are exactly alike. The table below shows how much each country can produce of each good with one hour of labor Output per Hour of Labor Cloth Wine France 23 16 Spain Suppose that France and Spain do not trade...
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...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. Assume that there are only 2 laborers in each country that works exactly 1 hour only. If each laborer (e.g. 1 laborer in each good) in each country works 1 hour in producing wine and bread, the output per country are as follows: A) Without Specailization/Pre-trade Country/Good Wine /hour or labor Bread /hour of labor Philippines 12 8 20 USA 10 1. Who has...
Instruction: Use Table A representing hypothetical production capacities of two economies in answering the following questions. A) Without Specailization/Pre-trade Country/Good Hours/unit of wine Hours/unit of bread Philippines Philippines 1.5 3 5 5 1. Who has absolute advantage in producing both goods? 2. What is the opportunity cost of Bread per unit of wine in each country? (Hint: How many units of wine should each country forgo to produce one unit of bread in each country?) 3. Who has a lower...
Table 3-8 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Number of Units Produced in 24 Hours Cheese Bread Cheese Bread 16 Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then...
You have to answer the questions that I have typed out, the
screenshots are just the data (disregard the questions on the
screenshot/worksheet)
Question 1 (10 points)
Refer to HW #7. Does either country have an absolute advantage
in the production of the two goods?
Question 1 options:
Spain has an absolute advantage in the production of both
goods.
England has an absolute advantage in the production of cheese
and Spain has an absolute advantage in the production of bread....
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