3. Efficiency in the production possibilities modelSuppose South Africa produces only two goods: wheat and blu rays. The following graph shows South Africa's current production possibilities frontier,along with six output combinations represented by black points (plus symbols) labeled A to F.10080PPF20F20406080100WHEAT (Millions of bushels)10++<BLU RAYS (Millions) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check allthat apply.PointInefficientEfficientUnattainableВCEF口|0|0|0|0|0O O 0

Production possibility frontier shows the possible combination of two goods which can be produced…

3. Efficiency in the production possibilities model Suppose South Africa produces only two goods: wheat and blu rays. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 メ& 80 PPF 60 20 20 40 60 80 100 WHEAT (Millions of bushels) BLU RAYS (Millions)

3. Efficiency in the production possibilities model Suppose South Africa produces only two goods: wheat and blu rays. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 メ& 80 PPF 60 20 20 40 60 80 100 WHEAT (Millions of bushels) BLU RAYS (Millions)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q.1
Figure 1 shows the PPF for an economy that produces Food and Clothes. Suppose the economy is currently producing 170 Food and 264 Clothes. What is the economy's opportunity cost of producing 150 additional Food? A) 90 Clothes B) 120 Clothes C) 170 Clothes D) 220 Clothes
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A country, Frankland, produces only two products, cars and trucks. Currently, Frankland is producing on the curve, producing an even amount of cars and trucks. Define what a production possibilities curve is and is used for, and explain what happens when a new technology is adopted by the country of Frankland and the nation is able to increase production because of the increased productivity. You must use complete sentence to answer this question.
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1. Analyze the following two countries with linear production technologies and one factor of production. The production technology is given by the following labor requirements: Hot Dogs (labor per unit) Maple Syrup (labor per gallon) USA Canada 1 3 2 1 Each country has 600 hours of labor. a. Which country has the absolute advantage in producing hot dogs? Explain. b. What is the opportunity cost of hot dogs in the US? In Canada? c. Which country has a comparative advantage in each good? Explain. d. What is the range of prices for each good under which both countries will gain from trade? Explain. e. Suppose that the world price of a unit of hot dogs is 1 gallon of maple syrup. Draw a large, clear new graph for each country (put hot dogs on the X axis) showing the autarky equilibrium and the free trade equilibrium (including the trade triangle showing the levels of imports and exports). f. Who gains from free trade in this model? Briefly explain why or why not.
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25. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in wine? a) Portugal b) England c) Both d) Neither e) Cannot tell
7. Two people make up a small economy producing oats and/or shirts. The table below shows the maximum each individual can produce in one day for each good (and any linear combination). Sam Lindsay Oats 300 150 Shirts 100 75 a) Who has the comparative advantage in producing Oats? In producing shirts? b) In terms of shirts, what is the cost of producing one unit of oats for Sam? For Lindsay? c) If the total number of shirts produced is 100, then how many units of oats will be produced if production takes place according to comparative advantage?
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Self Check question #4- a,b,c,d,e