80 Production possibility curves for Glamis and Cawdor are illustrated below: Fig Newtons PPC in Glamis Madeleines 120 Cawdor has an absolute advantage in madeleines. Glamis has an absolute advantage in madeleines. O Glamis has a comparative advantage in madeleines. O Cawdor has a comparative advantage in madeleines. 90 Fig Newtons PPC in Cawdor Madeleines 150

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A9

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Suppose that France and Germany both produce wine and cheese. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Cheese (Pounds) 16 Wine (Bottles) Cheese (Pounds) 12 8. 4. 25 20 15 2 3 3 4 10 4 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O A. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. O B. France has a comparative advantage producing wine and cheese. OC. Germany has a comparative advantage producing wine and cheese. -OD. Neither has a comparative advantage producing wine or cheese. OE. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. Suppose that France is currently producing 1 bottle of wine and 12 pounds of cheese and Germany is currently producing 3 bottles of wine and 10 pounds of cheese. Then, assume instead that France and…

120 108 Hubert's PPF 96 84 72 Kate's PPF 60 48 36 12 60 120 180 240 300 360 420 480 540 600 CORN (Bushels) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Hubert's opportunity cost of producing 1 bushel of rye is bushels of corn, whereas Kate's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Kate, has a comparative bushels of corn. Because Hubert has a advantage in the production of rye, and has a comparative advantage in the production of corn. RYE (Bushels) 24

5. Comparative and absolute advantage Carlos and Deborah are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Carlos Deborah Corn (Bushels per acre) 20 28 Rye (Bushels per acre) 4 7 On the following graph, use the blue line (circle symbol) to plot Carlos's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Deborah's PPF.

Bob remains in college for his senior year so he can graduate instead of starting his business one year early. Bob's opportunity cost of remaining in college is O the amount paid for tuition and books plus the amount he would have earned by starting his business. O the amount he paid for tuition and books during the year. O the amount he would have earned by starting his business O the amount paid for tuition, books, food, and housing during the year. « Previous Next » ASUS 47 EGO f9 5 7 R CO

Below table shows the production possibilities for the country of Emilon: Rice Beef A 60 B 70 54 C 126 42 D 168 24 E 196 0 Complete the following (approximate) possibilities for Emilon. a. Emilon can produce 182 rice and beef. b. Emilon can produce rice and 48 beef. Which of the following product combinations is Emilon capable of producing? Can Emilon produce 140 rice and 48 beef? No, it cannot be produced. d. Can Emilon produce 98 rice and 42 beef? Yes, it can be produced. ✔ 4x0

So what is true about this combination of fish and water?  The combination of 4 fish & 4 bottles of water is? a) Outside of Tabitha's PPF, but on my PPF b) Outside of Tabitha's PPF, and outside of my PPF   Note- Tabitha has the Comparative Advantage for fish and you (Rhonda) have the comparative advantage for water. And at the end of the 12 hour day after we trade, both of us will each have 4 fish and 4 bottles of water.  Do I look at their opportunity cost to solve this question?