A country produces cheese and wine using only labor. They have 100 hours of labor and their unit labor requirement for cheese is 5 hours/cheese. Their unit labor requirement for wine is 25 hours/wine. Enter the correct number in the blank spaces below: f this county produces only cheese and no wine, it can produce_______ units of cheese. If this county produces only wine and no cheese, it can produce_______ units of wine.

A country produces cheese and wine using only labor. They have 100 hours of labor and their unit labor requirement for cheese is 5 hours/cheese. Their unit labor requirement for wine is 25 hours/wine. Enter the correct number in the blank spaces below: f this county produces only cheese and no wine, it can produce_ units of cheese. If this county produces only wine and no cheese, it can produce_ units of wine.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Refer to the table to answer the question Output Tech 1 Tech 2 Tech 3 K K K 100 14 6 2 8. 15 3 if the firm is operating in a high wage country, where capital cost $150 per unit and labor cost $100 per worker, which technology minimize the production cost ? Select one O a. all O b. Technology 3 O c Technology 2
In 2012, Northland had real GDP of $4.21 billion and a population of 2.98 million. In 2013, real GDP was $4.59 billion and population was 2.97 million. Northland's real GDP per person in 2013 was Select one: OA. $132. O B. $1.41. O C. $380. O D. $1,545. O E. $1,413.
7. After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $100,000 worth her art each year. She found a studio that she can rent for $2,000 per month and know that materials will cost her $20,000 per year. She now earns $90,000 per year. If her calculations are correct, Jean's annual economic profits from the venture will be. a) $80,000 b) $56,000 c) $10,000 d) -$34,000
A new highway linking two major towns is constructed. What would be the impact on the country's production function? Select one: a. remain unchanged O b. movement upwards along the same curve O c. shift outwards O d. movement downward along the same curve O e. shift inwards
6
6. Relationship between returns to scale, isoquants, production frontiers, and cost curves The following graph shows two isoquants that represent the firm's production technology. One of the isoquants shows all of the possible combinations of labor and capital that can produce 300 units of output (q = 300), but you must determine the other isoquant's quantity given the information that follows. CAPITAL 100 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 LABOR 60 70 80 ¹9, = 300 90 100 Suppose the firm's production process exhibits decreasing returns to scale. Based on the graph, the level of output represented by the second isoquant is q2 =
QUESTION 9 In one day Amazing company produced 50 shirts in 250 labor hours, What is Amazing company's productivity? O a. 1/5 shirts per hour O b. 5 hours per shirts O C. 50 shirts d. 5 shirts.
Donot forgett to make stages of production graphically..
Question 4 There is now also another country, Foreign, there is a labor force of 800. Foreign's unit labor requirement in watermelon production is 5, while in kiwi production it is 1. a) how many units of watermelon can be produced? when the labor in Foreign country only produce watermelon. b) how many units of kiwi can be produced? When all the labor in Foreign country only produce kiwi. c) What is the opportunity cost of watermelon in terms of kiwi in Foreign country? d) Describe the pattern of trade. Home country should produce? Foreign country should produce? Why? e) Show that how both Home and Foreign country gain from trade.
(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed input consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 75 bushels of quinoa is: Table: Production Function for Quinoa Number of Workers Bushels of Quinoa 10 1 2 3 4 5 transcript O $7,650. O $1,225. O $650. O $1,150. 10 25 45 60 70 75
Country Denali Congaree Suppose that initially Denali uses 1 million hours of labor per day to produce shorts and 3 million hours per day to produce almonds, while Congaree uses 3 million hours of labor per day to produce shorts and 1 million hours per day to produce almonds. As a result, Denali produces 6 million pairs of shorts and 36 million pounds of almonds, and Congaree produces 12 million pairs of shorts and 16 million pounds of almonds. Assume there are no other countries willing to engage in trade, so, in the absence of trade between these two countries, each country consumes the amount of shorts and almonds it produces. Shorts Almonds (Pairs per hour of labor) (Pounds per hour of labor) 6 12 16 Denali's opportunity cost of producing 1 pair of shorts is of almonds. Therefore, comparative advantage in the production of almonds. 4 Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In…
The outer flow in the circular flow diagram is measured in O goods and services produced inputs (factors of production) O government revenues O money MacBook Air 吕口 F3 D00 F4 F5 F6 F7 F8 2$ & 4 7 8 Y 6