A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule: Production Possibilities Product A B с D E Steel 0 1 2 3 4 Wheat 100 90 75 55 30 F 5 0 Refer to the above table. The marginal opportunity cost of the third unit of steel is: 25 units of wheat 20 units of wheat 18.3 units of wheat

The graph shows the Production Possibility Frontiers of Writ (orange, dotted line) and Greg (green, solid line) when they gather pumpkins or branches individually. Drag and drop the points A, B and C to form the Production Possibility Frontier when Wirt and Greg specialize and exchange the production of branches and pumpkins. Note: Use the circle in the top, left corner of the textbox as the point. Drab Point A as the top left point. Drag Point B to the point at which the joint PPF changes slope. Drag Point C to the bottom right point. Total Branches 6 5 4 3 2 1 O 0 1 2 3 4 5 6 Point A Point B Point C Greg's PPF Wirt's PPF Total Pumpkins

What is the opportunity cost of increasing the production of wheat and moving from point C to point B? Tons of Wheat 100 90 75 15 25 0 30 tons of wheat 5 tons of steel 80 tons of steel 45 tons of wheat A 20 Tons of Steel 75 80 90 100

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Q.3. Figure below shows the production possibilities frontier for a music processing plant that can produce both compact disks and cassettes. What is the opportunity cost of moving from point B to C? Compact Disks (CDs) per Hour 180 120 60 T I 50 B 80 100 Cassettes per Hour

Two neighboring island nations, Seychelles and Mauritius, produce iPad's, coffee, or a combination of both. Suppose that they each have 4 million labor hours available per week for production. The following table gives the amount of each product that can be produced using one hour of labor: Country Mauritius Seychelles Mauritius' opportunity cost of produing 1 iPad is iPads (per hour of labor) 12 of coffee. Therefore, 8 Initially, suppose Mauritius uses 1 million hours per week to produce iPads and 3 million hours per week to produce coffee, while Seycheles uses 3 million hours of labor per week to produce iPads and 1 million hours per week to produce coffee. Consequently, Mauritius produces 12 million iPads and 72 million pounds of coffee, and Seychelles produces 24 million iPads and 32 million pounds of coffee. Assume there are no other countries willing to trade with them. So, if Mauritius and Seychelles don't trade with each other, they can only consume what they can produce using…

I need help with the last two questions

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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Suppose Sansa and Arya divide their time between making daggers and shields. It takes Sansa 6 hours to make a dagger and 3 hours to make a shield, and it takes Arya 3 hours to make a dagger and 1 hour to make a shield. Sansa and Arya each work 30 hours a week. a. What is the maximum number of daggers each can make in a week? daggers per week Arya: daggers per week b. What is the opportunity cost to each of making a dagger? Sansa's opportunity cost of making a dagger: Arya's opportunity cost of making a dagger: c. Who has the comparative advantage in making daggers? Sansa: Neither Sansa O Arya shields Arya Neither Sansa shields d. Who has the absolute advantage in making daggers?