Blue Violet's production possibilities Teapots (number per week) 150 100 50 0 & & & Coffeepots Teapots (number (number per week) 0 Sweet Pansy's production possibilities Coffeepots (number per week) 0 50 25 50 75 per week) 150 100 50 0 & & & & 100 150 Two countries, Blue Violet and Sweet Pansy, produce only two goods, teapots and coffee pots. The table above gives their production possibilities. Blue Violet has a comparative advantage in teapots. Both have a comparative advantage in teapots. Sweet Pansy has a comparative advantage in teapots. Sweet Pansy has an absolute advantage in teapots.

Blue Violet's production possibilities Teapots (number per week) 150 100 50 0 & & & Coffeepots Teapots (number (number per week) 0 Sweet Pansy's production possibilities Coffeepots (number per week) 0 50 25 50 75 per week) 150 100 50 0 & & & & 100 150 Two countries, Blue Violet and Sweet Pansy, produce only two goods, teapots and coffee pots. The table above gives their production possibilities. Blue Violet has a comparative advantage in teapots. Both have a comparative advantage in teapots. Sweet Pansy has a comparative advantage in teapots. Sweet Pansy has an absolute advantage in teapots.

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

A country produces two goods: coconuts and umbrellas. Their production possibilities frontier (PPF) places coconuts on the x-axis and umbrellas on the y-axis. How would a drought that makes it difficult to grow coconuts but does not affect the production of umbrellas change the PPF? Neither the value of the x-intercept nor the y-intercept would change The value of the y-intercept would increase but the value of the x-intercept would not change The value of the x-intercept would increase but the value of the y-intercept would not change Both the value of the x-intercept and the y-intercept would increase The value of the y-intercept would decrease but the value of the x-intercept would not change The value of the x-intercept would decrease but the value of the y-intercept would not change
Nation 1: USA Good 1: Bicycles Nations Given: USA and Russia produce only two goods. They have the same fixed resources are equally efficient and both countries have constant opportunity costs between the two goods. in one month USA can produce 180,000 bicycles or 90,000 refrigerators. Russia can produce 160,000 bicycles or 80,000 refrigerators. Fill in the table below. USA Russia Max Production Nation 2: Russia A) Graph the given information. Good 2: Refrigerators Opportunity Cost Opportunity Cost
Solve the problem. Show work and do not use AI
Level 2: Opportunity Cost, Comparative Advantage, and Specialization The opportunity cost of gathering firewood is then the calories of fish given up per log of firewood gained. (Fill in the blanks in the formula and perform the calculation). Opportunity Cost of Gathering = cals fish logs woo = calories per log
An American worker can produce either 5 cars or 8 tons of grain a year. A Japanese worker can produce either 4 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton of Grain United States Japan Use the blue line (circle symbol) to graph the production possibilities frontier for the American economy. Then use the green Iline (triangle symbol) to graph the production possibilities frontier for the Japanese economy. 500 450 U.S. 400 350 Japan 300
Below table shows the production possibilities for the country of Emilon: A B C D Rice 40 72 96 112 Beef 30 27 21 12 Complete the following (approximate) possibilities for Emilon. a. Emilon can produce 104 rice and beef. b. Emilon can produce rice and 24 beef. Which of the following product combinations is Emilon capable of producing? C. Can Emilon produce 80 rice and 24 beef? (Click to select) d. Can Emilon produce 56 rice and 21 beef? (Click to select)
Tony and Lan produce bicycles and scooters. Tony's opportunity cost of 1 bicycle is 4 scooters and Lan's opportunity cost of 1 bicycle is 3 scooters. Then Select one: a. Lan has a comparative advantage in the production of both bicycles and scooters. b. Tony has a comparative advantage in the production of both bicycles and scooters. c. Lan has a comparative advantage in the production of bicycles. d. Tony has a comparative advantage in the production of bicycles.
Because of conflict and instability in Country X, millions of its citizens emigrate to Country Y. Which of the following best explains what will happen to Country Y's production possibilities curve (PPC)? A C E It will move to a point on its PPC at which it produces only consumer goods B It's PPC will not change, but consumption of goods will decrease Its PPC will shift outward over time-- D It will move to a point inside its PPC, indicating slower growth Its PPC will shift inward over time
Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Home warya Ekoti Dmitri can produce 5 apples in one hour and 10 bananas in one hour. Which of the following is Assignments true? Discussions Grades ount Cassidy has absolute advantage in producing bananas. Syllabus Cassidy has comparative advantage in producing bananas. |Quizes board Dmitri has comparative advantage in producing apples. Modules urses Cassidy has absolute advantage in producing apples. 28 pups D Question 2 endar box Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Dmitri can produce 5 apples in one hour and 10 bananas in one hour. What is Cassidy's story opportunity cost of producing bananas? Help O 6 minutes O 12 minutes O 1/2 apple O 2 apples
In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. If Sue and Tessa specialize in producing the goods in which each of them has a comparative advantage, and they trade 1 jacket for 15 caps, who gains from the specialization and trade?
There are two countries, Atlantis and Thule, and two goods, Clothing (C) and food (F) In Atlantis, it takes 3 units of labour to produce a unit of Clothing and 3 units of labour to make a unit of Food. In Thule, a unit of Clothing requires 2 units of labour, and a unit of Food requires 5 units of labour. Assume that Atlantis has 300 units of labour, and Thule has 500 units of labour. (a) What is the opportunity cost of Food in terms of Clothing in each country? (b) Which country has an absolute advantage in which good? (c) Which country has a comparative advantage in which good? Why? (d) Draw the production possibilities frontier for each country (put Food on the horizontal axis). Label axes and slopes. (e) Draw the world production possibilities frontier (assuming labour does not move between countries). Again, put Food on the horizontal axis. Label axes and important points on - 2 - the diagram. (f ) Draw the world relative supply curve (labelled RS) for F/C with the relative price…
Draw two Linear Production Possibilities Curves for two countries: Portugal and England and two products :Wine (kegs) and Cloth (Sheets). On Portugal's graph show the maximum production per worker of cloth sheets of 100 units on the Y axis. On the X axis show the maximum production of Wine at 150 kegs. For England's graph show the outputs at 90 cloth sheets on the Y axis and 60 Wine kegs on the X axis