Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of the first 11,000 tons of coffee produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? ____________

Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of the first 11,000 tons of coffee produced? __________ What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 6SCQ: Table 33.15 shows how the average costs of production for semiconductors (the chips In computer...

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Combination Cinnamon metric tons (X axis) Nutmeg metric tons (Y axis) A 7,000 0 B 6,000 7,000 C 4,500 11,000 D 2,500 14,000 E 0 16,000 What is the opportunity cost (amount & item) of the first 7,000 tons of nutmeg produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 7,000 tons of nutmeg to 11,000 tons of nutmeg ? ________________ What is the opportunity cost (amount & item )of increasing production from 11,000 tons of nutmeg to 14,000 tons of nutmeg ? _____________ What is the opportunity cost (amount & item) of increasing production from 14,000 tons of nutmeg to 16,000 tons of nutmeg ? ________________ What is happening to the opportunity cost as Copperton produces more nutmeg? ____________________________________
Minerals 25 (millions of tons) 20 15 10 5 5 10 15 20 25 Grapes (millions of tons) Figure 1 Production possibility frontier for Highland Towards the right of Figure 1 are two circular red markers with a line between them that you can use to draw a production possibility frontier on Figure 1. You can move the markers with the mouse by clicking on them and dragging. Alternatively, you can tab to each marker and then use the keyboard arrow keys. Decide where to position the red markers based on the information below. There are two countries, called Highland and Lowland, with very different geography. They both produce grapes and dig for minerals, using only labour, with constant returns to scale. Figure 1 shows the production possibility frontier for Highland and the table shows the working population and productivity for Lowland. Working population and production possibilities Working population Production of tons of grapes per person per year Production of tons of minerals per person per…
Table 33.15 shows how the average costs of production for semiconductors (the chips In computer memories) change as the quantity of semiconductors built at that factory increases. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers.
A) 1/2 hour (B) 6 hours 1/16 hour CASHEWS (Pounds) D) 2 hours 400 360 320 280 240 200 160 120 80 40 Brazil's PPF Refer to Figure 3B. If the production possibilities frontier shown is for 16 hours of production, then how long does it take this country to make one pound of peanuts? 1 2 3 4 5 6 7 PEANUTS (Pounds) 8 9 10
Short Answer (8.0score) 33. The chart below is the prodution cost of US. and UK. U.S. U.K. Wheat (bushels/labor hour) 6 1 Cloth (yards/labor hour) 4 2 question: (1) explain the comparative advantage of each nation; (2) what is the gain from trade if the two trade for 4 wheat for 4 cloth?
Firm A Firm B 18- 14- 16 14- 12 10- 12 8 10- B. 8- 6- 4- 2- 2- 10 12 14 16 18 20 22 10 Corn Corn Part A What is the opportunity cost of one unit of barley for Firm A?O What is the opportunity cost of one unit of barley for Firm B? Give your answers as fractions. Part B What is the opportunity cost of one unit of corn for Firm A? What is the opportunity cost of one unit of corn for Firm B? Give your answers as fractions. Part C In which good does Firm A have a comparative advantage? In which good does Firm B have a comparative advantage? Part D In what good or goods does Firm A have an absolute advantage? In what good or goods does Firm B have an absolute advantage? Part E Suppose Firm A and Firm B divide their time equally between the production of both goods. What will be the total production of corn? units Now suppose both firms completely specialize in the product in which they have a comparative advantage and trade with one another.
Given the following diagram of a production possibilities frontier for a country. Assume that this country produces only two types of goods, capital goods (K) and consumer goods (C). (Graph is not drawn to scale.) CAPITAL GOODS (K) LACO,250) B(409200) c C200, ISo) D (300, l00) E(GO0,0) CONSUMER 600as (C) e. Suppose that there is a technological improvement in producing consumer goods that results in twice as many units of consumer goods being produced from the available resources in this economy. Draw the new production possibility frontier for this economy given this change. Assume that there are no changes in technology with regard to capital good production.
What is the opportunity cost of increasing missle production fromm 50 to 100?
Question 13 England France Hours Needed to Hours Needed to Make 1 Unit of Make 1 Unit of Cheese 1 4 What is true about this situation? Wine 5 2 Number of units Produced in 40 Hours Cheese 40 10 O The opportunity cost for 1 Cheese for England is 5 units of wine O England has the absolute advantage in producing both goods O France will export Cheese because it has comparative advantage in making Cheese O England will export Cheese because it has comparative advantage in making Cheese O France will export Wine because it has absolute advantage in making Wine O England will export Wine because it has absolute advantage in making Wine Number of units Produced in 40 Hours Wine 8 20
EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…
Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of increasing production from 27,000 tons of coffee to 30,000 tons of coffee ? ________________ What is happening to the opportunity cost as Costa Rica produces more coffee
QUESTION 23 Maximum Feasible Hourly Production Rates for either Tablets or TVs Using All AvailableResources United States Product Mexico Tablets TVs 6. Refer to the above table. Assuming that opportunity costs are constant, which of the following is a correct statement? O Mexico has a comparative advantage in producing both goods. O The United States has a comparative advantage in TV production. O The United States has a comparative advantage in producing both goods. O Mexico has a comparative advantage in producing TVs.