Figure 1 CASHEWS (Pounds) 400 360 320 280 240 200 160 120 80 40 Peru's PPF 3 hours 7.5 hours 1 2 3 4 5 6 7 8 9 10 PEANUTS (Pounds) Refer to Figure 3-2. If the production possibilities frontier shown is for 32 hours of production, then how long does it take Peru to make one pound of cashews? is hour O hour

Figure 1 CASHEWS (Pounds) 400 360 320 280 240 200 160 120 80 40 Peru's PPF 3 hours 7.5 hours 1 2 3 4 5 6 7 8 9 10 PEANUTS (Pounds) Refer to Figure 3-2. If the production possibilities frontier shown is for 32 hours of production, then how long does it take Peru to make one pound of cashews? is hour O hour

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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* International Economics - Adobe Acrobat Pro DC File Edit View Window Help Home Tools UNIT TWO.pdf International Econo. x Sign In 19 W 31 72.8% HOMEWORK Cheese Wine Home aic = 1 hour/kg dw = 2 hours/gallon Foreign a' Lc = 6 hours/lb a* LW 3 hours/gallon • Calculate the Home country's opportunity cost of producing cheese. • In which product does the Home (Foreign*) country has an absolute advantage? • Show in which product does the Home (Foreign*) country has comparative advantage? • Calculate the relative supply (RS) • With trade, what is the equilibrium range that the relative price of cheese to wine will settle? • Supposing that the intersection of RS and RD occurs at PC /PW = 1, what is the implication? 19:08 File Explorer Screenshots martha - W... My Questi. WeChat A Internation... 06/05/2021
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 is 18 15 12 9 6 3 0 0 10 20 30 50 60 70 Quantity of Shirts (Millions) 40 90 100 If these countries were open to trade, trade. U.S. PPF China PPF + Suppose that without trade the workers in each country spend half their time producing each good. U.S. without Trade Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to indicate this production and consumption point for China. True or False: There are no longer gains from trade. China…
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use the following scenario to answer the following quation : an economy has a two workers smith and ricardo. each day theywork .smith can produce 4 computers and 16 smartephone. and ricardo can producce 6 computers and 12 smartphones. (1) the opppertunity cost for smith to produce one computer is ......... smart phones. (a) one quater of (b) one half of (c) one (d) two (e) four
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David and Morgan are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of watermelon and zucchini each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing watermelon or zucchini or to produce watermelon on some of the land and zucchini on the rest. Watermelon (Pounds per acre) Zucchini David 10 (Pounds per acre) 5 Morgan 18 6 On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. 140 126 (spunod) II 112 98 84 70 David's PPF Morgan's PPF (?)
Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?
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10 specialization increases productivity a De creasing revenue b increa my marginal returns increating opportunity costs d. increasing marginal с output.
Figure 2.2. Canadian Trade Possibilities Televisions 16 12 8 4 0 Canada's Transformation Schedule Televisions 8 12 International Terms of Trade Refrigerators Televisions and refrigerators Neither televisions nor refrigerators с 16 20 B 24 Figure 2.2 shows a straight-line production possibilities curve with televisions on the vertical axis and refrigerators on the horizontal axis for Canada. The intercept on the vertical axis equals 16 and on the horizontal axis equals 24. Point A shows a point where an indifference curve is tangent to the production possibilities curve where televisions on the vertical axis equal 8 and refrigerators on the horizontal axis equal 12. A downward sloping straight line representing the international terms of trade starts at a point where refrigerators equal 24; an indifference curve is tangent to this line at a point where televisions equal 12 and refrigerators equal 16. Referring to Figure 2.2, Canada has a comparative advantage in: Refrigerators
Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is the opportunity cost of swords if total sword production is 40?