Nick and Rosa are farmers. Each one owns a 20-acre plot of land. The following table shows theamount of barley and alfalfa each farmer can produce per year on a given acre. Each farmerchooses whether to devote all acres to producing barley or alfalfa or to produce barley on some ofthe land and alfalfa on the rest.Barley(Bushels per acre) (Bushels per acre)AlfalfaNick105Rosa408On the following graph, use the blue line (circle symbol) to plot Nick's production possibilitiesfrontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF.(?)Nick's PPF10140120Rosa's PPF1804020180 200 300 40 sa0 a0 700 0 s00 1000BARLEY (Bushela* has an absolute advantage in the production of barley, andhas an absoluteadvantage in the production of alfalfa.Nick's opportunity cost of producing 1 bushel of alfalfa isbushels of barley, whereasbushels of barley. Because* has a comparativeRosa's opportunity cost of producing 1 bushel of alfalfa isNick has aopportunity cost of producing alfalfa than Rosa,advantage in the production of alfalfa, andproduction of barley.has a comparative advantage in the(soysne VNIV

has an absolute advantage in the production of barley, and has an absolute advantage in the production of alfalfa. Nick's opportunity cost of producing 1 bushel of alfalfa is bushels of barley, whereas Rosa's opportunity cost of producing 1 bushel of alfalfa is Nick has a bushels of barley. Because has a comparative opportunity cost of producing alfalfa than Rosa, advantage in the production of alfalfa, and production of barley. has a comparative advantage in the

has an absolute advantage in the production of barley, and has an absolute advantage in the production of alfalfa. Nick's opportunity cost of producing 1 bushel of alfalfa is bushels of barley, whereas Rosa's opportunity cost of producing 1 bushel of alfalfa is Nick has a bushels of barley. Because has a comparative opportunity cost of producing alfalfa than Rosa, advantage in the production of alfalfa, and production of barley. has a comparative advantage in the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
Country Jeans Corn Felicidad 8 32 Bellissima 12 24 Felicidad's opportunity cost of producing 1 pair of jeans is (1/2 , 1/4, 2, 4) of corn, and Bellissima's opportunity cost of producing 1 pair of jeans is ( 1/2 , 1/4, 2, 4) of corn. Therefore, (FELICIDADS, BELLISSIMA) has a comparative advantage in the production of jeans, (FELICIDADS, BELLISSIMA) and has a comparative advantage in the production of corn. Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces jeans will produce_______________million pairs per week, and the country that produces corn will produce____________million bushels per week.
PRODUCT PER WORKER SOUTH AFRICA NIGERIA TABLES 100 UNITS 40 UNITS CHAIRS 50 UNITS 10 UNITS Calculate the opportunity costs of producing tables in South Africaand in Nigeria. Show your calculations. Which country has an absolute advantage in the production of tables?Justify your answer. Explain which product each of the countries should specialise in andexport. Use the information relating to comparative advantage tosupport your answer.
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Suppose that France and Germany both produce wine and cheese. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Cheese (Pounds) 16 Wine (Bottles) Cheese (Pounds) 12 8. 4. 25 20 15 2 3 3 4 10 4 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O A. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. O B. France has a comparative advantage producing wine and cheese. OC. Germany has a comparative advantage producing wine and cheese. -OD. Neither has a comparative advantage producing wine or cheese. OE. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. Suppose that France is currently producing 1 bottle of wine and 12 pounds of cheese and Germany is currently producing 3 bottles of wine and 10 pounds of cheese. Then, assume instead that France and…
England and Scotland both produce scones and sweaters. Suppose that an English works can produce 50 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 40 scones per hour or 2 sweaters per hour. a. Which country has the absolute advantage in the production of each good? Which country has the comparative advantage? b. If England and Scotland decide to trade, which commodity will Scotland trade to England? Explain. c. If a Scottish worker could produce only 1 sweater per hour, would Scotland still gain from trade? Would England still gain from trade? Explain.
Question 28 The table shows the maximum quantity of cars or motorcycles that can be produced by two countries, X and Y, using equal amounts of resources. Motorcycles Cars 10 60 20 80 Based on the data in the table, which of the following is true? A B D Country X Country Y E Country X has a comparative advantage in producing cars. Country Y has a comparative advantage in producing cars. Country X has an absolute advantage in producing cars. Country X has an absolute advantage in producing motorcycles. Country Y has a comparative advantage in producing motorcycles.
QUESTION 9 If Pedro can produce more bread in one day than Roger can produce in one day, then а. Pedro has a comparative advantage in the production of bread. b. Roger has a comparative advantage in the production of bread. C. Pedro has an absolute advantage in the production of bread. d. Roger has an absolute advantage in the production of bread. a d. QUESTION 10 the equilibrium price decreases, and the equilibrium quantity increases the equilibrium price increases, and the effect of quantity is ambiguous the equilibrium price increases, and the equilibrium quantity increases the equilibrium price decreases, and the equilibrium quantity decreases If the demand of soccer balls increases, then a. b. C. d. O a O b O O O O
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Bob and Doug spend their workdays making beer and donuts. Bob's Opportunity Cost of producing a unit of donuts is 0.8 units of beer; Doug's Opportunity Cost of producing a unit of donuts is 0.25 units of beer. From this information alone, we know that A. B. C. D. Doug has an Absolute Advantage in the production of donuts and Bob has an Absolute Advantage in the production of beer. Doug has a Comparative Advantage in the production of both donuts and beer. Bob's Opportunity Cost of producing a unit of beer is 1.25 units of donuts and Doug's Opportunity Cost of producing a unit of beer is 4 units of donuts. None of the above answers are correct.