If country A uses all of its resources efficiently, it can produce a maximum of 100 units of good X.  If country A uses all of its resources efficiently, it can produce a maximum of 150 units of good Y. If country B uses all of its resources efficiently, it can produce a maximum of 75 units of good X.  If country B uses all of its resources efficiently, it can produce a maximum of 125 units of good Y.  Both countries have (linear) straight line PPFs.    What is the opportunity cost of producing 50 units of Y in country B?

In the Davis household, husband Peter can cook 1 dinner in 60 minutes, and do 1 load of laundry in 30 minutes. Wife Angelica can cook 1 dinner in 30 minutes, and do 1 load of laundry in 20 minutes. Peter has an absolute advantage in cooking, and Angela has an absolute advantage in doing laundry. Angela has an absolute in cooking, and Peter has an absolute advantage in doing laundry Peter has an absolute advantage in cooking, and an absolute advantage in doing laundry. Angela has an absolute advantage in cooking, and an absolute advantage in doing laundry.

4. a. Suppose that you are on a deserted island and can produce either 32 tons of coconuts OR 16 tons of pineapples. Draw the PPF representing this situation. Assume that coconuts are on the x-axis. Also assume that the PPF is linear. Clearly label your graph. b. For each of the following combinations say whether they are attainable (feasible) or unattainable (infeasible), based on the above information. If they are feasible, say whether they are efficient or inefficient. Also, label the three points on the graph above. (i) 8 tons of coconuts and 12 tons of pineapples: (ii) 16 tons of coconuts and 3 tons of pineapples:

estion 20 of 20 > Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient is readily available to them, and the only scarce resource is the cooks' time. Vincent can bake 10 cakes or make 5 pizzas in an hour. Jean can bake 12 cakes or make 8 pizzas in an hour. Please answer the four questions. 1. Which cook has the absolute advantage in baking 2. Which cook has the absolute advantage in making cakes? pizzas? ONeither O Vincent O Jean O Jean O Vincent O Neither 3. Which cook has the comparative advantage in baking 4. Which cook has the comparative advantage in making cakes? pizzas? Unit 7- Chapter 1..xlsx 0 Unit 7-Chapter 1...xlsx Topic 2 (2).docx Topic 2 (1).docx Show all 11:10 PM 73 F EENG 12/8/2021 ins prt sc f12 delete COLI dn 6d 6J 144 I14 backspace unu lock of enter H. pause T shift pua alt ctrl

Problem 2 Consider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have ten hours of time available. The can use their time to do one of two things: make pancakes or make hamburgers. Bob can make two hamburgers in an hour or one pancake in an hour. Jake can make three pancakes in an hour or two hamburgers in an hour. Use this information to answer the following questions: a.) Draw Jake and Bob's PPFS, with hamburgers on the x-axis. b.) Give equations for Jake and Bob's PPFS in y = mx+b form, still treating hamburgers as the x variable. c.) Who has absolute advantage in the production of hamburgers? Who has absolute advantage in the production of pancakes? d.) Who has comparative advantage in the production of hamburgers? Who has comparative advantage in the production of pancakes? e.) Can Bob and Jake both benefit from trade if the terms of trade are one pancake per hambruger? Why or why not?

Alice and Bob each produce haircuts and landscaping services.  Alice can provide 4 haircuts in one hour.  Bob can provide 2 haircuts in one hour.  It takes Alice 2 hours to landscape an acre of property.  It takes Bob 1 hour to landscape an acre of property.  Assume Alice and Bob both work a standard 8 hour day.  Which of the following correctly expresses the equation for Alice's PPF  H=-32+8L H=16-2L H+8L=32 2H+L=16

Matt and Lin are two producers and consumers for lamps and beds. Each of them works 40 hours in a week. Hours required for Matt to produce one unit of lamps or beds are 1 hours or 10 hours, respectively. Hours required for Lin to produce one unit of lamps or beds are 2 hours or 8 hours, respectively. Assuming their PPFs are straight lines. Calculate the correct options that complete the following statements on Matt's PPF. A) If Matt produces only lamps, they can produce  ? unit(s) of lamps. If Matt produces only beds, they can produce ? unit(s) of beds B)  Calculate the correct options that complete the following statements on Lin's PPF. If Lin produces only lamps, they can produce  unit(s) of lamps. If Lin produces only beds, they can produce  unit(s) of beds. C)  What is the marginal opportunity cost of producing an extra unit of lamps for Matt? An extra unit of lamps costs  unit(s) of beds. D)  What is the marginal opportunity cost of producing an extra unit of lamps for Lin?…

If country A uses all of its resources efficiently, it can produce a maximum of 100 units of good X.  If country A uses all of its resources efficiently, it can produce a maximum of 150 units of good Y. If country B uses all of its resources efficiently, it can produce a maximum of 75 units of good X.  If country B uses all of its resources efficiently, it can produce a maximum of 125 units of good Y.  Both countries have (linear) straight line PPFs.    What is the opportunity cost of producing 10 units of X in country A?  (hint: your answer should be measured in the positive number of units of good Y that must be given up - round your answer to two decimal places only if necessary)

Suppose that there are two countries, the North and the South.  Given the North's resources, it can produce 4 Cars in an hour or 1 unit of wheat in an hour.  Given the South's resources, it can produce 1 car per hour or 4 units of wheat in an hour.   Both countries have forty hours in total to produce wheat and cars.  Finally, the goal of each country is to have the most possible cars and wheat, but also to always have an equal amount of each. In other words, 10 cars and 10 wheat is just as valuable as 11 cars and 10 units of wheat, or 10 cars and 11 units of wheat, but 11 cars and 11 wheat would make the country even better off.  The question below relates to the PPF for the North and the South.  While you do not need to turn in a graph of the PPF, they may be helpful to answer these questions.  Finally, the first set of questions refers to a world where the North and South cannot trade, while the second set of questions refers to a world where they can trade.  In the latter set of…

Suppose the fictional country of Olympia produces only two goods: rice and electric scooters. The following graph plots Olympia's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. ELECTRIC SCOOTERS (Millions) 20 40 100 80 60 PPF 201 40 E + 60 B × 4 F 80 100 RICE (Millions of bushels) ?