Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman, and he is willing to trade 3 fish for every 1 coconut. a. On a single figure, draw budget lines for trading with Friday and for trading with Kwame. (Put coconuts on the vertical axis.) b. What is the slope of the budget line from trading with Friday? c. What is the slope of the budget line from trading with Kwame? d. Which budget line features a larger set of attainable combinations of coconuts and fish? e. If you are going to trade coconuts for fish, would you rather trade with Friday or Kwame?

Coffee and Cheese Exchange in a POW Camp. Suppose that in the British compound of a prisoner of war (POW) camp, the price of cheese is 18 cigarettes per cheese ration and the price of coffee beans is 6 cigarettes per coffee ration. In the French compound, the price of coffee beans is 18 cigarettes per ration. a. Is there an opportunity for beneficial exchange? (Enter all values below as integer values.) b. A British prisoner could exchange his cheese ration for cigarettes, then exchange the cigarettes for coffee rations in the British compound. If he travels to the French compound, he could exchange the coffee for cigarettes. When he returns to the British compound, he can exchange the cigarettes for cheese rations. In other words, his net gain from trade is cheese rations. Enter your answer in each of the answer boxes.

Carmen and Dennis live on a desolate island.  They spend their days fishing or climbing trees to collect coconuts.  The following table shows how much of each activity Carmen and Dennis can produce for each hour of work.  They each can work up to 12 hours a day.   Fish per hour Coconuts per hour Carmen 40 8 Dennis 28 7   On a piece of paper, draw Carmen's PPF with fish on the horizontal (x) axis and coconuts on the vertical (y) axis.  Carment's PPF extends from Question Blank 1 of 9 to Question Blank 2 of 9. (Hint: your answer should be in the form of a point (x,y).) Question Blank 3 of 9    has an absolute advantage in the production of fish, and  Question Blank 4 of 9    has an absolute advantage in the production of coconuts. Carmen's opportunity cost of producing 1 coconut is Question Blank 5 of 9 fish, while Dennis' opportunity cost of producing 1 coconut is Question Blank 6 of 9 fish.  Because Carmen has a  Question Blank 7 of 9    opportunity cost of producing…

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3. Shifts in production possibilities Suppose the United States produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities curve (also known as the production possibilities curve) for corn, an agricultural good, and airplanes, a capital good. Drag the production possibilities curve (PPC) on the graph to show the effects of an improvement in soil quality because of new fertilization techniques. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points vill snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 420 350 PPC 280 210 140 70 + PPC 40 80 120 160 200 240 CORN (Millions of bushels) AIRPLANES (Thous ands)

Justin has 5 days in a work​ week; each day he can create either 2 Android apps or 1 Apple app. Pallas also has 5 days to​ work; each day she can produce either 2 Android apps or 3 Apple apps. Using the line drawing​ tool, draw the production possibilities curve​ (PPC) for Justin in the adjacent graph titled​ "Justin's PPC". Label your curve appropriately.   Carefully follow the instructions​ above, and only draw the required objects.   Using the line drawing​ tool, draw the production possibilities curve​ (PPC) for Pallas in the adjacent graph titled​ "Pallas's PPC". Label your curve appropriately.   Carefully follow the instructions​ above, and only draw the required objects.   Using the mulitpoint curve drawing ​tool,draw the single production possibilities curve​ (PPC) for both Justin and Pallas in the adjacent graph titled​ "Joint PPC". Label your curve appropriately. ​(Hit the​ "Esc" key after you have plotted your last point to exit the drawing​ tool)   Carefully follow the…

If Masha devotes all her time to making cookies, she can make 3 pounds of cookies an hour, and if she devotes all her time to baking bread, she can make 2 pounds of bread an hour. If Sasha devotes all his time to making cookies, he can make 4 pounds of cookies an hour, and if he devotes all his time to baking bread, he can bake 5 pounds of bread an hour. Which of the following is true? There will be no gains from trade for Sasha and Masha. Masha has an absolute advantage in at least one of the goods Both Sasha and Masha would agree to trade 1 cookie for 1 pound of bread. Sasha is better-off by himself

Suppose the fictional country of Everglades produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and telephoto lenses, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a long drought that reduces the amount of water available for farmers to use for irrigation. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. TELEPHOTO LENSES (Thousands) 360 300 240 100 120 60 . 10 PPF 20 30 40 MILLET (Millions of bushels) 50 60 PPF

A) What is the opportunity cost of moving from Point A to Point C? 4) What is the opportunity cost of moving from Point B to Point A? B) Is it possible to increase the quantity of cars produced and also increase the quantity of computers produced at the same time by moving from one point to another ON the production possibilities curve? Briefly explain your position. C) Is it possible to increase the quantity of cars produced and also increase the quantity of computers produced at the same time by moving from a point inside the production possibilities curve to a point ON the production possibilities curve? Briefly explain your position. D) What can cause a movement from Point C to Point D. Briefly explain your position. 8) What can cause a movement from Point C to Point B. Briefly explain your position.

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