Table 2-3 shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces.

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The table below shows the maximum output levels for Here and There. Cloth Computers Here 110 or 60 There 70 or 120 a. What is the cost of 1 unit of cloth and a computer in Here? Round your answers below to 2 decimal places. 1 cloth computers. 1 computer units of cloth. b. What is the cost of 1 unit of cloth and a computer in There? Round your answers below to 2 decimal places. 1 cloth = computers. 1 computer = units of cloth. c. In which product does each country have a comparative advantage? Here: (Click to select) v There: (Click to select) v. d. What is the range of feasible terms of trade between the two countries? Round your answers below to 2 decimal places. Feasible terms of trade computers to between 1 unit of cloth to units of cloth. between 1 computer 8 of 33 Next > < Prev

A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. . In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 130 rice bowls or wash 50 grill racks; Park can either wash 150 rice bowls or wash 15 grill racks; and Pola can either wash 100 rice bowls or wash 25 grill racks. Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. You must take into account the fact that every worker works eight hours a day. Please show me how to graph in excel

18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?

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Farmer Jack is a well-established farmer who owns two plots of land. He refers to his fields of land by names. One field/plot of land is called Gator Plot, and the other one is called Brown Plot. As a farmer, Jack produces Cotton and Grains. Gator plot has a total of 80 acres of land, and in this field, it takes 10 acres to produce 1 unit of Cotton and 20 acres to produce 1 unit of Grains. On the other hand, Brown Plot has 100 acres of land. In this field, it takes 20 acres to produce 1 unit of Cotton and 10 acres to produce 1 unit of Grains. However, because Jack has been farming for a while now, he is worried about overharvesting COTTON because if he harvests too much Cotton, then the land will become barren. Consequently, there is a quantity restriction on Cotton and only Cotton. The restriction is outlined as follows: FIRST, there is a quantity restriction of 4 Cotton in Gator Plot. This means that Gator Plot is allowed to produce a maximum of 4 units of Cotton. SECOND, there is a…

Suppose Nicholas owns a business making Christmas tree ornaments. Currently, he makes 300 ornaments a month. At this level of production, each additional ornament takes him 30 minutes to make and costs him $5 in materials. Nicholas makes his ornaments in a small studio that he rents for $300 a month. Nicholas can easily increase or decrease the amount of time he spends making ornaments, and he can easily go to the store to buy additional materials to make the ornaments, but he has a year-long lease on his studio, so he has to pay his monthly rent no matter how many ornaments he produces each month. Nicholas values his time at $10 per hour. Other than his time, the cost of the materials and the rent on his studio, Nicholas has no additional production costs. a At Nicholas's current level of production, what is the marginal cost of making an additional ornament each month? b. At Nicholas's current level of production, what is the monthly average fixed cost of each ornament? c. Assuming…

Joe, Tanya, Fred and Susan are old friends from high school, now working in various boring office jobs in the city. One night, Susan invites everyone to her house for dinner and a chat. During dinner, and while the 4 friends were complaining about how much they hated their jobs, they start throwing some ideas around for starting their own business. At one point, they tell each other: “Man, as soon as this business makes money, I’m quitting my office job. We are going to be rich!”   The 4 friends agree to start a cupcake business together. They are very excited and start writing down a business structure on a napkin. It reads: “Susan and Fred will do the baking and decorating, Joe and Tanya will do the paperwork side of things including booking market stalls, asking Bunnings if they can sell cupcakes on Sat mornings, create a Facebook page & website for the business and manage the money side of things.” They also agree that they would split all profits and losses evenly.   For the…

b. The Yorkshire Cricket Company makes cricket bats out of lumber supplied to it by Acme Sporting Goods, which pays Yorkshire £10 for each finished bat. Yorkshire's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. Number of bats per day 0 5 10 15 20 25 30 35 Number of employee-hours per day 0 1 2 4 7 11 16 22 (i) If the wage is £15 per hour and Yorkshire's daily fixed cost for the lathe and building is £60, what is the profit-maximising quantity of bats? (ii) What would be the profit-maximising number of bats if the firm's fixed cost were not £60 per day but only £30? (iii) How would Yorkshire's profit-maximising level of output be affected if the government imposed a tax of £10 per day on the company? (Hint: This tax independent from the production level.) (iv) What would Yorkshire's profit-maximising level of output be if the government…