(Use Table 1) Harold has a comparative advantage in and Wilhelmina has a comparative advantage in Table 1 * Harold Wilhelmina Coconuts Fish Coconuts Fish Output per day 2 1 1 1) fish, fish 2) coconuts, fish 3) coconuts, coconuts 6,

(Use Table 1) Harold has a comparative advantage in and Wilhelmina has a comparative advantage in Table 1 * Harold Wilhelmina Coconuts Fish Coconuts Fish Output per day 2 1 1 1) fish, fish 2) coconuts, fish 3) coconuts, coconuts 6,

Name: (Use Table 1) Harold has a comparative advantage inand Wilhelmina has
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Description: (Use Table 1) Harold has a comparative advantage inand Wilhelmina has acomparative advantage inTable 1* HaroldWilhelminaCoconutsFishCoconutsFishOutput per day2111) fish, fish2) coconuts, fish3) coconuts, coconuts6,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure 2-10 Honey (gallons) 480 0 Tahiti 400 Milk (gallons) Honey (gallons) 540 O 1.125 gallons of honey 0 O 1.5 gallons of honey O 0.8 gallons of honey O 2/3 of a gallon of honey Bora Bora 360 Figure 2-10 shows the production possibilities frontiers for Tahiti and Bora Bora. Each country produces two goods, milk and honey. Milk (gallons) Refer to Figure 2-10. What is the opportunity cost of producing one gallon of milk in Bora Bora?
Explain which product each of the countries should specialise in and export. Use the information relating to comparative advantage to support your answer.
Q2
We can conclude from the table that Spain has a comparative advantage in the production of tables. [True or False] Explain your answer.
Comparative Advantage: Suppose that the United States and Switzerland produce bicycles and chocolate bars: Bicycles per worker/year Chocolate Bars per worker/year 10,000 20,000 Switzerland 1 United States 5 a. The United States has an absolute advantage in both bicycles and chocolate bars, but which country has a comparative advantage producing bicycles? Chocolate bars? b. Assume there are 10,000 workers. Draw the production possibilities frontier for the United States prior to trade. Assume the two countries agree to exchange 7,000 chocolate bars per bicycle. Illustrate the effect of specialization and trade on the U.S. production possibilities frontier (put bicycles on the x-axis and millions of chocolate bars on the y-axis). c. Assume there are 10,000 workers. Draw the production possibilities frontier for Switzerland prior to trade. Assume the two countries agree to exchange 7,000 chocolate bars per bicycle. Illustrate the effect of specialization and trade on Switzerland's…
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Labour hours needed to make 1 unit: Amount produced in 24 hours: Cars Airplanes Cars Airplanes Canada 30 120 54 18 Japan 40 160 60 15 In the above table, if Canada and Japan trade based on the principle of comparative advantage, what could Japan gain from exporting a car? Question 11 options: a maximum of 3 airplanes a maximum of 1/6 airplane a maximum of 1/3 airplane a maximum of 1/4 airplane
Brazil is able to produce 10 cars and 5 computers in one hour while India is able to produce 1 car and 4 computers in one hour. Brazil has a comparative advantage in producing and India has a comparative advantage in producing a. cars; cars b. computers; cars C. cars; computers d. computers; computers