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- Draw a production possibilities frontier (PPF) with missiles on the horizontal axis and butter on the vertical axis, illustrating these options, showing points A – F. Option missiles butter A 0 30 B 1 28 C 2 24 D 3 18 E 4 10 F 5 0 Can this country produce 24 units of butter and 4 missiles? Explain. Where would this point lie on the PPF? What is the trade-off when moving from point A to B? What is the opportunity cost of increasing missile production from 3-4 units? what is the opportunity cost of increasing butter production from 18-24 units? What is the maximum amount of butter that can be produced, if all resources are devoted to butter production? Can this country produce 2 missiles and 10 units of butter? Yes or no? Where would this point lie relative…a) What will the value of the PPF/PPC be in a two factor model with L=Labor along the horizontal axis, and K=Capital along the vertical axis? Explain b) Look at a country’s Terms of Trade (T.O.T.). It is assumed that when the T.O.T. value increases the country’s wellbeing goes up, and when the T.O.T. value declines, the country’s wellbeing is reduced. Explain.France Germany Cheese 2 kilograms 1 kilogram Cars 0.25 0.5 b. What is the relative price of cheese in France if it does not trade? In Germany? c. What is the opportunity cost of cheese in France? In Germany? d. Which country has a comparative advantage in cheese? In cars? Explain your answer. e. What are the upper and lower bounds for the trade price of cheese? f. Draw a hypothetical PPC for France and label its slope. Suppose that France follows its comparative advantage in deciding where to produce on its PPC. Label its production point. If the trade price of cars is 5 kilograms of cheese per car, draw a trade line (CPC) showing how France can gain from trade.type solution pls
- Suppose a new hormone is discovered that increases the productivity of the workers in producing beef, but does not affect the production of cabbage.How will that development change the production possibility frontier? Select one: • a. A bulge outwards of the middle while the axis interceptions remain the same. • b. No effect on the PPF. • c. A pivot outwards along the cabbage axis. • d. An even shift outwards from the origin. • e. A pivot outwards along the beef axis.Suppose that a small country has a production possibility frontier (with two goods X and Y) displaying increasing opportunity costs. Suppose further that trade is beneficial and in equilibrium with trade, the country imports good X and exports good Y. Discuss how growth of labour used more intensively in the import good (X) affects the country’s welfare. Illustrate your answer with the country’s PPF diagram which shows the production and consumption equilibrium outcomes before and after growth.The accompanying tables give production possibilities data for Gamma and Sigma. All data are in tons. Gamma's production possibilities A B C D E Tea 120 90 60 30 0 Pots 0 30 60 90 120 Sigma's production possibilities A B C D E Tea 40 30 20 10 0 Pots 0 30 60 90 120 Assume that before specialization and trade, Gamma and Sigma both chose production possibility "C." Now if each specializes according to comparative advantage, the gains from specialization and trade will be Multiple Choice 40 tons of pots. 20 tons of tea and 20 tons of pots. 20 tons of tea. 40 tons of tea.
- What would it mean if the production possibilities Frontier (PPF) were bowed inward (convex),as opposed to bowed outward (concave)? Clearly explain your answer, using diagrams and examples.. Which country has an absolute advantage in the production of fruit? Which countryhas an absolute advantage in the production of timber?b. Which country has a comparative advantage in the production of fruit? of timber?c. Sketch the PPF’s for both countries.d. Assuming no trading between the two, if both countries wanted to have equalnumbers of feet of timber and baskets of fruit, how would they allocate workers tothe two sectors?e. Show that specialization and trade can move both countries beyond their PPF’s.Home has 1,200 units of labor available. It can produce two goods, apples and bananas.The unit labor requirement in apple production is 3, while in banana production it is 2.a. Graph Home’s production possibility frontier.b. What is the opportunity cost of apples in terms of bananas?c. In the absence of trade, what would the price of apples in terms of bananas be?Why?2. Home is as described in problem 1. There is now also another country, Foreign, with alabor force of 800. Foreign’s unit labor requirement in apple production is 5, while inbanana production it is 1.a. Graph Foreign’s production possibility frontier.b. Construct the world relative supply curve.
- The Points on the PPC and area under the PPC are unattainable. Select one: O True FalseIf Finland allows immigrants from India to work there, then O a. PPC of Finland will shift to the left O b. There will be no impact on the PPC of any country O c. PPC of India will shift to the right O d. PPC of Finland will shift to the right01. What is the opportunity cost of Y for PPF 1? a) ½ of X b) 2 of X c) 1/3 of X d) 3 of X e) 4/5 of X
