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1. Consider the winter activity of skiing. Assume that the rental cost of ski equipment is $120 and the lift ticket costs $66.  If you go skiing, you would wear the ski jacket you purchased last year for $190. If you do not go skiing, you could either work at your part-time job, which would earn you $101, or study at the library, which you value at $28.Suppose that you were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the opportunity cost of going skiing?Enter a whole number and no dollar sign. 2. Country A and country B both produce toasters and sweaters. In country A each worker in a day can produce either 5 toasters or 20 sweaters. In country B each worker in a day can produce either 3 toasters of 18 sweaters. Each country has constant opportunity cost of production and each has 100 workers. Enter whole numbers in each blank.Initially the two countries do not trade. Country A allocates 60 workers to toaster production and 40 workers to sweater production so they produce a total of               toasters and                 sweaters. Country B allocates 60 workers to toaster production and 40 workers to sweater production so they produce a total of            toasters and           sweaters.The two countries decide to completely specialize and then engage in trade. With specialization country A will produce               toasters and                            sweaters, and country B will produce         toasters and                                 sweaters. The two countries decide to trade 190 toasters in exchange for 950 sweaters. After trade country A will consume        toasters and                sweaters, and country B will consume            toasters and                             sweaters.

Question

1. Consider the winter activity of skiing. Assume that the rental cost of ski equipment is $120 and the lift ticket costs $66.  If you go skiing, you would wear the ski jacket you purchased last year for $190. If you do not go skiing, you could either work at your part-time job, which would earn you $101, or study at the library, which you value at $28.

Suppose that you were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the opportunity cost of going skiing?

Enter a whole number and no dollar sign.

 

2. Country A and country B both produce toasters and sweaters. In country A each worker in a day can produce either 5 toasters or 20 sweaters. In country B each worker in a day can produce either 3 toasters of 18 sweaters. Each country has constant opportunity cost of production and each has 100 workers. Enter whole numbers in each blank.

Initially the two countries do not trade. Country A allocates 60 workers to toaster production and 40 workers to sweater production so they produce a total of               toasters and                 sweaters. Country B allocates 60 workers to toaster production and 40 workers to sweater production so they produce a total of            toasters and           sweaters.

The two countries decide to completely specialize and then engage in trade. With specialization country A will produce               toasters and                            sweaters, and country B will produce         toasters and                                 sweaters. The two countries decide to trade 190 toasters in exchange for 950 sweaters. After trade country A will consume        toasters and                sweaters, and country B will consume            toasters and                             sweaters.

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The opportunity cost of going skiing instead of working on Saturday at the part-time job is:

  • Rental cost of ski equipment = $120
  • The lift ticket costs $...

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