80 70 60 CPF 50 40 30 CPF PPF PPF 20 10 + 0 10 20 30 40 50 60 0 10 20 30 40 50 60 cloth cloth auIM

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Portugal
England
90
90
80
80
70
70
60
60
CPF
50
50
40
40
30
30
CPF
PPF
PPF
20
20
10
10
0 10 20 30 40 50 60
0 10 20 30 40 50 60
cloth
cloth
wine
wine
Transcribed Image Text:Portugal England 90 90 80 80 70 70 60 60 CPF 50 50 40 40 30 30 CPF PPF PPF 20 20 10 10 0 10 20 30 40 50 60 0 10 20 30 40 50 60 cloth cloth wine wine
07. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what are the relative price (opportunity cost) of cloth in
England, before trade begins?
O 1/2 yard of cloth
2 man-hours/bottle
1/3 yard of cloth
1 bottle of wine
3 bottles of wine
Transcribed Image Text:07. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what are the relative price (opportunity cost) of cloth in England, before trade begins? O 1/2 yard of cloth 2 man-hours/bottle 1/3 yard of cloth 1 bottle of wine 3 bottles of wine
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