A country has constant opportunity cost of production. With their given resources they can produce either 555 calculators or 1.145 toasters per week What is the opportunity cost of producing one cakulator? Enter a number rounded to two decimal places Do not enter any other words or characters
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- Suppose country A has 5000 units of capital and 2000 units of labor while country B has 1000 units of capital and 3000 units of labor: Which country is capital abundant and which one is labor abundant?Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of increasing production from 27,000 tons of coffee to 30,000 tons of coffee ? ________________ What is happening to the opportunity cost as Costa Rica produces more coffeeExplain how (if at all) each of the following events affects the location of a country’s production possibilities curve: The quality of education increases.
- Suppose labor and capital are the only two factors of production. If Malaysia has 3% of the world’s capital resources and 1% of the world’s income, then Malaysia would be considered a. relatively more abundant in the land b. an emerging market economy c. a capital-abundant country d. a labor-abundant countryComparing labor productivity , suppose the United States has an absolute advantage over Costa Rica in the production of calculators and towels . In the United States , a worker can produce 4 calculators or 400 towels in 10 hours . In Costa Rica , a worker can produce 1 calculator or 100 towels in the same amount of time . Under these conditions , would Costa Rica specialize in calculators and trade for towels ? Would Costa Rica specialize in towels and trade for calculators ? I need urgent..n Lima one worker can produce either 32 bushels of corn of 8 pounds of tomatoes in one day. In Puma one worker can produce either 106 bushels of corn or 16 pounds of tomatoes in one day. The country that specializes in corn production is willing to buy one pound of tomatoes for not more than how many bushels of corn? Round to two decimal places.
- What is the terms-of-trade effect of growth? What is the wealth effect of growth? How can we measure the change in the welfare of the nation as a result of growth and trade when the nation is too small to affect relative commodity prices? When the nation is large enough to affect relative commodity prices?Draw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.16.Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit opportunity cost of wine in Portugal is ____ yards/bottle. (Please do NOT reduce fractions to decimals.)
- Please explain the roles of Production Possibility Curve in any economic system applied by any countries? And Do you agree that the economic growth shifts the PPC outward and makes it possible to have more of all commodities. It means economy ofa country in growing up faster? If Yes or Not, please provide your reasons as widely as possible? PLEASE GIVE DETAIL EXPLANATIONAssume that two countries, A and B, can produce Beef and Barbecues and the production possibilities frontiers of two countries are represented by: Country A: Beef = 30 - 1.25 BBQ and Country B: BBQ = 15 - 0.5 Beef Barbecues are measured in units, beef in kilograms. a) On a single chart, graph the production possibility frontiers for Country A and for Country B. Make sure you use a good scale and mark all your axes and important curves or points. b) Interpret the slope and the shape of the PPF for each country and make the relevant comparisons. c) Assume that each country allocates half of its resources to the production of beef and half of its resources to the production of barbecues. Under autarky (No trade), how much would each country consume of the two products? Plot these points on the graph as Ca and Cb respectively d) Should either of these countries specialize in the production of beef and/or barbecues? If yes, explain which country and which products and why. If they…Please no written by hand solutions Suppose Latvia and Estonia each produce only two goods, tractors and bobsleds. Both are produced using labor alone. Assuming both countries are at full employment, you are given the following information: Latvia: 20 units of labor required to produce 1 tractor 8 units of labor required to produce 1 bobsled Total labor force: 1,000,000 units Estonia: 15 units of labor required to produce 1 tractor 30 units of labor required to produce 1 bobsled Total labor force: 750,000 units Draw the production possibility frontiers for each country in the absence of trade. 1.) Using the line drawing tool, draw the production possibility frontier for Latvia. Properly label your line. 2.) Using the line drawing tool, draw the production possibility frontier for Estonia. Properly label your line. Carefully follow the instructions above and only draw the required objects. If transportation costs are ignored and trade is allowed, Estonia and Latvia will not engage in…