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Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food • 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor Assume the price of food and clothing are equal Find the opportunity cost of food for county A Answer: Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor Assume the price of food and clothing are equal Find the opportunity cost of food for county B Answer:

Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food • 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor Assume the price of food and clothing are equal Find the opportunity cost of food for county A Answer: Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor Assume the price of food and clothing are equal Find the opportunity cost of food for county B Answer:

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section: Chapter Questions
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Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food • 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor • Assume the price of food and clothing are equal Find the opportunity cost of food for county A Answer: Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food • 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor • Assume the price of food and clothing are equal Find the opportunity cost of food for county B Answer:
Transcribed Image Text:Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food • 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor • Assume the price of food and clothing are equal Find the opportunity cost of food for county A Answer: Assume two countries that produce and consume food and clothing. Country A uses: • 2 hours of labor to produce one unit of food • 6 hours of labor to produce one units of clothing • Has and endowment of 269 hours of labor Country B uses: • 16 hours of labor to produce one unit of food • 4 hours of labor to produce one units of clothing • Has and endowment of 237 hours of labor • Assume the price of food and clothing are equal Find the opportunity cost of food for county B Answer:
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