The table below shows the maximum output levels for Here and There.ClothComputersHere110or60There70or120a. What is the cost of 1 unit of cloth and a computer in Here? Round your answers below to 2 decimal places.1 clothcomputers.1 computerunits of cloth.b. What is the cost of 1 unit of cloth and a computer in There? Round your answers below to 2 decimal places.1 cloth =computers.1 computer =units of cloth.c. In which product does each country have a comparative advantage?Here: (Click to select) vThere: (Click to select) v.d. What is the range of feasible terms of trade between the two countries? Round your answers below to 2 decimal places.Feasible terms of tradecomputerstobetween1 unit of clothtounits of cloth.between1 computer8 of 33Next >< Prev

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Answered: The table below shows the maximum…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter22A: Appendix: The Mechanics Of Going From Production To Costs

Section: Chapter Questions

Problem 1E

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Please don't copy ans Economics You are the owner of a motorbike company that currently has two different factories, an old one and a new one. The old factory uses an old technology that requires large amounts of labor to produce motorbikes. The production technology for the old firm is given by Fo(L) = m*L^1/2 . The new factory uses a much more modern production technology given by Fn(L) = n*L^1/2 . a. What are costs as a function of output for each individual factory? b. Suppose that you want to produce 1000 motorbikes. How many motorbikes will you produce at the old factory and how many will you produce at the new factory? c. Derive an expression for the total cost of producing y motorbikes (assuming that you always divide production between the factories in the optimal way). How does this cost function compare to the individual factory cost functions? d. It turns out that you can upgrade your old factory to make it just as efficient as the new factory. To pay…
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Janica and Jency live in the beach town of Santa Monica. They own a small business in which they make wristbands and pot holders and sell them to people on the beach. As shown in the table on the following page, Janica can make 15 wristbands per hour but only 3 pot holders. Jency is a bit slower and can make only 12 wristbands or 2 pot holders in an hour. Wristband (output per hr) Pot Holders (output per hr) Janica 15 3 Jency 12 2 If Janica devoted half of her time (10 out of 20 hours) to wristbands and half of her time to pot holders, how many of each would she produce in a week? If Jency did the same, how many of each would she produce? How many wristbands and pot holders would be produced in total? Please answer with explanation.
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