In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an eight-hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. At what price will trade happen?
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- Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves her $250 in curtain cleaning costs over the lifetime of the air conditioner. In money terms, what is the opportunity cost of the air conditioner?Suppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Which of the following choices would benefit both Chip and Monk if trade occurred?Scott and Cindy both produce only pizza and tacos. In one hour, Cindy can produce 20 pizzas or 40 tacos. In one hour, Scott can produce 40 pizzas or 50 tacos. Based on this information, the person specializing in the production of tacos is willing to sell 10 tacos in return for at least pizzas and the other person is willing to pay no more than pizzas for the 10 tacos. Enter numerical values, rounding to two decimal places, and do not enter fractions. For example, enter 23.00 or 43.12.
- Draw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people what is the maximum amount of ham the resident can consume in a month?What does the slope of a curve between two points have to do with the opportunity cost of producing additional units of good?
- Q/ Country X and Country Y are neighbours. Both Country X and Country Y can produce two goods: food and clothing. In one week, Country X can produce 4,400 clothing units or 2,200 food units, or a mix of the two. In one week, Country Y can produce 5,000 clothing units or 2,000 food units, or a mix of the two.For both Country X and Country Y, their individual trade-offs between clothing units and food units are constant, regardless of how they allocate their time. Currently, Country X produces 2,400 clothing units and 1,000 food units per week while Country Y produces 2,500 clothing units and 1,000 food units per week. c. Which country has a comparative advantage in food production? Which country has acomparative advantage in clothing production? Illustrate your answer using the PPC and showall the calculations. d. Should Country X and Country Y specialize and trade with one another? Why?Jim can produce 60 units of Jell-O or 12 beets in a day. Dwight can produce 75 units of Jell-O or 25 beets in a day. Based on the above information, Jim’s opportunity cost of producing one unit of Jell-O is how many beets?If a producer is producing at point z and wants to move to point X, then what is the trade-off? How do you find trade-off? 20 gallons of milk 3 lbs of cheese 7 lbs of cheese 10 gallons of milk
- Paul, Noel, and Sandi work in a bakery where they make pies and cakes. In one day, Paul can make 5 pies or 5 cakes or any combination of these two goods that lie on the same line containing these two production points. Noel can make 30 pies or 10 cakes or any combination of these two goods that lie on the same line containing these two production points. Sandi can make 12 pies or 6 cakes or any combination of these two goods that lie on the same line containing these two production points. Assume that the production possibility frontier (PPF) of each person is a straight line. What are the opportunity costs of producing 1 pie in terms of the number of cakes for Paul, Noel, and Sandi? a. The opportunity cost of producing 1 pie for Paul is 1 cake; for Noel is one third of a cake; for Sandi is one half of a cake. b. The opportunity cost of producing 1 pie for Paul is 1 cake; for Noel is three cakes; for Sandi is one half of a cake. c. The opportunity cost of…Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and consumed: rice and beans. The production opportunity cost for Casey is 4.00 kg4.00 kg of rice for every kilogram of beans. Rick has a production opportunity cost of 2.00 kg2.00 kg of rice for every kilogram of beans. Casey eventually realizes that, through trade, both individuals can be better off. Rick is willing to trade. What price can be settled between these two parties such that both individuals can enjoy more rice and beans? Give your answer to two decimals.A tropical storm creates a shortage of the items . how would this affect the production possibilities curve
