Reference: Ref 2-21 Table: Bongos and Frisbees (Table: Bongos and Frisbees) Use Table: Bongos and Frisbees. Bill and Mickey make bongos and Frisbees. Who has the comparative advantage in producing Frisbees? Select one: a. Bill b. neither c. both d. Mickey
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Table: Bongos and Frisbees
| Bongos (Bill) | Frisbees (Bill) | Bongos (Mickey) | Frisbees (Mickey) |
|---|---|---|---|
| 1 | 10 | 4 | 14 |
| 2 | 9 | 5 | 12 |
| 3 | 8 | 6 | 10 |
(Table: Bongos and Frisbees) Use Table: Bongos and Frisbees. Bill and Mickey make bongos and Frisbees. Who has the
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- A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can produce up to 250 days in a year. For every day plant A can produce either 10 units of good x or 5 units of y. For every day plant B can produce either 5 units of good x or 4 units of y. Question 9-16. Case B: the firm produces only y in plant A and only x in plant B. How many units of x and y are produced? Question 10 Quantity of y produced in Plant A Question 11 Quantity of x produced in Plant B Question 12 Quantity of y produced in Plant B Question 13 Quantity of x produced by the firm Question 14 Quantity of y produced by the firm Question 15 MRT, defined as the amount of y for each unit of x, of plant A Question 16 MRT, defined as the amount of y for each unit of x, of plant BSuppose that United States produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. Suppose that India produces 11235 barrels11235 barrels of oil and 11235 bushels11235 bushels of wheat each week. In autarky, what is the largest amount of wheat United States can consume every week? amount of wheat per week: ______________bushels What does the term autarky refer to? a situation where one country does not engage in trade with other countries government policies meant to reduce international trade the process of negotiating terms of trade between two countries a major argument against globalization130.) Fred Durst and Carson Daly are lost in the Amazon wilderness. Other than their evening discussions about Christina Aguilera, they have to find food on which to subsist. The only two edible items they are able to find are bananas and crickets. Due to Carson’s big eyes, he is able to catch 40 crickets in a day if he spends his entire day hunting them down. If he picks bananas all day he can collect 10. Fred is much better at picking bananas. If he spends his entire day picking bananas, he can pick 30. If he spends his entire day hunting down crickets, he can find 60. Both Fred and Carson can choose to produce any linear combination above. Who is the low-cost producer of bananas? Fred Durst, because he only has to give up 1/2 Crickets in order to get an additional banana Fred Durst, because he only has to give up 2 Crickets in order to get an additional banana Carson Daly, because he only has to give up 1/4 Crickets in order to get an…
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- Q1: Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting to produce at point A and that most members of society like meat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than one description. Inefficient production of meat and fish Productive efficiency An inefficient mix of output Technological advances in the production of meat and fish The law of increasing opportunity cost An impossible combination of meat and fishSuppose that we are in a small, local economy that produces three goods. They are: (i) Food, (ii)Gas, and (iii) Housing. The prices for reach of these goods from 2019-2022 are:Good 2019 Price 2019 Quantity 2020 Price 2020 QuantityFood 10 12 14 15Gas 2 2 1.50 1.50Housing 2,000 2,500 2,200 1,800Good 2021 Price 2021 Quantity 2022 Price 2022 QuantityFood 12 15 15 16Gas 3 2 4 2.50Housing 2,300 2,200 2,400 2,3001. Calculate the Nominal GDP for this economy for 2019, 2020, 2021, and 2022. 2. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2019as the base year. 3. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2020as the base year. 4. Calculate the Real GDP Deflators for 2021 and 2022 using the Nominal GDPs youcalculated in Q1 and the Real GDPs you calculated in Q3.5. What is the annual inflation rate for 2022 according to the Real GDP Deflators youcalculated in Q4? Now suppose that the Local Government is interested in…A firm operates two plants, Plant A and B. Both plants can produce good x and good y. Each plant can produce up to 250 days in a year. For every day plant A can produce either 10 units of good x or 5 units of y. For every day plant B can produce either 5 units of good x or 4 units of y. Case A: the firm produces only x in plant A and only y in plant B. Quantity of x produced in Plant A = 2500 Quantity of y produced in Plant A = 0 Quantity of x produced in Plant B = 0 Quantity of y produced in Plant B = 1000 Quantity of x produced by the firm = 2500 Quantity of y produced by the firm = 1000 Question MRT, defined as the amount of y for each unit of x, of plant A? MRT, defined as the amount of y for each unit of x, of plant B?
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