The opportunity cost of producing another unit of butter is 14 12 C 2 3 Butter Select one: O a. higher at B than at C. O b. equal at D and at C. O c. lower at D than at C. O d. higher at A than at B. 5] sung
Q: d.+1 pie and +2 ice cream QUESTION 2 Pie Tim Pies Dave 10 The graphs above c loe Cream loe Cream…
A: Tim can produce either 10 pies or 6 ice creams if he uses all. His resources on 1 good. Dave can…
Q: Specialization and trade Select one: O A. does not benefit anyone. OB. allows nations to produce…
A: The many combinations of two items that can be produced in the economy with the available resources…
Q: When a smaller country with fewer resources specializes in the production of a good in which it has…
A: When a country produces at a lower opportunity cost in comparison to others, the country is known to…
Q: Mexico can produce either 30 beans or 10 tacos in an hour, so its opportunity cost o producing 1…
A: Given that Mexico can produce either 30 beans or 10 tacos in an hour. We have to calculate the…
Q: The following production possibilities schedule shows the quantities of wheat and rice that can be…
A: Here, the production possibility schedule of India and Canada is given anda country should export…
Q: Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a…
A: The ability of an economy to produce a specific good or service at a lower opportunity cost than its…
Q: The ability of one person or nation to produce a good at a lower opportunity cost than another is…
A: Opportunity cost is the loss when selecting one alternative over the other.
Q: 9- Given that, the opportunity cost for producing 1 million kg of shrimps for island A is 1.5…
A: Opportunity cost is the next best alternative , or we can say loosing one opportunity for the gain…
Q: Assume that Huang and Min can switch between producing parašols and producing porcelain plates at a…
A: Absolute Advantage is when an individual or a country can produce more of a specific good that…
Q: 6. According to Ricardo, a country will have a comparative advantage in: Industries in which there…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 01. What is the per-unit opportunity cost of product Y as production moves from point F to point A?…
A: From the given graph, Point F and point A lie on the production possibility curve. At point F, 12…
Q: Which of the following statements is FALSE? O a. No entity can have the comparative advantage in…
A: Answer: Comparative advantage leads to trade. A country exports the good in which it has a…
Q: A person or nation that has a comparative advantage in the production of a good, should, O A) Have…
A: When a nation is in a position to produce one commodity with an opportunity cost that is lesser than…
Q: If Germany has a comparative advantage over France in the production of beer, this implies that (for…
A: Here, it is given that Germany has the comparative advantage in the production of beer as compared…
Q: 1. What is the basis for trade? O A. Comparative advantage. O B. Absolute advantage. O C. Available…
A: Trade is a fundamental economic idea including the purchasing and selling of labor and products,…
Q: Suppose that Brazil is capital abundant and Chile is natural resource abundant. If timber is natural…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Figure 2-6 Hammers (thousands) 35 29 23 10 22 30 40 45 Wrenches (thousands) Refer to Figure 2-6. If…
A: Answer to the question is as follows:
Q: Tons of sugar (per perlod) 244 225 180 100 3. Quantity of freight trains (per period) Reference: Ref…
A: At point A,quantity of freight trains=1Tons of sugar=244Now,The second freight train is produced at…
Q: 18 14- 16 12- 14- 10 12 10- 64 4- 4 16 18 20 22 10 Corn Corn Part A What is the opportunity cost of…
A: Since, you have asked multiple questions with subparts, so as per the answering guideline we will…
Q: Suppose Armenia has a comparative disadvantage in electronics in trade with Turkey. However, it has…
A: When a country can manufacture a particular good at a lower opportunity cost than other countries,…
Q: 250 225 200 B 175 150 125 100 75 50 25 20 40 60 80 100 Oil Drills On the PPF shown in the figure…
A: In a market, an opportunity cost associated with an activity is the sacrifice of one good when…
Q: Refer to Exhibit 34-5. The opportunity cost of one unit of good A is O a. 28; 1B O b. 10B; 15B…
A: Opportunity cost is the cost of second best alternative or we can say that this is the cost of…
Q: The table below shows the monetary value of the production of gems and steel respectively in the…
A: The opportunity cost can be referred to as the foregone amount of production of other goods in order…
Q: Indicate whether each of the following statements is true or false. Statement True False 1. There…
A: Absolute advantage refers to a situation when a country produces higher units of a particular good…
Q: ave atn) in the production of seafood. O a) comparative advantage O b) negative incentive Oc)…
A: The answer is - a) comparative advantage coastal regions are stronger commercial fishing economics…
Q: Assume that Japan and Korea can switch between producing cars and producing airplanes at a constant…
A: The potential gains that an individual, investor, or organisation misses out on by choosing one…
Q: Figure 1.3 Consumer Products In Figure 1.3, which point should society produce at to maximize…
A: Production possibility frontier is the locus of different combination of two goods that a country…
Q: Output Produced in One Day Coolers Radios Jamaica 12 6 Norway 24 kefer to Table 3-21. At which of…
A: Specialization in production on the basis of comparative advantage helps countries to gain from…
Q: For each watch Marina produces, it gives up the opportunity to make 50 pounds of cheese. Cambria can…
A: Opportunity cost: The cost or the price that could have been invested in the next best alternative…
Q: Suppose that each worker in France can produce either 20 units of food per hour or 80 units of…
A: Food Machinery France 20 80 Belgium 80 320
Q: Labour hours needed to make 1 kilogram: Meat 4 14 Kilograms produced in 40 hours: Potatoes Meat…
A: Given For the farmer, 10 Kg meat is produced in 40 labor hours and 40 Kg potatoes is produced in 40…
Q: Specialization can lead to an increase in the production of all goods only if Select one: O a. the…
A: Specialisation is defined as when any nation, any company or any individual to increase its…
Q: 7- Kareem can produce either a combination of 40 doors and 60 windows or a combination of 50 doors…
A: (NOTE: Graph for Question 6 is not uploaded, so this question cannot be answered) (Question 7)…
Q: DiNozzo Wooden Boats 1 20 Crimes Solved What is DiNozzo's opportunity cost for solving a crime? 30…
A: There is direct relation between production possibility frontier (PPF) and opportunity cost. When…
Q: The following graph is the production possibilities curve of a nation. 10 9. 8 7 6. D 3 2 1 1 2 4…
A: Production possibility frontier (PPF) curve shows different possible combination of two goods that…
Q: Willingness and Ability to Purchase Person (Dollars) Andrew 520,000 Beth 510,000 Lorenzo 750,000…
A: Given: Minimum selling price=$575000
Q: If Arif can make 20 pizzas or 10 cakes in one day, the opportunity cost of O A. 1 pizza is half a…
A: Opportunity cost is an economic term that refers back to the cost of what you have to surrender…
Q: DIRECTION WITH GOOD X Part 11 GOOD X Y QUESTION: DIPT : PLOT THE IN THE HORIZONTAL AXIS Production…
A: Economics refers to the social science that studies the production, distribution, and consumption of…
Q: 2. The accompanying hypothetical production possibilities tables are for New Z and Spain. Each…
A: *Answer:
Q: The table gives the opportunity cost of producing either a burrito or a taco. Under which of the…
A: Opportunity cost refers to the loss in the production of one good when the production of another…
Q: Possibility Movie Tickets (M) Chocolate Truffles (C) (units) (units) A 60 0 B 40 35 с 20 45 D 0 50…
A: Production possibilities frontier shows different combinations of goods that a country or individual…
Q: Potatoes (tons) e 100 200 300 480 500 Sausages (tons) O 250 tons 350 tons O 150 tons O 750 tons a.…
A: Note: "since you have posted a question with multiple sub-parts, we will solve the first three…
Q: a. If the working populations of Yin and Yang are both 40 million, divided equally between the two…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Production possibilities for one week for Simran and Preet Simran Preet Good X 160 Good X Good Y…
A: Absolute advantage refers to the ability to produce more goods using same resources or same quantity…
Q: Wine (thousands of bottles per year) The figure shows the production possibility frontier for a…
A: Opportunity cost is defined as the cost of producing the next best possibility that a person is…
Q: It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. It takes…
A: It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. It takes…
Q: Someone has a comparative advantage in producing a good when a) one has specific training in the…
A: Answer Explanation Comparitive advantage is a firms ability to produce a good at a lower opportunity…
Q: Refer to the above table. Assuming that opportunity costs are constant, the opportunity cost of…
A: Opportunity cost basically refers to the cost of best next foregone. It is the cost of something…
Q: The table below presents production schedule of apples and bananas in the country of mistania -…
A: In Scenario C = 10 bananas and 80 apples are produced In Scenario D = 15 bananas and 70 apples are…
Step by step
Solved in 2 steps
- "Only answer c-d ones" (a) Calculate the opportunity cost of producing one additional unit of good x in terms of units of good y in Home and Foreign. The opportunity cost of producing one additional unit of good x in Home or foreign is the amount of good y that must be given up to produce it. At Home, one worker can produce 2 units of good x or 1 unit of good y. Thus, to produce one additional unit of good x, half a unit of good y must be given up. The opportunity cost in Home is 0.5 units of good y. In Foreign, one worker can produce 1 unit of good x or 2 units of good y. To produce one additional unit of good x, two units of good y must be given up. The opportunity cost in Foreign is 2 units of good y. (b) Derive the production possibilities frontier (PPF) for Home and Foreign and plot it in a graph with good x in the horizontal axis and good y in the vertical axis. To derive the production possibilities frontier (PPF) for Home and Foreign, we use the labor market clearing condition…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 the first 11,000 tons of coffee produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? ____________Home has 1,200 units of labor available. It can produce two goods, apples and bananas.The unit labor requirement in apple production is 3, while in banana production it is 2.a. Graph Home’s production possibility frontier.b. What is the opportunity cost of apples in terms of bananas?c. In the absence of trade, what would the price of apples in terms of bananas be?Why?2. Home is as described in problem 1. There is now also another country, Foreign, with alabor force of 800. Foreign’s unit labor requirement in apple production is 5, while inbanana production it is 1.a. Graph Foreign’s production possibility frontier.b. Construct the world relative supply curve.
- 05. What is the per-unit opportunity cost of product Y as production moves from point D to point B? a) 6/7 b) -6/7 c) 7/6 d) -7/6Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is Dean's opportunity cost of soup?The opportunity cost of moving from point H to point G in the above picture is (specify amount and good, ie: 5009 guns)
- Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Graph Home’s production possibility frontier. What is the opportunity cost of apples in terms of bananas? In the absence of trade, what would be the price of apples in terms of bananas? Why?The idea that an action should be undertaken if and only if the benefits exceed the costs is known as the concept of Oeconomic efficiency. O public welfare maximization. marginal comparative advantage. O monetary construction of values.An ourward shift of the production possibility frontier maybe caused by: A. An increase in demand at lower market prices B. Less government soendung C. Better trainingvof employees which resulted in increased productivity D. Productive inefficiency as a result of inadequate factory machine
- Combination Cinnamon metric tons (X axis) Nutmeg metric tons (Y axis) A 7,000 0 B 6,000 7,000 C 4,500 11,000 D 2,500 14,000 E 0 16,000 What is the opportunity cost (amount & item) of the first 7,000 tons of nutmeg produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 7,000 tons of nutmeg to 11,000 tons of nutmeg ? ________________ What is the opportunity cost (amount & item )of increasing production from 11,000 tons of nutmeg to 14,000 tons of nutmeg ? _____________ What is the opportunity cost (amount & item) of increasing production from 14,000 tons of nutmeg to 16,000 tons of nutmeg ? ________________ What is happening to the opportunity cost as Copperton produces more nutmeg? ____________________________________1. Home has 1,200 units of labor available. It can produce two goods, apples and bananas.The unit labor requirement in apple production is 3, while in banana production it is 2.a. Graph Home’s production possibility frontier.b. What is the opportunity cost of apples in terms of bananas?c. In the absence of trade, what would the price of apples in terms of bananas be?Why?2. Home is as described in problem 1. There is now also another country, Foreign, with alabor force of 800. Foreign’s unit labor requirement in apple production is 5, while inbanana production it is 1.a. Graph Foreign’s production possibility frontier.b. Construct the world relative supply curve.3. Now suppose world relative demand takes the following form: Demand for apples/demandfor bananas = price of bananas/price of apples.a. Graph the relative demand curve along with the relative supply curve.b. What is the equilibrium relative price of apples?c. Describe the pattern of trade.d. Show that both Home and Foreign gain…a) What is "Capture Hypothesis"? b) What is "Share the gain, share the pain" theory? c) What do we mean by comparative advantage?