Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
Question
Chapter 28, Problem 2SQP
To determine

Specialization of painting a wall and window.

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Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts in a day . What is Joel's opportunity cost washing one shirt?
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?
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?
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  • Charles is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because his pool sessions are helping him swim more quickly, Charles plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Charles's plan illustrate that his wife's advice does not? Resources are scarce.   All costs are opportunity costs.   Many decisions are made on the margin.   People usually exploit opportunities to make themselves better off.
    Suppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost $600. At the same time, Gheorghe Zamfir (The Master of the Pan Flute) is playing in Brunton Auditorium. Tickets cost $50. You've always wanted to see Zamfir, and consistently told your friends that you would pay up to $250 to see him in concert. What is your economic cost of going to the Olivia Rodrigo concert? Please provide your answer in monetary terms and show your reasoning.
    Justin has 5 days in a work​ week; each day he can create either 2 Android apps or 1 Apple app. Pallas also has 5 days to​ work; each day she can produce either 2 Android apps or 3 Apple apps. Using the line drawing​ tool, draw the production possibilities curve​ (PPC) for Justin in the adjacent graph titled​ "Justin's PPC". Label your curve appropriately.   Carefully follow the instructions​ above, and only draw the required objects.   Using the line drawing​ tool, draw the production possibilities curve​ (PPC) for Pallas in the adjacent graph titled​ "Pallas's PPC". Label your curve appropriately.   Carefully follow the instructions​ above, and only draw the required objects.   Using the mulitpoint curve drawing ​tool,draw the single production possibilities curve​ (PPC) for both Justin and Pallas in the adjacent graph titled​ "Joint PPC". Label your curve appropriately. ​(Hit the​ "Esc" key after you have plotted your last point to exit the drawing​ tool)   Carefully follow the…
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