EBK PRINCIPLES OF MICROECONOMICS
7th Edition
ISBN: 8220101472380
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 3, Problem 2CQQ
To determine
Comparative advantage .
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Jared takes 10 minutes to wash dishes and 20 minutes to write a paper. Jason takes 10 minutes to wash dishes and 30 minutes to write a paper. Which
of the following statements is correct?
Jared has a comparative advantage in writing a paper.
O Jared has absolute advantage in writing the paper.
Jared has a comparative advantage in washing dishes.
O Jared has absolute advantage in washing the dishes.
Tina can allocate her 8-hour day between baking and cooking. Each hour devoted to baking yields 2 cakes whereas each hour spent cooking produces 4 plates of food. Tina's neighbor, Ingrid, can produce 3 cakes or 4 plates of food per hour.
Who has the absolute advantage in the production of cakes?
Who has absolute advantage in the production of food?
Who has a comparative advantage in the production of cakes?
Who has a comparative advantage in the production of food?
What is the opportunity cost for food?
These figures illustrate the production possibilities available to Barney and Betty with eight hours of labour
in their bakery.
Loaves of
Bread
Barney
Pies
Loaves of
Bread
20
Betty
15
Ples
Chapter 3 Solutions
EBK PRINCIPLES OF MICROECONOMICS
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- In an hour, Mateo can wash 2 cars or mow 1 lawn,and Sophia can wash 3 cars or mow 1 lawn. Whohas the absolute advantage in car washing, and whohas the absolute advantage in lawn mowing?a. Mateo in washing, Sophia in mowingb. Sophia in washing, Mateo in mowingc. Mateo in washing, neither in mowingd. Sophia in washing, neither in mowingarrow_forwardREAD THOROUGHLY! Molly is Person A; John is person B 2 people from the same house do two things: they give rides and deliver meals Molly can provide 4 taxi rides or 2 meal deliveries in an hour. John can provide 5 taxi rides or 4 meal deliveries in an hour. Who has the absolute advantage in the provision of taxi rides? Who has the comparative advantage in the provision of taxi rides? Absolute advantage: Person A Comparative advantage: Person A Absolute advantage: Person B Comparative advantage: Person A Absolute advantage: Person A Comparative advantage: Person B Absolute advantage: Person B Comparative advantage: Person B What is a price of taxi rides (in terms of meal deliveries) at which BOTH Molly and John will be better o" by specialization and trade?arrow_forwardPaul's PPF Sue's PPF Cheese Cheese 100 60 40 30 20 80 Ham 36 90 Ham The graph above shows that Paul has a comparative advantage in the production of [Select] Y and Sue has a comparative advantage in the production of [Select] cheese both goods neither good ham Paul's PPF Sue's PPF Cheese Cheese 100 60 40 30 20 80 Ham 36 90 Ham Based on the graph above, which of the following statements is true? O Paul can only benefit from trading with Sue if a tax is imposed on the goods produced by Sue. O Since Paul is so uncompetitive compared with Sue, he will be better off by not trading at all with Sue. O Even though Sue is more productive than Paul in making cither of the two goods, Paul and Sue can both still benent from trading with each other. O Since Sue is more competitive than Paul in both goods, she has nothing to gain by trading with Paul.arrow_forward
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