Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour. Hs friend Friday can gather 30 coconuts or catch 2 fish per hour. What is QuickQuiz Crusoe's opportunity cost of catching 1 fish? What is Friday's? Who has an absolute advan- tage in catching fish? Who has a comparative advantage in catching fish?
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Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour. Hs friend Friday can gather 30 coconuts or catch 2 fish per hour. What is QuickQuiz Crusoe's
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- Alice can collect 10 coconuts or catch 1 fish per hour. Hs friend Emma can gather 30 coconuts or catch 2 fish per hour. What is alice opportunity cost of catching 1 fish? What is Emma's? Who has an absolute advantage in catching fish? Who has a comparative advantage in catching fish?A worker in country A can produce either 5 computers or 45 tons of rice, while a worker in country B canproduce either 7 computers or 42 tons of rice. a. Graph the production possibilities curve for each country. On which point of the curve would eachcountry produce if the workers spent half of their time producing each good? b. Which country has absolute advantage? Which country has comparative advantage? In theproduction of rise Country A absolute advantage c. If there was trade, which country would specialize in the production of rice? d. At what price of computers would the countries agree to trade?12. In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. a. Calculate Sue's opportunity cost of producing a cap. b. Calculate Tessa's opportunity cost of produc- ing a cap. c. Who has a comparative advantage in produc- ing caps? d. If Sue and Tessa specialize in producing the good in which each of them has a compara- tive advantage, and they trade 1 jacket for 15 caps, who gains from the specialization and trade?
- The following table shows the amount of days to produce one unit of beans or one unit of planes. Use the information to match the person with the advantages that follow. Вeans Planes Alpha 50 9 Beta 5 7 Has the absolute advantage in planes Has the absolute advantage in beans 1. Alpha Has the comparative advantage in planes 2. Beta Has the comparative advantage in beans > > >ples and no change in ce cream Od.+1 pie and +2 ice cream QUESTION 2 Pie Tim Pies Deve 10 The graphs above de loe Cream loe Cream make in a given weekend. Use this to answer the questions that follow. Which of the following is true? O a. Tim has the absolute advantage at both ice cream and pies and Dave has the comparative advantage at ice cream Ob. Dave has the comparative advantage at pies and Tim has the comparative advantage at ice cream OC. Tim has the comparative advantage at ice cream and pies Od. Dave has the absolute and comparative advantage at ice cream and Tim has the absolute and comparative advantage at pies QUESTION 36. Given that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on anacre, while Simon has 10 acres and can grow 20 bales of hay or 35 bushels of corn per acre a. What is the maximum amount of corn and hay that they can jointly produce?b. Does Nathan have a comparative advantage in growing hay?c. Does Simon have an absolute advantage in growing hay?d. What is the opportunity cost to Nathan of one bale of hay?
- Paul's PPF Sue's PPF Cheese Cheese 100 80 60 Ham 30 Ham Based on the graph above, which of the following statements is true? The Principle of Absolute Advantage does not help us determine how trade would benefit Paul and Sue. O Sue would lose out by trading with Paul, because she is less competitive than Paul in the production of both goods. O Paul has nothing to gain from trading with Sue, since he is better in making both goods. Sue has an absolute advantage in the production of cheese.alings Review View Help red on your computer. Save 3.. I 4.. .. 5. I 6 4) The existing entries in the following table show the maximum quantities of waffles or bacon the Max and Emmy could make. Waffles Bacon Emmy 2 14 Маx 2 Calculate the opportunity cost of the Max and Emmy producing each item. Use this information and the concept of comparative advantage to explain who should specialize in the production of each output. How can their trading affect consumption relative to their production possibilities frontier? Be sure to explain the concepts and tell why you chose the answer you did. , Focus. Diego and Darnell are roommates. They spend mostof their time studying (of course), but they leavesome time for their favorite activities: making pizzaand brewing root beer. Diego takes 4 hours to brewa gallon of root beer and 2 hours to make a pizza.Darnell takes 6 hours to brew a gallon of root beerand 4 hours to make a pizza.a. What is each roommate’s opportunity cost ofmaking a pizza? Who has the absolute advantagein making pizza? Who has the comparativeadvantage in making pizza?b. If Diego and Darnell trade foods with each other,who will trade away pizza in exchange for rootbeer?c. The price of pizza can be expressed in terms ofgallons of root beer. What is the highest price atwhich pizza can be traded that would make bothroommates better off? What is the lowest price?Explain.
- Suppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?Mary makes 10 pies and 20 cakes a day and her opportunity cost of producing a cake is 2 pies. Tim makes 20 pies and 10 cakes a day and his opportunity cost of producing a cake is 4 pies. If Mary and Tim specialize in the good in which they have a comparative advantage, A. Mary produces only cakes while Tim produces only pies B. Mary produces only pies C. Tim produces both pies and cakes D. Tim produces only cakes while Mary produces only piesIce cream (millions of gallons per year) 5 A 4 В 3 2 3 4 Milk (millions of gallons per year) The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and Bis A) 4 gallons of ice cream for a gallon of milk. B) 3 gallons of ice cream for a gallon of milk. C) 1 gallon of ice cream for a gallon of milk. D) 1/3 of a gallon of ice cream for a gallon of milk. E) zero because at point A, zero milk is being produced.
