Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Mexico Tacos (in tons) 75 50 25 Hamburgers (in tons) Tacos (in tons) 90 60 30 Hamburgers (in tons) 50 100 150 10 20 30 Which country has an absolute advantage producing tacos? The United States Which country has a comparative advantage in producing tacos? Mexico Suppose the United States is currently producing 100 tons of hamburgers and 30 tons of tacos and Mexico is currently producing 20 tons of hamburgers and 25 tons of tacos. If the United States and Mexico each specialize good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer) producing only one good (the 888-

Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Mexico Tacos (in tons) 75 50 25 Hamburgers (in tons) Tacos (in tons) 90 60 30 Hamburgers (in tons) 50 100 150 10 20 30 Which country has an absolute advantage producing tacos? The United States Which country has a comparative advantage in producing tacos? Mexico Suppose the United States is currently producing 100 tons of hamburgers and 30 tons of tacos and Mexico is currently producing 20 tons of hamburgers and 25 tons of tacos. If the United States and Mexico each specialize good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer) producing only one good (the 888-

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter2: Some Tools Of The Economist

Section: Chapter Questions

Problem 7CQ

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Debra can make either 12 cakes or 16 cookies in 4 hours.Sam can make either 6 cakes or 12 cookies in 4 hours. a) who has an absolute advantage at producing cakes and who has an absolute advantage at producing cookies? Briefly explain your answer. b) if Debra and Sam concentrate on producing only the product in which they have a comparative advantage, how many cakes and how many cookies will they produce? c) state debra's and Sam's opportunity costs of producing one cake and one cookie. Draw and place your answer in a table which looks something like this: Cake. Cookie Debra sam
Comparative and absolute advantage Elijah and Aneesha are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of squash and maize each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing squash or maize or to produce squash on some of the land and maize on the rest. Squash Maize (Pounds per acre) (Pounds per acre) Elijah 12 3 Aneesha 18 6 On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. Elijah's PPF Aneesha's PPF 0 90 180 270 360 450 540 630 720 810 900 180 162 144 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below United States Mexico Tacos (in tons) 180 120 60 Hamburgers (in tons) Tacos (in tons) 150 100 50 Hamburgers (in tons) 100 200 10 20 30 300 Which country has an abrolute advantage in producing tacos? The United States Which country has a comparative advantage in producing tacos? Mexico Suppose the United States is currently producing 200 tons of hamburgers and 60 tons of tacos and Mexico is currently producing 20 tons of hamburgers and 50 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numenc response using an integear) I don't understand the bottom part I got it wrong twice. After I click next there is also…
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?
Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Hamburgers (in tons) Mexico Tacos (in tons) Hamburgers (in tons) Tacos (in tons) 27 15 10 20 18 9 10 30 Which country has an absolute advantage in producing tacos? The United States. Which country has a comparative advantage in producing tacos? Mexico Suppose the United States is currently producing 20 tons of hamburgers and 9 tons of tacos and Mexico is currently producing 4 tons of hamburgers and 5 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer)
K Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Mexico Hamburgers (in tons) 0 40 80 120 Which country has an absolute advantage in producing tacos? Mexico Tacos (in tons) 108 72 36 0 Hamburgers (in tons) 0 8 16 24 Tacos (in tons) 60 40 20 Which country has a comparative advantage in producing tacos? The United States Suppose the United States is currently producing 80 tons of hamburgers and 36 tons of tacos and Mexico is currently producing 16 tons of hamburgers and 20 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer) and a total of additional ton(s) of tacos can be produced.
The following table shows the amount of good A and good B that two countries could produce if they devoted all their resources to that good. Assume both countries have the same quantity of resources and the trade-off between good A and good B remains constant as resources are shifted from one good to another. Answer the questions below and show calculations where appropriate. Canada India Good A 600 500 Good B 950 1200 Draw a straight-line PPF graph for Canada. Draw a straight-line PPF graph for India. Which country has the comparative advantage in good A? In good B? Explain. What is India’s marginal opportunity cost of producing good A? Good B? Based on the data given, what is the terms of trade range for good A in terms of units of good B?
Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. Part 2 United States Mexico Hamburgers (in tons) Tacos (in tons) Hamburgers (in tons) Tacos (in tons) 0 270 0 150 100 180 20 100 200 90 40 50 300 0 60 0 Part 3 Which country has an absolute advantage in producing tacos? The United States Mexico . Part 4 Which country has a comparative advantage in producing tacos? The United States Mexico . Part 5 Suppose the United States is currently producing 200 tons of hamburgers and 90 tons of tacos and Mexico is currently producing 40 tons of hamburgers and 50 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of enter your response here ___additional ton(s) of hamburgers…
Comparative and absolute advantage Antonio and Caroline are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Antonio 40 8 Caroline 28 7 On the following graph, use the blue line (circle symbol) to plot Antonio's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Caroline's PPF. Antonio's PPFCaroline's PPF01002003004005006007008009001000200180160140120100806040200BARLEY (Bushels)ALFALFA (Bushels) _______ has an absolute advantage in the production of alfalfa, and ______ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is…
QUESTION 1 Pis Tim Pies Dave 10 The graphs above depict loe Cream loe Cream the amounts of ice cream and pies that Tim and Dave can make in a given weekend. Use this to answer the questions that follow. Suppose that currently Dave is producing 3 units of pies and 2 units of ice cream, while Tim is producing 5 units of pies and 3 units of ice cream. If they instead specialize based upon the principle of comparative advantage, what would be the change in the total number of pies and ice cream produced? O a. +5 pies and +3 ice cream O b. +2 pies and +1 ice cream O c. +2 pies and no change in ice cream O d. +1 pie and +2 ice cream QUESTION 2
Suppose that France and Germany both produce wine and cheese. The table below shows combinations of the goods that each country can produce in a day. Germany France Wine (Bottles) Cheese (Pounds) 0 1 2 3 4 8 6 4 2 0 Wine (Bottles) 0 1 2 3 4 5 Cheese (Pounds) 20 16 12 8 4 0 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O A. Germany has a comparative advantage producing wine and cheese. OB. Neither has a comparative advantage producing wine or cheese. O C. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. France has a comparative advantage producing wine and cheese. O D. O E. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. Suppose that France is currently producing 1 bottle of wine and 6 pounds of cheese and Germany is currently producing 3 bottles of wine and 8 pounds of cheese. Then, assume instead that…
Production Advantage and Opportunity Costs Assume there are two countries, the United States and France, and two goods, automobiles and computers. The table presented below shows the number of automobiles and computers that the United States and France can produce with the same amount of resources. United States France Automobiles 120 100 Computers 60 55 Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer. Which country has a comparative advantage in the production of automobiles? Motivate your answer. Assume these countries trade with one another under the conditions of free trade. Which country will specialise in the production of automobiles? Motivate your answer. If free trade exists between the United States and France, what are the highest and lowest levels for the price of an…