1- Economy X and Economy Y produce two types of goods, A and B. They have thefollowing dataGood AGood BAvailable LaborUsed Labor:Determine:A.B.Good A: +312,500 // Good B: +200,000Good A-150.000 // Good B +600.000D. Good A +175,000 // Good B-437,500None of the aboveEconomy X4 units of labor1 unit of labor1,500,00040% Good A 50% Good BThe change in production of each good if the economies trade with each other. Assume theywill maintain the same level of activity as the original scenario (they do not increase nordecrease total labor used)Good A: +25,000 // Good B: +162.500C.EEconomy Y5 units of labor2 units of labor2,500,00030% Good A 35% Good B

Comparative advantage: The ability of an economic entity to produce a good or service at a lower…

1- Economy X and Economy Y produce two types of goods, A and B. They have the following data Good A Good B Available Labor Used Labor Determine: Economy X 4 units of labor 1 unit of labor 1,500,000 40% Good A 50% Good B A Economy Y 5 units of labor 2 units of labor 2,500,000 30% Good A 35% Good B The change in production of each good if the economies trade with each other. Assume they will maintain the same level of activity as the original scenario (they do not increase nor decrease total labor used) Good A: +25,000 // Good B: +162.500

1- Economy X and Economy Y produce two types of goods, A and B. They have the following data Good A Good B Available Labor Used Labor Determine: Economy X 4 units of labor 1 unit of labor 1,500,000 40% Good A 50% Good B A Economy Y 5 units of labor 2 units of labor 2,500,000 30% Good A 35% Good B The change in production of each good if the economies trade with each other. Assume they will maintain the same level of activity as the original scenario (they do not increase nor decrease total labor used) Good A: +25,000 // Good B: +162.500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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