1. According to the table, which state has a comparative advantage in MOVIES? A. Texas B. New York C. California D. Not enough information Hypothetical maximum production in various U.S. states Texas California New York Movies/Year 75 60 20 Barrels of Oil/Year (millions) 50 30 Show Transcribed Text 5 2. Conan needs 4 hours to rehearse and host a show. It takes Andy 10 hours to do the same. Conan writes a joke in an hour. It takes Andy 2 hours to do the same. From these numbers, we infer that Conan has a comparative advantage in the production of: A. Show hosting B. Joke writing C. Neither show hosting nor joke writing D. Noth show hosting and joke writing Briefly explain each question.

1. According to the table, which state has a comparative advantage in MOVIES? A. Texas B. New York C. California D. Not enough information Hypothetical maximum production in various U.S. states Texas California New York Movies/Year 75 60 20 Barrels of Oil/Year (millions) 50 30 Show Transcribed Text 5 2. Conan needs 4 hours to rehearse and host a show. It takes Andy 10 hours to do the same. Conan writes a joke in an hour. It takes Andy 2 hours to do the same. From these numbers, we infer that Conan has a comparative advantage in the production of: A. Show hosting B. Joke writing C. Neither show hosting nor joke writing D. Noth show hosting and joke writing Briefly explain each question.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. According to the table, which state has a comparative
advantage in MOVIES?
A. Texas
B. New York
C. California
D. Not enough information
Hypothetical maximum production in various U.S. states
Texas
California.
New York
Movies/Year
75
60
20
Barrels of Oil/Year (millions)
50
30
Show Transcribed Text
5
2. Conan needs 4 hours to rehearse and host a show. It
takes Andy 10 hours to do the same.
Conan writes a joke in an hour. It takes Andy 2 hours to
do the same. From these numbers, we infer that Conan
has a comparative advantage in the production of:
A. Show hosting
B. Joke writing
C. Neither show hosting nor joke writing
D. Noth show hosting and joke writing
Briefly explain each question.

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