1. Holland and Aruba can produce ipads and sketch pads. The table below outlines the production possibilities for each producer. Producers/Goods Ipads Computers Holland 6 2 Aruba 10 5 Who has the absolute advantage in producing ipads?
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- 5. The price of trade Suppose that France and Germany both produce oil and cheese. France's opportunity cost of producing a pound of cheese is 5 barrels of oil while Germany's opportunity cost of producing a pound of cheese is 10 barrels of oil. By comparing the opportunity cost of producing cheese in the two countries, you can tell that production of cheese and has a comparative advantage in the production of oil. has a comparative advantage in the Suppose that France and Germany consider trading cheese and oil with each other. France can gain from specialization and trade as long as it receives more than of oil for each pound of cheese it exports to Germany. Similarly, Germany can gain from trade as long as it receives more of cheese for each barrel of oil it exports to France. than Based on your answer to the last question, which of the following prices of trade (that is, price of cheese in terms of oil) would allow both Germany and France to gain from trade? Check all that apply.…2. Comparative and absolute advantage David and Morgan are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. David Morgan Zucchini (Pounds per acre) 10 18 Watermelon (Pounds per acre) 5 6 On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF.14 The accompanying hypothetical production possibilities tables are for New Zealand and Spain. Each country can produce apples and plums. New Zealand's Production Possibilities Table polnts (Millions of Bushels) Production Alternatives Product D Аpples Plums 20 40 60 15 10 eBook Spain's Production Possibilities Table (Millions of Bushels) Production Alternatives Print Product R T Apples Plums 20 40 60 60 40 20 References a. Plot the production possibilities data for each of the two countries separately. Show the trading possibilities lines for each nation if the actual terms of trade are 1 plum for 2 apples. Instructions: (1) Use the tools provided, 'PPC NZ' and 'PPC SP (plot 4 points each) to draw the PPC curves. (2) Use the tool provided, 'ToT, in each diagram (plot 4 points each) to draw the trading possibilities lines for each nation. To earn full credit, you must correctly plot all points for each line. New Zealand Spain 80 Tools 140 Tools 120 60 PPC NZ ToT PPC SP To 100 80 40 60…
- China Production Possibilities Product A B C D E F Apparel 20,000 16,000 12,000 8,000 4,000 0 Chemicals(tons) 0 8 16 24 32 40 U.S. Production Possibilities Product R S T U V W Apparel 60,000 48,000 36,000 24,0000 12,000 0 Chemicals(tons) 0 12 24 36 48 60Please no written by hand and no imageA-C 20. Muriel and Edgar each have 30 labor hours available per week to knit hats and scarves. In 30 hours, Muriel can knit 6 hats or 4 scarves. In the same amount of time, Edgar can knit 3 hats or 5 scarves. a. Draw the production possibilities frontiers for Muriel and Edgar, with scarves on the x-axis. b. Who has the absolute advantage in scarf production? In hat production? c. Find Muriel’s and Edgar’s opportunity cost of producing hats in terms of scarves. Who has a comparative advantage? d. Find Muriel’s and Edgar’s opportunity cost of producing scarves in terms of hats. Who has a comparative advantage? e. Muriel and Edgar are now aware of their comparative advantages and decide to trade. For what price of hats (in terms of scarves) will trade occur? Explain.
- 5. The price of trade Suppose that Hungary and Norway both produce sunflowers and wheat. Hungary's opportunity cost of producing a bushel of wheat is 6 bushels of sunflowers while Norway's opportunity cost of producing a bushel of wheat is 12 bushels of sunflowers. By comparing the opportunity cost of producing wheat in the two countries, you can tell that production of wheat and has a comparative advantage in the production of sunflowers. Suppose that Hungary and Norway consider trading wheat and sunflowers with each other. Hungary can gain from specialization and trade as long as it receives more than of sunflowers for each bushel of wheat it exports to Norway. Similarly, Norway can gain from trade as long as of wheat for each bushel of sunflowers it exports to Hungary. it receives more than Based on your answer to the last question, which of the following prices of trade (that is, price of wheat in terms of sunflowers) would allow both Norway and Hungary to gain from trade? Check…Economics HS Social Studies Unit: 01 Lesson: 01 Interpreting a Production Possibilities Curve 25 20 15 Curve 1 10 Curve 2 5 10 15 20 25 30 35 GUNS (S billions) 1. At which point on the curve is this nation likely to be at war? 2. How many billions of dollars are being spent on domestic goods at this point? On military goods? 3. At which point on the curve is this nation likely to be at peace, but still militarily prepared? 4. At this point, what is the amount of reduction in military spending from the point identified in question 1? 5. At which point is this nation in an apparent recession, underutilizing its resources? 6. What is the recessionary gap in terms of "butter"? What is the recessionary gap in terms of "guns"? 7. Curve 2 represents a decrease in production possibilities. Identify two possible reasons for the leftward shift in the PPC. a. b. C2010, TESCCC 07/01/10 page 24 of 26 BUTTER (S billions)Opportunity Cost and the Gains from Specializ PPF Review Problems What is the opportunity cost of an extra calculator for Smith? What is the opportunity cost of an extra calculator for Jones? Who has the absolute advantage in computer production? Who has the absolute advantage in calculator production? Who has the comparative advantage in calculator production? Who has the comparative advantage in computer production? Jones 6 120
- Typed plz And Asap ThanksONLY D AND E 20. Muriel and Edgar each have 30 labor hours available per week to knit hats and scarves. In 30 hours, Muriel can knit 6 hats or 4 scarves. In the same amount of time, Edgar can knit 3 hats or 5 scarves. a. Draw the production possibilities frontiers for Muriel and Edgar, with scarves on the x-axis. b. Who has the absolute advantage in scarf production? In hat production? c. Find Muriel’s and Edgar’s opportunity cost of producing hats in terms of scarves. Who has a comparative advantage? d. Find Muriel’s and Edgar’s opportunity cost of producing scarves in terms of hats. Who has a comparative advantage? e. Muriel and Edgar are now aware of their comparative advantages and decide to trade. For what price of hats (in terms of scarves) will trade occur? Explain.wine 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 60 cloth Portugal PPF CPF wine SERESSAD 90 Click Save and Submit to save and submit. Click Save All Answers to save all answers. 80 70 60 50 40- 30+ 20 O (a) Portugal has the absolute advantage and England has the comparative advantage Ⓒ (b) England has the absolute advantage and Portugal has the comparative advantage O (c) Neither country has the comparative advantage O (d) Neither country has the absolute advantage O (d) cannot tell from this diagram England PPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 180 man-hours of resources available for production, while England has only 60, which country has the absolute advantage, and which country has the comparative advantage in wine? CPF MacBook Air Save All A
