not use ai please 1. Opportunity Cost and TradeAna and Dina are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizzaand brewing root beer. Ana takes 3 hours to brew a gallon of root beer and 2 hours to make a pizza. Dina takes 7 hours to brew a gallon of root beerand 5 hours to make a pizza.Ana's opportunity cost of making a pizza isroot beer.of root beer, and Dina's opportunity cost of making a pizza isofhas an absolute advantage in making pizza, andhas a comparative advantage in making pizza.If Ana and Dina trade foods with each other,will trade pizza in exchange for root beer.The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommatesbetter off isof root beer, and the lowest price that makes both roommates better off is4of root beer per pizza.

Understanding the Problem:Ana and Dina are engaged in two activities: making pizza and brewing root…

Answered: 1. Opportunity Cost and Trade Ana and…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 4PA

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3. Opportunity Cost Becky and Eileen are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Becky takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Eileen takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. Becky's opportunity cost of making a pizza is of root beer, and Eileen's opportunity cost of making a pizza is of root beer. has an absolute advantage in making pizza, and has a comparative advantage in making pizza. Ir Becky and Eileen trade foods with each other, will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is of root beer, and the lowest price that makes both roommates better off is of root beer per pizza.
. 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.
Diego and Darnell are roommates. They spend much of their time studying, but they have some time for the favorite activiies which is making pizza or brewing root beer. Diego takes 4 hours to brew one gallon of root beer and 2 hours to make one pizza. Darnell takes 6 hours to brew one gallon of root beer and 4 hours to make one pizza. a. Put to gether a production opportunities chart for Diego and Darnell in brewing one gallon of root beer and in making one pizza. Who has the absolute advantage in each type of production? b. Then use the chart to make another chart with opportunies cost for Diego and for Darnell of brewing one gallon of root beer (in terms of how many pizza's each of them would not being making. Who has the comparative advantage in each type of production. c. Use your opportunities cost chart to determine who should trade pizza in exchange for root beer? d. The price of pizza can be expressed in terms of gallons of root beer (not being made). Can you determine how much…
3. Opportunity Cost Frances and Latasha are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Frances takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Latasha takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. Frances's opportunity cost of brewing a gallon of root beer is and Latasha's opportunity cost of brewing a gallon of root beer is has an absolute advantage in brewing root beer, and has a comparative advantage in brewing root beer. If Frances and Latasha trade foods with each other, will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates v of root beer per pizza. better off is of root beer, and the lowest price that makes both roommates better off is…
3. Opportunity Cost Ana and Dina are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Ana takes 3 hours to brew a gallon of root beer and 2 hours to make a pizza. Dina takes 7 hours to brew a gallon of root beer and 5 hours to make a pizza. Ana's opportunity cost of brewing a gallon of root beer is , and Dina's opportunity cost of brewing a gallon of root beer is . has an absolute advantage in brewing root beer, and has a comparative advantage in brewing root beer. If Ana and Dina trade foods with each other, will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is of root beer, and the lowest price that makes both roommates better off is of root beer per pizza.
3. Opportunity Cost Cho and Ginny are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Cho takes 3 hours to brew a gallon of root beer and 2 hours to make a pizza. Ginny takes 7 hours to brew a gallon of root beer and 5 hours to make a pizza. Cho's opportunity cost of making a pizza is of root beer, and Ginny's opportunity cost of making a pizza is of root beer. has an absolute advantage in making pizza, and has a comparative advantage in making pizza. If Cho and Ginny trade foods with each other, will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that wwould make both roommates better off is of root beer, and the lowest price that makes both roommates better off is of root beer per pizza.
4.
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Pound of Beef Brad 10 12 Theresa 6 10 Refer to Table 3-20. What is Brad's opportunity cost of producing one bushel of wheat? O a. 5/6 pound of beef O b. 6/5 pounds of beef O c. 3/5 pounds of beef O d. 5/3 pounds of beef - Icon Ke
For this production possibilities schedule, it is true that: Production Possibilities Schedule Combination School Buses Refrigerators A 0 20 B 1 18 C 2 14 D E 3 4 8 0 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a the opportunity cost of moving from combination B to combination C is 2 refrigerators, while the opportunity cost of moving from combination C to combination D is 14 refrigerators. b the opportunity cost of moving from combination B to combination C is 4 refrigerators, while the opportunity cost of moving from combination C to combination D is 6 refrigerators. с the opportunity cost of moving from combination B to combination C is 6 refrigerators, while the opportunity cost of moving from combination C to combination D is 8 refrigerators. d the opportunity cost of moving from combination B to combination C is 8 refrigerators, while the opportunity cost of moving from combination C to combination D is 0 refrigerators.
3. Opportunity Cost Rina and Yvette are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Rina takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Yvette takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. Rina's opportunity cost of brewing a gallon of root beer is , and Yvette's opportunity cost of brewing a gallon of root beer is . has an absolute advantage in brewing root beer, and has a comparative advantage in brewing root beer. If Rina and Yvette trade foods with each other, will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is of root beer, and the lowest price that makes both roommates better off is of root beer per pizza.
4. Identify the point or points for which the following is true: More can be produced of both pizza and beer, without an increase in resources or improvement in technology.
2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)

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