1. Suppose a country has 2386 of Labor and its ppf is given by 119*Qc+214*Qw<=L. Suppose the price of wine is 26, what is the price of cheese? 2. Suppose a country has 6299 of Labor and its ppf is given by 199*Qc+227*Qw<=L. What is the maximum amount of cheese that home can produce? 3. Suppose alc=22,alw=22,alc*=1,alw*=10, L=549,L*=2446. Suppose that home and foreign both specialize. What is (Qc+Qc*)/(Qw+Qw*)?
1. Suppose a country has 2386 of Labor and its ppf is given by 119*Qc+214*Qw<=L. Suppose the price of wine is 26, what is the price of cheese? 2. Suppose a country has 6299 of Labor and its ppf is given by 199*Qc+227*Qw<=L. What is the maximum amount of cheese that home can produce? 3. Suppose alc=22,alw=22,alc*=1,alw*=10, L=549,L*=2446. Suppose that home and foreign both specialize. What is (Qc+Qc*)/(Qw+Qw*)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Suppose a country has 2386 of Labor and its
2. Suppose a country has 6299 of Labor and its ppf is given by 199*Qc+227*Qw<=L. What is the maximum amount of cheese that home can produce?
3. Suppose alc=22,alw=22,alc*=1,alw*=10, L=549,L*=2446. Suppose that home and foreign both specialize. What is (Qc+Qc*)/(Qw+Qw*)?
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