1. The output per laborer per day in the production of steel and tin for Russia and China are given in the tablebelow.Output per Labor-DayRussiaChinaSteel10356Tina) What is the opportunity cost of producing Tin in Russia?b) What is the opportunity cost of producing Tin in China?c) Assume that Russia has 500 labor days available for producing Steel and/or Tin and that China has900 labor days available. Putting Steel on the vertical axis, draw the straight-line production possibilityfrontiers for both Russia and China.d) What is the slope of Russia's production possibility frontier, and what is the slope of China'sproduction possibility frontier?e) How is the slope of a production possibility frontier related to the opportunity cost of the good on thehorizontal axis? (See your answers to parts (a) and (b) of this question.2. Two nations have straight-line production possibility frontiers, but with different slopes. Explain ordemonstrate why complete specialization maximizes the gains from trade.COLO

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Answered: 1. The output per laborer per day in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Apple Republic and Banana Republic have 60,000 workers and 120,000 workers, respectively, and labor is the only factor of production. Unit labor requirements for both countries are given in the table below. Units of labor required per unit of output Banana Apple 4 2 Compute relative autarky price ratios (price of pork relative to that of fish) for both countries, defined as Pp/PF. Pork Fish 4 8
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Q84 The law of one price says that the price of... a. Labour, measured in terms of its opportunity cost, is the same in all markets. b. A product that is costless to transport will be the same in all markets. c. A product is always equal to the absolute cost of the resources that went into its production in any country. d. Natural resources is the same in all markets. e. A product worldwide is always equal to the cost of production from the country with the lowest opportunity cost to make the product.
What is the opportunity cost of increasing the production of wheat and moving from point C to point B? Tons of Wheat 100 90 75 15 25 0 30 tons of wheat 5 tons of steel 80 tons of steel 45 tons of wheat A 20 Tons of Steel 75 80 90 100
4:62. The following table gives the data of production in million tons and price per ton of four principal crops in India during the years 1956 and 1962. Construct Fisher's ideal index number of prices for the year 1962. Production in million tons Price (Rupees per ton) Commodity 1956 1962 1956 1962 A 25 30 150 300 B 10 12 120 200 с 2 3 600 1,000 D 1 2 200 300
23. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the absolute advantage in cloth? a) Portugal b) England c) Both d) Neither e) Cannot tell
CHOOSE ONLY ONE OPTION FROM EACH PLEASE. Be aware that the numbers in the table reveal the labour HOURS needed to produce ONE unit of the good.
Discuss scale economies as they apply to trade.
I need help with the last two questions
If a country can produce more of a good than other countries with a given amount of resources, we say that country has the| [ Select ] and if a country has less to lose in producing a good than other countries do, we say that country has [ Select ]
Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Country Corn Jeans (Bushels per hour of labor) (Pairs per hour of labor) Bellissima 8 16 Felicidad 5 20 Initially, suppose Bellissima uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce jeans, while Felicidad uses 3 million hours of labor per week to produce corn and 1 million hours per week to produce jeans. Consequently, Bellissima produces 8 million bushels of corn and 48 million pairs of jeans, and Felicidad produces 15 million bushels of corn and 20 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount…
In production specialization of the factors is important. Explain how the factors are specialized giving examples. Discuss the barriers to specializations and policies that can be used to curb immobility of factors

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