10. The following table describes the number of yards of cloth and barrels of wine that can be produced with a week's worth of labor in England and Portugal. Assume that no other inputs are needed. a. Cloth Wine England? b. Portugal? England 8 yards 2 barrels If there is no trade, what is the price (opportunity cost) of wine and cloth in If there is no trade, what is the price (opportunity cost) of wine and cloth in C. Suppose each country has 1 million weeks of labor available per year. Draw the production possibilities frontier for each country with wine on the horizontal axis and cloth on the vertical axis (label them). Indicate the Marginal Rate of Transformation (MRT). d. Draw the production possibilities curve for the two Portugal 12 yards 6 barrels countries. Keep wine on the horizontal axis and cloth on the vertical axis (table them).

10. The following table describes the number of yards of cloth and barrels of wine that can be produced with a week's worth of labor in England and Portugal. Assume that no other inputs are needed. a. Cloth Wine England? b. Portugal? England 8 yards 2 barrels If there is no trade, what is the price (opportunity cost) of wine and cloth in If there is no trade, what is the price (opportunity cost) of wine and cloth in C. Suppose each country has 1 million weeks of labor available per year. Draw the production possibilities frontier for each country with wine on the horizontal axis and cloth on the vertical axis (label them). Indicate the Marginal Rate of Transformation (MRT). d. Draw the production possibilities curve for the two Portugal 12 yards 6 barrels countries. Keep wine on the horizontal axis and cloth on the vertical axis (table them).

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

part D E F

10.
The following table describes the number of yards of cloth and barrels of wine
that can be produced with a week's worth of labor in England and Portugal. Assume that no other
inputs are needed.
a.
Cloth
Wine
England?
b.
Portugal?
England
8 yards
2 barrels
If there is no trade, what is the price (opportunity cost) of wine and cloth in
If there is no trade, what is the price (opportunity cost) of wine and cloth in
C.
Suppose each country
has 1 million weeks of labor
available per year. Draw the
production possibilities frontier for
each country with wine on the
horizontal axis and cloth on the
vertical axis (label them). Indicate
the Marginal Rate of Transformation
(MRT).
d.
Draw the production
possibilities curve for the two
Portugal
12 yards
6 barrels
countries. Keep wine on the horizontal
axis and cloth on the vertical axis
(table them).

e.
Which country has an absolute advantage in the production of which good(s)?
Which country has a comparative advantage in the production of which good(s)?
f.
If the countries start trading with each other, which country will specialize and
export which good?

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