2. Comparative and absolute advantage Musashi and Rina run a catering business in which they have two major tasks: getting new clients and preparing food for events and parties. It takes Musashi 16 hours to prepare the food for an event and 4 hours of effort to get each new client. For Rina, it takes 10 hours to prepare food for an event and 5 hours to get a new client. In this scenario, has an absolute advantage in food preparation, and has a comparative advantage in food preparation. Musashi Suppose that init to the principle d for one more e Rina are splitting both tasks for a large number of events. Then they decide to start shifting some work according antage. In particular, the person with the comparative advantage in food preparation will take over preparing food Rina neither person necessary time away from getting more clients, and the other person will use the freed-up time from not preparing food for one event to get more clients. As a result, the total number of events for which food is prepared will remain unchanged, but the number of new clients will increase by

2. Comparative and absolute advantage Musashi and Rina run a catering business in which they have two major tasks: getting new clients and preparing food for events and parties. It takes Musashi 16 hours to prepare the food for an event and 4 hours of effort to get each new client. For Rina, it takes 10 hours to prepare food for an event and 5 hours to get a new client. In this scenario, has an absolute advantage in food preparation, and has a comparative advantage in food preparation. Musashi Suppose that init to the principle d for one more e Rina are splitting both tasks for a large number of events. Then they decide to start shifting some work according antage. In particular, the person with the comparative advantage in food preparation will take over preparing food Rina neither person necessary time away from getting more clients, and the other person will use the freed-up time from not preparing food for one event to get more clients. As a result, the total number of events for which food is prepared will remain unchanged, but the number of new clients will increase by

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Description: 2. Comparative and absolute advantageMusashi and Rina run a catering business in which they have two major tasks: getting new clients and preparing food for events and parties. It takesMusashi 16 hours to prepare the food for an event and 4 hours of

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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14. Efficiency in the production possibilities model Suppose the fictional country of Haleakala produces only two goods: sorghum and axles. The following graph plots Haleakala's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. AXLES (Millions) 100 80 20 0 0 PPF D 20 +w E Xc 40 + B F XA 60 SORGHUM (Millions of bushels) 80 100
17 Which of the following does NOT describe the comparative advantage? Select one: Ⓒa. Economic agents does not specialize in producing a good in which they have the comparative advantage b. Comparative advantage refers to a producer's ability to produce a good at a lower opportunity cost than other producers 888 F4 Oc. Comparative advantage refers to a producer's ability to give up less to produce the good compared to other producers Od. Economic agent with less flat (more steep) production possibilities frontier has comparative advantage in the good on the y-axis e. Economic agent with more flat production possibilities frontier has comparative advantage in the good on the x-axis % 5 F5 6 MacBook Air F6 & 7 AA F7 * 8 DII F8 9 F9 Next ) O
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6. In the country Gamma, it takes 6 hours to produce 1 automobile and 1 hour to produce a bale of cotton. In the country Delta, it takes 4 hours to produce 1 automobile and 1 hour to produce a bale of cotton. Which country should specialize in automobiles and which should specialize in cotton? Neither Delta nor Gamma should specialize in automobiles or cotton. Delta should specialize in automobiles and cotton. Delta should specialize in automobiles, and Gamma should specialize in cotton. Gamma should specialize in automobiles and cotton. Gamma should specialize in automobiles, and Delta should specialize in cotton.
Mountain Mack and Big Lake Bob spend their time carving fishing lures and duck decoys. The table below shows their production possibilities schedules, which describe various combinations of fishing lures and duck decoys they each can carve efficiently in a week. Production Possibilities Schedules Mountain Mack Big Lake Bob Fishing Lures Duck Decoys Fishing Lures Duck Decoys 8 9 8 4 16 50 40 30 20 10 e 24 32 40 140 115 90 65 40 0 50 fishing lures and 40 duck decoys 140 fishing lures and 20 duck decoys a. If Mountain Mack splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing lures and duck decoys could he corve? 25 fishing lures and 20 duck decoys 20 fishing lures and 25 duck decoys 12 16 20 70 fishing lures and 10 duck decoys 10 fishing lures and 70 duck decoys 20 fishing lures and 140 duck decoys 140 fishing lures and 20 duck decoys b. If Big Lake Bob splits his week evenly between carving fishing lures and duck decoys, what is the…
Question 14 The illustrates the various combinations of output that a society can produce if all of its resources are being used efficiently. O production possibilities frontier (PPF) O law of positive statements O principle of comparative advantage concept of absolute advantage O law of demand
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5. In an exchange economy, there are two people, A and B, and two goods, x and y. The utility functions of A and B are given by u;=xy; for i=A, B. Person A starts with 72.000 units of x and zero units of y. Person B starts with zero units ofx and 8.000 units of y. If the price of good y is 1, what is the competitive equilibrium of good x?
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