QUESTION 20201816141210864Chile's Production Possibilities Frontiersoybeans(in pounds)24A. 6 poundsOB. 10 poundsOC. 12 pounds6D. 8 pounds8 10 12 14 16 18 20 coffee(in pounds)2018+16141210864Refer to the Figure above. Chile would incur an opportunity cost of 8 pounds of coffee if it increased its production of soybeansbyColombia's Production PossibilitiesFrontiersoybeans(in pounds)2 4 6 8 10 12 14 16 18 20 coffee(in pounds)

The opportunity costs for an item refers to the best forgone alternative; and help businesses and…

20 soybeans 18 16 14 12 10 8 6 Chile's Production Possibilities Frontier 4 (in pounds) 2 4 A. 6 pounds B. 10 pounds OC. 12 pounds 6 OD. 8 pounds 8 10 12 14 16 18 20 coffee (in pounds) 20 18 16 14 12 10 8 6 4 Colombia's Production Possibilities Frontier Refer to the Figure above. Chile would incur an opportunity cost of 8 pounds of coffee if it increased its production of soybeans by soybeans (in pounds) 2 4 6 8 10 12 14 16 18 20 coffee (in pounds)

20 soybeans 18 16 14 12 10 8 6 Chile's Production Possibilities Frontier 4 (in pounds) 2 4 A. 6 pounds B. 10 pounds OC. 12 pounds 6 OD. 8 pounds 8 10 12 14 16 18 20 coffee (in pounds) 20 18 16 14 12 10 8 6 4 Colombia's Production Possibilities Frontier Refer to the Figure above. Chile would incur an opportunity cost of 8 pounds of coffee if it increased its production of soybeans by soybeans (in pounds) 2 4 6 8 10 12 14 16 18 20 coffee (in pounds)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter2: Economics: Eight Powerful Ideas

Section: Chapter Questions

Problem 15P

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CASHEWS (Pounds) O a. 1/10 hour O b. 1/3 hour O c. 3 hours O d. 10 hours 400 360 320 280 240 200 160 120 80 40 Figure 3-2 Brazil's PPF 1 2 3 4 5 6 7 8 9 10 PEANUTS (Pounds) Refer to Figure 3-2. If the production possibilities frontier shown is for 24 hours of production, then how long does it take Brazil to make one pound of peanuts?
Figure 3-8 Chile's Production Possibilities Frontier 20 soybeans 18 16 14+ 12 10 8 6 4 2 (in pounds) 2 + 4 6 8 10 12 14 16 18 20 coffee pounds) (in 20 soybeans 18 5550 16 14+ 12 10 8 6 4 2 (in pounds) Colombia's Production Possibilities Frontier both goods and import neither good. neither good and import both goods. 2 4 6 8 10 12 14 16 18 20 coffee (in pounds, Refer to Figure 3-8. Chile should specialize in the production of coffee and import soybeans. soybeans and import coffee.
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Chile's Production Possibilities Frontier Colombia's Production Possibilities Frontier ↑ sepdeans 20 Tin pounds) ↑soydeans 20 (in pounds) 18 - 18 - 16 16 14 - 14 12 12 10 10 6 6 4 4 2 8 10 12 14 16 18 20 coffee (in pounds 2 4 6 8 10 12 14 16 18 20 coffee (in pounds 2 4 6 Refer to Figure 3-19. If Chile and Colombia each spends all of its time producing the good in which it has a comparative advantage and the countries agree to trade 7 pounds of coffee for 5 pounds of soybeans, then Chile will consume O a. 7 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 5 pounds of soybeans. O b. 7 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 11 pounds of soybeans. O c. 23 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 5 pounds of soybeans. O d. 23 pounds of coffee and 7 pounds of soybeans and Colombia will consume 5 pounds of coffee and 11 pounds of soybeans.
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.Brazil can produce 100 pounds of beef or 10 autos; in contrast the United States can produce 40pounds of beef or 30 autos. Which country has the absolute advantage in beef? Which country has theabsolute advantage in producing autos? What is the opportunity cost of producing one pound of beef inBrazil? What is the opportunity cost of producing one pound of beef in the United States?
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25. The countries of Mistania and Boonton each produce two goods: TVs and Computers. The table below lists the production for each good, for each country per year when each country uses half of their resources to produce each good. Country Production of TVs Production of Computers Mistania 175 Boonton 168 What is the opportunity cost of producing 1 TVs in Miscania Computers What is the opportunity cost of producing 1 TVs in Boonton Computers Which country has a comparative advantage in producing TV? Miscania OBoonton ONot enough information Which country has a comparative advantage in producing Computers? Mistania Boonton. ONot enough information If both countries decide to specialize and trade with each other, what would be the outcome? OConsumers in Mistania will not be able to purchase Computers anymore OProducers of Computers in Boonton will be lowering production Consumers in Mistania and Boonton can enjoy more at lower prices Consumers in Boonton will be the ones benefiting from…
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