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22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep England Wales For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern Label Sheep Wheat England and Wales both use all land for sheep England and Wales both us all land for wheat A 14 В England uses its land for wheat and Wales uses its C land for sheep England uses its land for sheep and Wales uses its land for wheat At point C how many sheep are produced? 23. (continued) Plot the points found and label them A, B, C and D as designated after filling in the table. 1 of them is not on the frontier because it doesn't follow comparative advantage. Connect the dots for the other 3 to get the piecewise linear PPF. Which point is not on the frontier? 24. (continued) If the combined nation plans to produce O sheep but is considering making 1 sheep, it should notice that the opportunity cost will be tons of wheat per sheep 25. (continued) If the combined nation plans to produce 5 sheep but is considering making 6 sheep, it should notice that the opportunity cost will be tons of wheat per sheep

22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep England Wales For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern Label Sheep Wheat England and Wales both use all land for sheep England and Wales both us all land for wheat A 14 В England uses its land for wheat and Wales uses its C land for sheep England uses its land for sheep and Wales uses its land for wheat At point C how many sheep are produced? 23. (continued) Plot the points found and label them A, B, C and D as designated after filling in the table. 1 of them is not on the frontier because it doesn't follow comparative advantage. Connect the dots for the other 3 to get the piecewise linear PPF. Which point is not on the frontier? 24. (continued) If the combined nation plans to produce O sheep but is considering making 1 sheep, it should notice that the opportunity cost will be tons of wheat per sheep 25. (continued) If the combined nation plans to produce 5 sheep but is considering making 6 sheep, it should notice that the opportunity cost will be tons of wheat per sheep

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat England Wales 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern Label Sheep Wheat England and Wales both use all land for sheep A 14 England and Wales both us all land for wheat В England uses its land for wheat and Wales uses its land for sheep England uses its land for sheep and Wales uses its land for wheat At point C how many sheep are produced? 23. (continued) Plot the points found and label them A, B, C and D as designated after filling in the table. 1 of them is not on the frontier because it doesn't follow comparative advantage. Connect the dots for the other 3 to get the piecewise linear PPF. Which point is not on the frontier? 24. (continued) If the combined nation plans to produce 0 sheep but is considering making 1 sheep, it should notice that the opportunity cost will be tons of wheat per sheep 25. (continued) If the combined nation plans to produce 5 sheep but is considering making 6 sheep, it should notice that the opportunity cost will be tons of wheat per sheep
Transcribed Image Text:22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat England Wales 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern Label Sheep Wheat England and Wales both use all land for sheep A 14 England and Wales both us all land for wheat В England uses its land for wheat and Wales uses its land for sheep England uses its land for sheep and Wales uses its land for wheat At point C how many sheep are produced? 23. (continued) Plot the points found and label them A, B, C and D as designated after filling in the table. 1 of them is not on the frontier because it doesn't follow comparative advantage. Connect the dots for the other 3 to get the piecewise linear PPF. Which point is not on the frontier? 24. (continued) If the combined nation plans to produce 0 sheep but is considering making 1 sheep, it should notice that the opportunity cost will be tons of wheat per sheep 25. (continued) If the combined nation plans to produce 5 sheep but is considering making 6 sheep, it should notice that the opportunity cost will be tons of wheat per sheep
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