3. The nation of Routarou is able to produce turnips and potatoes in combinationsrepresented by the data in the following table. Each number represents thousands ofbushels.ACDETurnips100907040Potatoes10203040Plot this data on a production possibilities graph and explain why the data shows thatRoutarou experiences increasing opportunity costs.

Production possibility frontier is a graph showing various possibilities of a combination of two…

Answered: 3. The nation of Routarou is able to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. James and Lisa can grow the following units of produce in a period of time: Tomatoes 180 150 James Lisa Peppers 45 50 a. Explain who has absolute advantage in producing each good. b. Calculate the opportunity cost for each producer and each good. c. Explain who has comparative advantage in producing each good.
Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities frontier is provided in the table above. Suppose that Utopia is currently producing at point B. What is the opportunity cost of 2 additional kg of cheese at point B ? At point C? What do these results show?
The following table shows per-day production data of rice and T-shirts for two countries, Cambria and Bodoni. Based on the table, it can be said that the opportunity cost of 1 T-shirt in Cambria is Table 19.1 Cambria Bodoni Tons of rice T-shirts per Tons of rice T-shirts per per day day per day day 20 100 18 80 90 100 16 160 80 200 14 240 70 300 12 320 60 400 10 400 50 500 8. 480 40 600 6. 560 30 700 640 20 800 720 10 900 800 1000 a. 4 tons of rice b. 2 tons of rice c. 0.025 ton of rice d. 0.5 ton of rice e. 0.75 ton of rice
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Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is the opportunity cost of swords if total sword production is 40?
Self Check question #4- a,b,c,d,e
With 1 resource unit 2 countries, A and B, are each capable of producing 2 goods, X and Y, according to the following production possibilities schedule. Country / good x y A 5 8 B 6 10 Develop a production possibilities graph for country A that shows with specialization and trade country A can consume outside of its PPF
Use the table to answer the question: Corn (lb) Scarves (#) U.S. 20 10 Mexico 25 5 What is the opportunity cost of one scarf in Mexico? A) 3 lbs of corn B) 1/3 lb of corn C) 2 lbs of corn D) 5 lbs of corn
Figure 3: Two Production Possibilities Frontiers Britain United States 100 30 90 200 Assume the world consists hypothetically of only two countries that can produce only two products, in the same period, with the same fixed amount of resources, with the same highest technologies available worldwide, and with the simplified assumption of producing "along" a linear production possibility frontier (PPF). Figure 3 provides the production possibilities frontiers between Textiles (T) and Soybeans (S) in the United States (A) and Britain (B). Referring to Figure 3, which of the following is true according to David Ricardo's Comparative Advantage Theory? Only the United States can benefit from engaging in free international trade with Britain. Neither Britain nor the United States can benefit from engaging in free international trade. Both Britain and the United States can benefit from engaging in free international trade. None of the above.

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