5.6 5.2 4.8 4.4 4.0 3.6 3.2 2.8 2.4 2.0 1.6 1.2 0.8 0.4 0.4 0.2 1.2 Peaches (millions of tons) a. At the current level of production, combination A in Italy and combination B in Turkey, how many apples and peaches are produced in total? Instructions: Round your answers to one decimal place. million tons of apples million tons of peaches b. If each nation specializes based on its comparative advantage, how many apples and peaches does each country produce? million tons of peaches. million tons of apples and Italy produces million tons of peaches. million tons of apples and c. If each nation specializes based on its comparative advantage, how many apples and peaches are produced in total? Turkey produces million tons of apples million tons of peaches Apples (millions of tons) 5 5 4 ¢ ¢ M m N N N- -

5.6 5.2 4.8 4.4 4.0 3.6 3.2 2.8 2.4 2.0 1.6 1.2 0.8 0.4 0.4 0.2 1.2 Peaches (millions of tons) a. At the current level of production, combination A in Italy and combination B in Turkey, how many apples and peaches are produced in total? Instructions: Round your answers to one decimal place. million tons of apples million tons of peaches b. If each nation specializes based on its comparative advantage, how many apples and peaches does each country produce? million tons of peaches. million tons of apples and Italy produces million tons of peaches. million tons of apples and c. If each nation specializes based on its comparative advantage, how many apples and peaches are produced in total? Turkey produces million tons of apples million tons of peaches Apples (millions of tons) 5 5 4 ¢ ¢ M m N N N- -

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4 Use the following information to answer the questions below – Assume the following: (Alk/Akx)> (Aly/Aky) and (La/Ka)< (Lb/Kb) Where “a” gives you the amount of labor and capital going into the production of good X and good Y respectively based on technology in the two countries A and B. There is no taste bias. Based on your understanding of the relationships above good X is ___________(labor/capital) intensive and good Y is _________(labor/capital intensive). Next, Country A is ____________(capital/labor abundant and Country B is ____________ (capital/labor) abundant. Label the autarky consumption/ production points, draw the pre trade or domestic price ratio, and then draw the international price line and the label the free trade production/consumption points with the indifference curves, trade triangles, labeling the Exp and Imp! Write out the pre trade price ratio, the international price line, show the gains from trade and write out the pattern of trade! Do these…
Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Home warya Ekoti Dmitri can produce 5 apples in one hour and 10 bananas in one hour. Which of the following is Assignments true? Discussions Grades ount Cassidy has absolute advantage in producing bananas. Syllabus Cassidy has comparative advantage in producing bananas. |Quizes board Dmitri has comparative advantage in producing apples. Modules urses Cassidy has absolute advantage in producing apples. 28 pups D Question 2 endar box Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Dmitri can produce 5 apples in one hour and 10 bananas in one hour. What is Cassidy's story opportunity cost of producing bananas? Help O 6 minutes O 12 minutes O 1/2 apple O 2 apples
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Assume that two countries, A and B, can produce Beef and Barbecues and the production possibilities frontiers of two countries are represented by: Country A: Beef = 30 - 1.25 BBQ and Country B: BBQ = 15 - 0.5 Beef Barbecues are measured in units, beef in kilograms. a) On a single chart, graph the production possibility frontiers for Country A and for Country B. Make sure you use a good scale and mark all your axes and important curves or points. b) Interpret the slope and the shape of the PPF for each country and make the relevant comparisons. c) Assume that each country allocates half of its resources to the production of beef and half of its resources to the production of barbecues. Under autarky (No trade), how much would each country consume of the two products? Plot these points on the graph as Ca and Cb respectively d) Should either of these countries specialize in the production of beef and/or barbecues? If yes, explain which country and which products and why. If they…
Krisha can pick 4 pounds of coffee beans in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee beans in an hour or gather 4 pounds of nuts. Each works 6 hours per day. Together, what is the maximum number of pounds of coffee beans the two can pick in a day? What is the maximum number of pounds of nuts the two can gather in a day? Maximum amount of coffee beans pounds per day Maximum amount of nuts pounds per day Now suppose Krisha and Tom were gathering the maximum number of pounds of nuts when they decided that they would like to begin picking 8 pounds of coffee beans per day. Who would pick the coffee beans? How many pounds of nuts would they still be able to gather? Would it be possible for Krisha and Tom in total to gather 26 pounds of nuts and pick 20 pounds of coffee beans each day? If so, how much of each good should each person pick? The combination of 30 pounds of coffee beans and 12 pounds of nuts per day is show Krisha and Tom's combined daily PPC.
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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.
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