PortugalEngland9090808070706060CPF505040403030CPFPPFPPF202010100 10 20 30 40 50 600 10 20 30 40 50 60clothclothwinewine 07. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what are the relative price (opportunity cost) of cloth inEngland, before trade begins?O 1/2 yard of cloth2 man-hours/bottle1/3 yard of cloth1 bottle of wine3 bottles of wine

Here the production possibility frontier shows the different combinations of two goods that can be…

Answered: 80 70 60 CPF 50 40 30 CPF PPF PPF 20 10…

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80 70 60 CPF 50 40 30 CPF PPF PPF 20 10 + 0 10 20 30 40 50 60 0 10 20 30 40 50 60 cloth cloth auIM

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Portugal
England
90
90
80
80
70
70
60
60
CPF
50
50
40
40
30
30
CPF
PPF
PPF
20
20
10
10
0 10 20 30 40 50 60
0 10 20 30 40 50 60
cloth
cloth
wine
wine

07. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what are the relative price (opportunity cost) of cloth in
England, before trade begins?
O 1/2 yard of cloth
2 man-hours/bottle
1/3 yard of cloth
1 bottle of wine
3 bottles of wine

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