scarce resources.Question 16.04Unanswered • 2 attempts leftAssume once again that both California and Michigan can produce one automobile or75 computer chips with one worker. If California has 20 workers, which of the followingis the most accurate depiction of California's PPF?ComputerChipsCalifornia's PPF100050010203012/14 answeredSunnly and Markets

Production possibility frontier shows different combinations of two goods that can be produced.…

Answered: Assume once again that both California…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that a worker in Country A can produce either 6 units of corn or 2 units of wheat per year, and a worker in Country B can produce either 2 units of corn or 6 units of wheat per year. Each nation has 10 workers. Without trade, Country A produces and consumes 30 units of corn and 10 units of wheat per year. Country B produces and consumes 10 units of corn and 30 units of wheat. Suppose that trade is then initiated between the two countries, and Country A sends 30 units of corn to Country B in exchange for 30 units of wheat. Country A will now be able to consume a maximum of Select one: a.30 units of corn and 30 units of wheat. b.40 units of corn and 20 units of wheat. c.40 units of corn and 30 units of wheat. d.10 units of corn and 40 units of wheat.
Suppose that Karen, Sue, and Peter all work 8 hours a day, and in an hour, each can make one widget or two thingamajigs. Which of the following could correctly describe the shape of the production possibilities frontier graph for this economy? The PPF is an upward sloping straight line The PPF is a horizontal straight line The PPF is a vertical straight line The PPF is a downward sloping straight line None of the above 4
The United States and Canada both produce cars and beer. The table below shows the production possibilities per worker in each country. For example, one worker in the US produces 8 cars or 10 cans of beer per week. Labor Force Cars Beer United States 200 8 10 Canada 100 20 14 Which country has a comparative advantage in beer production? Question 4 options: United States Canada
7:31 PM Fri Jun 23 I. Production Possibilities learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.com For each of the following situations, show how you would represent the production or production possibilities change experienced by the country. Start out by drawing a PPF for the country with agricultural goods in the horizontal axis and manufactured goods on the vertical axis and with the assumption that resources are not identical in production. a) Show how you would represent the impact Hurricane Dorian had on the Jacksonville area. Explain briefly why you believe your picture changes in the way you illustrated. b) Show the effect that a prolonged drought. Explain briefly why you believe your picture changes in the way you illustrated. c) Economic statistics indicate that unemployment in Spain has risen from 8.6% in the first quarter of 2018 to 25.02% in the fourth quarter of 2018. Show how you would represent the impact of this dramatic increase in unemployment in Spain.…
Meanwhile, in the country of Portugal, wool and wine can also be produced according to a linear PPF. However, when all resources are devoted to production of wine, Portugal can produce 100 barrels, but when all resources are devoted to wool production, portugal can produce 50 bushels. What are the opportunity costs in Portugal of producing a barrel of wine?
ackground information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information.Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? (Show your work.)Part B: Calculate the opportunity cost of producing jeans for each country. (Show your work.)Part C: Calculate the opportunity cost of producing cell phones for each country. (Show your work.)Part D: Determine how many jeans should be produced by each nation. (Show your work). Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your…
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
The following table shows the hourly output per worker measured as quarts of olive oil and pounds of pasta in Greece and Italy: Output per Hour of Work Olive Oil Pasta Greece Italy The opportunity cost of producing one more quart of olive oil in Greece is The opportunity cost of producing one more quart of olive oil in Italy is The opportunity cost of producing one more pound of pasta in Greece is The opportunity cost of producing one more pound of pasta in Italy is 4 4 2 8 pounds of pasta. (Enter your response rounded to two decimal places.) pounds of pasta. (Enter your response rounded to two decimal places.) quarts of olive oil. (Enter your response rounded to two decimal places.) quarts of olive oil. (Enter your response rounded to two decimal places.)
The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce almonds and basil, each initially (i.e., before specialization and trade) producing 18 million pounds of almonds and 9 million pounds of basil, as indicated by the grey stars marked with the letter A. BASIL (Millions of pounds) 48 42 36 30 24 18 PPF ୯ 12 6 Cả 0 0 I I 6 Shenandoah 18,9 12 18 24 30 36 ALMONDS (Millions of pounds) 42 48 BASIL (Millions of pounds) 48 42 36 30 24 18 12 6 0 0 PPF 6 Denali 12 18 24 30 36 42 48 ALMONDS (Millions of pounds) ? Shenandoah has a comparative advantage in the production of , while Denali has a comparative advantage in the production of . Suppose that Shenandoah and Denali specialize in the production of the goods in which each has a comparative advantage. After specialization, the two countries can produce a total of million pounds of basil. million pounds of almonds and
Robinson can catch 1 fish or gather 2 coconuts. in an hour, Bill can catch 1 fish or gather 1coconut. In an hour, Chris can catch 8 fish or gather 2coconuts a. If production is organized according to comparative advantage, in what order will the three inhabitants collect coconuts? (That is, if only one of the three collects coconuts, who will it be? And if two of them collect coconuts, which two will it be?) b. Draw the production possibilities curve (PPC) when there is no specialization—that is, when each worker divides their time between fish and coconuts in the same way as the other two workers. Identify and explain the vertical intercept, the slope, and the horizontal intercept of the PPC in this case.
Morocco and Tunisia both have Mediterranean climates that are excellent for producing/harvesting green beans and tomatoes. In Morocco it takes two hours for each worker to harvest green beans and two hours to harvest a tomato. Tunisian workers need only one hour to harvest the tomatoes but four hours to harvest green beans. Assume there are only two workers, one in each country, and each works 40 hours a week. a. Identify which country has the absolute advantage in green beans and which country has the absolute advantage in tomatoes. b. Identify which country has comparative advantage in which product. c. Initially each country used ½ of the workers in producing green beans and tomatoes. If each country specializes based on comparative advantage find an exchange mechanism so that both gain from trade.
The United States and Canada both produce cars and beer. The table below shows the production possibilities per worker in each country. For example, one worker in the US produces 8 cars or 10 cans of beer per week. Labor Force Cars Beer United States 200 8 10 Canada 100 20 14 Which nation has a comparative advantage in car production? Question 3 options: United States Canada

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Assume once again that both California and Michigan can produce one automobile or 75 computer chips with one worker. If California has 20 workers, which of the following is the most accurate depiction of California's PPF? Computer Chips 1500 California's PPF 1000 500 10 20 30 Automobiles