Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit opportunity cost of wine in Portugal is ____ yards/bottle.
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16.Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit
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- Suppose, under license from Apple, a factory in China buys all the components for an iPhone from multiple manufacturers for $150 They assemble the iPhone and sell it to Apple for $350. Apple then sells the phone to customers for $699. How much value does Apple add during their step in the production process? Ⓒ$1.50 1200 O $349 O $350Market Basket 1990 (Base Year) 2010 2011 Product Quantity Price Price Price A B C D 8 12 21 16 If your answer is not a whole number, round to two decimal places. What is the cost of the market basket in 1990? $ $4 $6 $7 $6 $9 $9 $7 $9 $10 $10 $14 $13 A/ What is the cost of the market basket in 2010? $ A What is the cost of the market basket in 2011? $ What is CPI in 1990? A/A4 can you tell me the conclusion- trends(the pros and cons, the changes throughtout the years increasing and decreasing) in the production of sunflower/sunflower oil, rubber, coffee, sugar cane, potatoes, and grape/vineyards
- 1. (From slides, with some changes) Using the following table, answer questions Output per Cooking Washing hour dishes Peter Mary $5 $10 $10 $5 a) i) State whether the following statement is True, False, or uncertain: Given the information in the table, an efficient division of labour would have Peter and Mary alternate (take turns) cooking dinner and washing up. ii) Explain your answer to i). iii) Draw a production possibility frontier (ppf) for 2 hours for Peter and Mary, where they specialize in the activity in which each has a comparative advantage. The horizontal axis should be output from cooking. iv) Draw a production possibility frontier (ppf) for 2 hours for Peter and Mary, where they specialize in the activity in which each has a comparative DISadvantage. v) Compare the two ppfs and discuss how the choice of specialization affects the amounts they can consume. b) Explain how the assumption of constant marginal product of labour affects the answer to a).and Applications Q3 Caroline and Frances are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer, Caroline takes 3 hours to brew a gallon of root beer and 2 hours to make a pizza. Frances takes 7 hours to brew a gallon of root beer and 5 hours to make a pizza. Caroline's opportunity cost of making a pizza is of root beer. has an absolute advantage in making pizza, and If Caroline and Frances trade foods with each other, of root beer, and Frances's opportunity cost of making a pizza has a comparative advantage in making pizza. will trade pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates of root beer per pizza. better off is of root beer, and the lowest price that makes both roommates better off is(Ch 03) Homework Consider two neighboring island countries called Dolorium and Bellissima. They each have 4 million labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Corn Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Dolorium 5 20 Bellissima 8 16 Initially, suppose Bellissima uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce jeans, while Dolorium uses 3 million hours of labor per week to produce corn and 1 million hours per week to produce jeans. Consequently, Dolorium produces 15 million bushels of corn and 20 million pairs of jeans, and Bellissima produces 8 million bushels of corn and 48 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of corn and…
- 25. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in wine? a) Portugal b) England c) Both d) Neither e) Cannot tellHome unit labor requirements for the production of goods A, B, C, D and E are 8, 4, 10, 4, 6 respectively, while the foreign unit labor requirements for these goods are 12, 16, 20, 24 and 18 respectively. Find: (a) Relative home productivity for all the goods (b) The pattern of specialization if relative home wage is 2.9. (c) Change in pattern of specialization if relative home wage increases to 3.1. (d) Show the determination of relative wages with a diagram using relative quantity of labor and the relative wage rate as the variables for respective axis.© Macmillan Learning Production, Economic Growth, and Trade. - End of Chapter Problem Ice cubes are an enjoyable product that many take for granted since they are easily produced in a freezer. But prior to the invention of refrigeration in the late 19th century, obtaining ice in warm climates required it to be imported from cold environments, making it an expensive luxury item. The new technology of refrigeration increased allocative efficiency neither production nor allocative efficiency production efficiency both production and allocative efficiency in the economy.
- 1 Trade Suppose Cascadia has the following industry-level output (in dollars) and emissions rates (in tons of CO₂ per dollar) in 2000 and 2020. Year Industry 2000 Output Emissions Rate Output 80 300 300 250 Agriculture 50 Electricity 100 Transportation 150 Industry 200 0.16 0.2 0.26 0.3 2020 Emissions Rate 0.12 0.16 0.2 0.25 1.1 Calculate the Scale, Scale+Composition, and Scale+Composition+Technique effects 1.2 Use your answers from the previous question to explain which of the scale, com- position, and technique effects has had the largest impact on emissions growth315553/quizzes/3862261/take Course Placement CT CT2Learn Assume that our world consists of only two countries: the United States (US) and the Rest of the World (ROW). Both of these countries produce airplanes and computers. The amounts of each good produced during an hour in each country are provided in the table below. US Airplanes 5 Computers 15 In computers? P In-Text Citations ▸ Study.com G Google in the US? ROW 1. Based on this table, who has the absolute advantage in airplanes? in the ROW? 4 10 1. What is the opportunity cost of 1 airplane: computers per airplane Q Search computers per airplane What is the opportunity cost of 1 computer in the US? airplanes per computer PRE - ParentVUE SAM SAM y! Infor W @=Microchips 90 U.S. PPF Which country has comparative advantage in the production of Microchips? Which country has comparative advantage in the production of Brooms? Which country has absolute advantage in the production of Microchips? Which country has absolute advantage in the production of Brooms? Microchips Brooms [Choose ] [Choose ] [Choose ] [Choose ] 10 MEXICO PPF Brooms
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