Answered: (B) Sara can produce 50 bags or 500… | bartleby

Essentials of Economics (MindTap Course List)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section3.2: Comparative Advantage: The Driving Force Of Specilization

Problem 2QQ

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(B) Sara can produce 50 bags or 500 apple juices in an hour, John can produce 150
bags or 250 apple juices in an hour. Who has a comparative advantage in producing
bags? Who has a comparative advantage in producing apple juices?
(3)

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What is comparative advantage?
5
In Italian restaurant, Jack needs 1 hour and a half to prepare pizza and 1 hour to make lasagna. Pascal needs 2 hours to make a pizza and 1 hour and a half to make a lasagna. Which one has the comparative advantage in preparing pizza, in preparing lasagna. Explain your answer. Which one has the absolute advantage in preparing lasagna, in preparing Pizza. Explain your answer.
In Italian restaurant, Jack needs one hour and a half to prepare pizza and one hour to make lasagna. Pascal needs two hours to make a pizza and one hour and a half to make a lasagna. Which one has the comparative advantage in preparing pizza, in preparing lasagna. Explain your answer. Which one has the absolute advantage in preparing lasagna, in preparing Pizza. Explain your answer.
7. Two people make up a small economy producing oats and/or shirts. The table below shows the maximum each individual can produce in one day for each good (and any linear combination). Sam Lindsay Oats 300 150 Shirts 100 75 a) Who has the comparative advantage in producing Oats? In producing shirts? b) In terms of shirts, what is the cost of producing one unit of oats for Sam? For Lindsay? c) If the total number of shirts produced is 100, then how many units of oats will be produced if production takes place according to comparative advantage?
New Zealand in one year can raise 75 tons of beef or produce 750 boxes of tulips. In the same growing season, Belgium can raise 40 tons of beef or produce 650 boxes of tulips. From this information, we know that: A) New Zealand has a comparative advantage in raising beef. B) New Zealand has a comparative advantage in raising tulips. C) Belgium has a comparative advantage in raising beef. O D) Belgium has an absolute advantage in raising beef.
Tina can allocate her 8-hour day between baking and cooking. Each hour devoted to baking yields 2 cakes whereas each hour spent cooking produces 4 plates of food. Tina's neighbor, Ingrid, can produce 3 cakes or 4 plates of food per hour. Who has the absolute advantage in the production of cakes? Who has absolute advantage in the production of food? Who has a comparative advantage in the production of cakes? Who has a comparative advantage in the production of food? What is the opportunity cost for food?
Tina can produce any of the following combinations of goods X and Y: (a)100X and 0Y; (b) 50X and 25Y, and (c) 0X and 50Y. David can produce any of the following combinations of goods X and Y: (a) 50X and 0Y, (b) 25X and 40Y, and (c) 0X and 80Y. Who has a comparative advantage is in the production of good X? Of good Y? Explain your answer.
I am eight hour day Andy can produce either 24 loaves of bread or 8 kilograms of butter. In an eight hour day Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. a)what is Andy's opportunity cost of producing one loaf of bread? What is rolfes opportunity cost of producing one loaf of bread b) who has the comparative advantage in bread production? Who has comparative advantage in butter production? c)would they both gain from specialization and trade in other each other? Show it through a numerical example
How do I find the solution?
Jared takes 10 minutes to wash dishes and 20 minutes to write a paper. Jason takes 10 minutes to wash dishes and 30 minutes to write a paper. Which of the following statements is correct? Jared has a comparative advantage in writing a paper. O Jared has absolute advantage in writing the paper. Jared has a comparative advantage in washing dishes. O Jared has absolute advantage in washing the dishes.
Table 3-23 Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Pork Tomatoes Pork Tomatoes Farmer 16 3 14 18 Rancher 14 16 16 Refer to Table 3-23. Assume that the farmer and the rancher each has 24 labor hours available. If each person spends all his time producing the good in which he has a comparative advantage, then total production is a. 4 pounds of pork and 6 pounds of tomatoes. b. 6 pounds of pork and 8 pounds of tomatoes. c. 4 pounds of pork and 8 pounds of tomatoes. d. 6 pounds of pork and 6 pounds of tomatoes.

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