Good XCountry 1Country 2150Good X12095809072ICr626050IC30351833 45 55 6078Good Y3090120150Good YUse the figure above to answer the following question: How much is Country 2 consuming inautarky?O 72 of Good X and 83 of Good Y and Country 1 is consuming 60 of Good X and 53 of Good Y.O 62 of Good Y and 60 of Good X and Country 1 is consuming 30 of Good X and 55 of Good Y.62 of Good X and 60 of Good Y and Country 1 is consuming 55 of Good X and 30 of Good Y.62 of Good X and 60 of Good Y and Country 1 is consuming 30 of Good X and 55 of Good Y.

An autarky refers to the economic situation when a country believes in self-reliance and try to…

Answered: Country 1 Country 2 150 Good X 120 95…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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[MUST SHOW WORKI You and your friend Tom are stranded on a deserted island and need to survive by collecting firewood and fishing for food. You can collect 8 logs per hour or 200 calories of fish per hour. Your friend Tom can collect 3 logs per hour or 500 calories of fish per hour. Who has an absolute advantage in collecting firewood? Select one: O A. Both You and Tom. O B. Neither You nor Tom. O C. You. O D. Tom. O E. Impossible to calculate without more information.
3. Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From its available resources and technology Country A can produce 100 t-shirts and 0 sneakers or 0 tshirts and 200 sneakers or any combination of t-shirts and sneakers that sits on Country A’s linear PPF. From its available resources and technology Country B can produce 50 t-shirts and 0 sneaker or 0 t-shirt and 50 sneakers or any combination of t-shirts and sneakers that sits on Country B’s linear PPF. a. On two separate graphs draw the PPF for Country A and Country B. Measure t-shirts on the vertical axis and sneakers on the horizontal axis. b. Write an equation in slope-intercept form for the PPF for Country A. c. Write an equation in slope-intercept form for the PPF for Country B
Mitchell and Scott can produce either apples or oranges. The table lists the maximum number of each that they can produce per day. Apples Oranges Mitchell 6 30 Scott 12 24 Which of the following combinations of goods is it possible for Mitchell and Scott to consume if they can trade apples and oranges on the world market at a price of $6/kg for apples and $1/kg for oranges? 15kg of apples and 18kg of oranges 15kg of apples and 20kg of oranges 10kg of apples and 50kg of oranges Okg of apples and 108kg of oranges
which seems to be correct?
Question 14 The illustrates the various combinations of output that a society can produce if all of its resources are being used efficiently. O production possibilities frontier (PPF) O law of positive statements O principle of comparative advantage concept of absolute advantage O law of demand
Which panel below shows a comparative advantage in the production of almonds? Almonds 0 1 2 3 4 5 6 7 Snowboards Almonds B Need help on this question? B 1 2 3 4 5 6 7 Snowboards Almonds 2 3 4 5 6 7 Snowboards Almonds D 1 2 3 4 5 6-7 Snowboards
Sulan oil. 2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) 300 200 100 0 Active Land also produces only food and suntan oil, and its production possibilities are: Draw the two PPFs 300 250 200 150 LOO Food (pounds per month) 150 100 50 0 50 100 200 Food 300 Sutan o.1 300 250 200- 150. loo 50 Suntan oil (gallons per month) 0 50 100 150 Suntan oil (gallons per month) 0 100 200 300 100 Active land's PPF 200 1,00 Food a. What are the opportunity costs of food and suntan oil in Happy Land? b. Why are the opportunity costs the same at each output level? c. What are the opportunity costs of food and suntan oil in Active Land? I pound of food is ons gations upoil 2 gallons of ot d. If each nation specialized where they have a comparative advantage, and then traded, find the acceptable ranges for trade. 1 pound of food would have to trade between which values of suntan oil? 1 pound of suntan oil would have to…
need help 10 Pancakes 90 8 7 6- 5 4 3 2 1- 0- 0 1 2 3 4 5 6 Eggs When is the opportunity cost of one pancake the highest? O 0 pancakes O 2 pancakes O 4 pancakes O 6 pancakes O 8 pancakes O 9 pancakes 7 8 9 10
QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
The production possibilities curve below shows the hypothetical relationship between the production of guns (national defense) and butter (social goods) in an economy. Combination A B C D E Guns O 20 60 80 100 Butter 8 6 4 2 0 Your response should be a number ONLY. 1. What is the marginal opportunity cost of moving from 2 to 4 units of butter? Guns. 2. What is the total opportunity cost of producing the four (4) unit of butter? Guns
Adjust the production possibilities frontier (PPF) to show the economy's new production possibilities after the deterioration of infrastructure. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. QUANTITY OF CARS (Millions) 24 16 0 0 O 5 OO PPF 10 QUANTITY OF COMPUTERS (Millions) 15 Suppose society faces a broad tradeoff between allocating resources to the production of investment goods (computers) and consumption goods (cars) before the deterioration of infrastructure described above. PPF Which of the following events would be most likely to lead to the deterioration of infrastructure you just illustrated? Increasing production of investment goods and decreasing production of consumption goods Decreasing production of investment and consumption goods Increasing…
1 20 3. 4 9. 100 110 12 13 14 15 160 17C 18 19 20 31 21 22 23G 24 25 u. DOI (a) ana (C). O e. Both (b) and (c). O f. None of the above. QUESTION 4 Which of the following is true about exchange economies? O a. All core allocations are efficient. O b.In 2-person exchange economies, the core is equal to the set of efficient allocations that is also mutually beneficial relative to initial endowments. O c. In n-person exchange economies (with n>2), the core is smaller than the set of efficient allocations that is also mutually beneficial relative to initial endowments. O d. (a) and (b) are true. O e. (a) and (c) are true. O f. (b) and (c) are true. O g. All of the above are true. O h. None of the above are true. QUESTION 5 Which of the following is true about competitive equilibria in environments where the conditions of the first welfare theorem are satisfied? O a. We have to be able to represent the demand side of the economy by a representative consumer. O b.Consumer surplus is smaller…

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