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ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2 Consider the Egeworth box diagram for Sber and jing each working for one week, but splitting their time to produce both cheese and wine. Use this diagram to answer the following questiona 40 25 Sag's P Sahar's P 25 Choese (Ihe) 30 A (1) How much wine and cheese in Saber producing at poiat A? (2) What is the total amount of wine and cheese produced by Saber and Jing at point C1) Write an inequality comparing wine productivities (une numbers and unita) to show that Jing has an absolute advantage in wine. D. (2) Write an inequality comparing the opportunity costs of cheese (use numbers and units) to show that Saher has a comparative advantage in cheese E (1) What would be the total output ef cheese and wine if Saber specialized in wine and Jing specialized in cheese? F. (2) What would be the total output of cheese and wine if Saher and Jing specialized in their comparative advantage goods? G. (1) What is a plausible free trade terms of trade (Pc/Pw) if Saher and Jing specialize and trade? H. (1) In an economic model, what would motivate Saher and Jing to specialize and trade?
Transcribed Image Text:2 Consider the Egeworth box diagram for Sber and jing each working for one week, but splitting their time to produce both cheese and wine. Use this diagram to answer the following questiona 40 25 Sag's P Sahar's P 25 Choese (Ihe) 30 A (1) How much wine and cheese in Saber producing at poiat A? (2) What is the total amount of wine and cheese produced by Saber and Jing at point C1) Write an inequality comparing wine productivities (une numbers and unita) to show that Jing has an absolute advantage in wine. D. (2) Write an inequality comparing the opportunity costs of cheese (use numbers and units) to show that Saher has a comparative advantage in cheese E (1) What would be the total output ef cheese and wine if Saber specialized in wine and Jing specialized in cheese? F. (2) What would be the total output of cheese and wine if Saher and Jing specialized in their comparative advantage goods? G. (1) What is a plausible free trade terms of trade (Pc/Pw) if Saher and Jing specialize and trade? H. (1) In an economic model, what would motivate Saher and Jing to specialize and trade?
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