KTory and Patty produce skis and snowboards. The tables show their production possibilities.Each week, Tony produces 4 snowboards and 8 skis and Patty produces 15 snowboards and 30skis. Tony and Patty decide to specialize and trade.If Tony and Patty specialize and trade, what are the gains from trade?specializes in snowboards and producesOA Tony, 20 snowboardsOB Tony, 4 snowboardsOC. Patty; 15 snowboardsOD. Patty: 30 snowboardsOE Tony; 60 snowboardsspecializes in skis and producesCETTEOA. Patty; 60 skisOB. Patty, 30 skisOC. Tony: 8 skisOD. Tony, 10 skisOE. Patty: 20 skisBy specializing and trading, total outputTony's Production PossibilitiesSnowboards(per week)Patty's Production Possibilities201612B40Snowboards(per week)30150andandandandandandandandandSkis(per week)0246810Skis(per week)03060

The objective of this question is to determine the gains from trade when Tony and Patty specialize…

Answered: K Tory and Patty produce skis and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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24. Produceaumlus is a. The difference between the marginal benefit of consuming, the good and the marginal cost of producing the good. b. The difference between the willingness to pay for the good and the marginal cost of producing the goud, The difterence between thke ph and the magalaol) gIrodicine the g29d. d. The difference between the market price and the willingnesyto pay for the good.
The table above gives four production possibilities for airplanes and cruise ships. In possibility A, how many resources are devoted to the production of airplanes? A. all B. few C. most D. O E. It is impossible to tell without more information about the prices of airplanes and cruise ships.
Wichita — Farmers in Kansas, the biggest US producerof wheat, are abandoning their crops damaged by severedrought and cold.Some are spraying wheat fields with crop-killingchemicals and claiming insurance payouts in the beliefthat it is not worth harvesting the little grain that thereis, Reuters found on a three-day tour of the state. Othergrowers let cattle graze on the dismal-looking fields.Abandoning fields will reduce the crop of the world’sfifth-largest wheat exporter, with stocks expected to fallto a 16-year low. Large-scale abandonment deals aneconomic blow to farm towns and force wheat buyersto adjust procurement plans by buying the staple grainelsewhere.Nationally, winter-wheat farmers plan to abandon 33%of the acres they planted, the highest percentage sinceWorld War 1, the US department of agriculture said ina May 12 report.Kansas farmers are expected to abandon about 19% ofthe area planted last autumn, up from 10% in 2022 and4% in 2021, according to the report. But farmers,…
50 45 40 35 30 25 20 15 10 5 ↑lamps V Z WAY 10 20 30 40 50 60 70 80 notepads An economy is operating at point Y. They should move to point Z O it doesn't matter where they are on the frontier/curve. O if the society wanted more lamps. if the demand of lamps increases. O if the price of notepads increases.
Table 1 Minnie Hats Umbrellas Mickey 50 40 10 5 Table 1 shows the output per week of two people, Minnie and Mickey. They can either devote their time to making hats or making umbrellas. 1) Refer to Table 1. Which of the following statements is true? A) Mickey has an absolute advantage in making both products. B) Minnie has an absolute advantage in making both products. C) Minnie has an absolute advantage in making hats and Mickey in making umbrellas. D) Minnie has an absolute advantage in making umbrellas and Mickey in making hats. 2) Refer to Table 1. What is Minnie's opportunity cost of making a hat? A) 1/5 of an umbrella B) 1/4 of an umbrella C) 4 umbrellas D) 10 umbrellas 3) Refer to Table 1. What is Mickey's opportunity cost of making a hat? A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas 4) Refer to Table 1. Which of the following statements is true? A) Minnie has a comparative advantage in making both products. B) Mickey has a comparative advantage in…
QUESTION 1 To ensure that trade benefits all parties involved, a, the trade must involve services as well as goods. b. the trade must be voluntary. c. there must be a difference in comparative advantage. d. specialization through training must occur. O e. money must be exchanged. QUESTION 2 When is marginal analysis needed to make a decision? a, when the choice is between doing more or less of something b. when the choice is between doing something and not doing something c. when the choice is between actions with a quantifiable monetary value d. when the choice is between actions that cannot be assigned a monetary value e. when the choice is between doing something and doing the exact opposite
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pls, solve this ques within 10-15 minutes with clear explanations and also explain why other options are wrong I'll give you multiple upvotes.
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According to the big tradeoff in economics, sharing the pie more equally ________.a. makes it smallerb. makes it biggerc. is the right thing to do regardless of the size of the pied. has no influence on its size
An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased business

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