Meanwhile, in the country of Portugal, wool and wine can also be produced according to a linear PPF. However, when all resources are devoted to production of wine, Portugal can produce 100 barrels, but when all resources are devoted to wool production, portugal can produce 50 bushels. What are the opportunity costs in Portugal of producing a barrel of wine?

Meanwhile, in the country of Portugal, wool and wine can also be produced according to a linear PPF. However, when all resources are devoted to production of wine, Portugal can produce 100 barrels, but when all resources are devoted to wool production, portugal can produce 50 bushels. What are the opportunity costs in Portugal of producing a barrel of wine?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Derive the production possibilities frontier (PPF) for Home and Foreign and plot it in a graph with good x in the horizontal axis and good y in the vertical axis.
The Table below shows the amount of labor hours needed to produce cars and airplanes by Japan and Korea. Assume that each country has 2400 hours of labor available. If we were to draw the PPF for Japan and Korea putting cars in the horizontal axis, then: Table Labor Hours Needed to Make 1 Car 30 50 Airplane 150 150 Japan Korea O the slope of Japan's PPF would be -5 and the slope of Korea's PPF would be -3 the slope of Japan's PPF would be -0.2 and the slope of Korea's PPF would be -0.33 the slope of Japan's PPF would be -0.25 and the slope of Korea's PPF would be -0.33. O the slope of Japan's PPF would be -5 and the slope of Korea's PPF would be -0.33.
Without trade, Jake consumes 20 pounds of green beans and 80 pounds of corn, and Jane consumes 40 pounds of green beans and 40 pounds of corn. If the terms of trade are 1 pound of green beans for 3 pounds of corn, and Jake sells Jane 72 pounds of corn after specialization, then Jake consumes _______ pounds of green beans and _______ pounds of corn.
The PPC above shows production possibilities for a country that can produce a maximum of 50 chickens or 90 pigs in a year. If the country wanted to produce the last chicken, the opportunity cost of producing the final chicken is ___ pigs.
Level 2: Opportunity Cost, Comparative Advantage, and Specialization The opportunity cost of gathering firewood is then the calories of fish given up per log of firewood gained. (Fill in the blanks in the formula and perform the calculation). Opportunity Cost of Gathering = cals fish logs woo = calories per log
Given: Suppose the United States (US) and Canada (CAN) produce two goods: cars and food. For each country, the production possibilities frontier (PPF) data and graph are provided below. Table: US PPF Plan Cars Food A B C 0 150 50 0 LEJ 40 30 Table: CAN PPF Plan Cars Food 0 200 F 150 0 90 80
An American worker can produce either 5 cars or 8 tons of grain a year. A Japanese worker can produce either 4 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton of Grain United States Japan Use the blue line (circle symbol) to graph the production possibilities frontier for the American economy. Then use the green Iline (triangle symbol) to graph the production possibilities frontier for the Japanese economy. 500 450 U.S. 400 350 Japan 300
Calculate the present worth of all costs for a newly acquired machine with an initial cost of $30,000, no trade-in value, a life of 12 years, and an annual operating cost of $16,000 for the first 5 years, increasing by 10% per year thereafter. Use an interest rate of 10% per year. The present worth of all costs for a newly acquired machine is determined to be $ __________ plz answer correct asap help Dont answer by pen pepar
0:25:00 13 of Lauren and Andrew can produce cherries or papayas. If they spent their day on producing either of the two goods, Lauren can produce up to 30 cherries or 10 papayas and Andrew can produce up to 50 cherries or 10 papayas. Lauren's opportunity cost of producing 1 papaya is Andrew's opportunity cost of producing 1 papaya is Lauren has the comparative advantage in advantage in → papaya. ◆ cherries. ◆ cherries. and Andrew has the comparative Lauren and Andrew can gain from trading if the price falls between → cherries for 1 Lauren and Andrew can produce cherries or papayas. If they spent their day on producing either ond Androw can produce
Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Home warya Ekoti Dmitri can produce 5 apples in one hour and 10 bananas in one hour. Which of the following is Assignments true? Discussions Grades ount Cassidy has absolute advantage in producing bananas. Syllabus Cassidy has comparative advantage in producing bananas. |Quizes board Dmitri has comparative advantage in producing apples. Modules urses Cassidy has absolute advantage in producing apples. 28 pups D Question 2 endar box Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Dmitri can produce 5 apples in one hour and 10 bananas in one hour. What is Cassidy's story opportunity cost of producing bananas? Help O 6 minutes O 12 minutes O 1/2 apple O 2 apples
There are two countries, Atlantis and Thule, and two goods, Clothing (C) and food (F) In Atlantis, it takes 3 units of labour to produce a unit of Clothing and 3 units of labour to make a unit of Food. In Thule, a unit of Clothing requires 2 units of labour, and a unit of Food requires 5 units of labour. Assume that Atlantis has 300 units of labour, and Thule has 500 units of labour. (a) What is the opportunity cost of Food in terms of Clothing in each country? (b) Which country has an absolute advantage in which good? (c) Which country has a comparative advantage in which good? Why? (d) Draw the production possibilities frontier for each country (put Food on the horizontal axis). Label axes and slopes. (e) Draw the world production possibilities frontier (assuming labour does not move between countries). Again, put Food on the horizontal axis. Label axes and important points on - 2 - the diagram. (f ) Draw the world relative supply curve (labelled RS) for F/C with the relative price…
Sam can brew 5 gallons of root beer in an hour or he can make 4 pizzas in an hour. Ben can brew 7 gallons of root beer in an hour or he can make 5 pizzas in an hour. Who has an absolute advantage in making pizza? [ Select ] ["Ben", "Sam"] Who has a comparative advantage in making pizza? [ Select ] ["Sam", "Ben"]