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?
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- The figure below depicts the production possibilities curve (PPC) of a country. It also depicts the consumption possibilities curve (CPC) when the country is engaged in trade with one other country. Point C is this country's consumption when that trade occurs. Quantity of 350 good y 300 250 200 150 100 50 0 0 20 40 19 C 60 80 100 120 Quantity of good x Calculate how much this country trades with the other country in good y when the two countries engage in free trade. Enter a whole number only. Enter a positive number if this country exports good y, and a negative number if it imports it. Enter O if the answer cannot be obtained with the information given. Since this is a graphical question, approximate answers (within 20 of the exact answer) are accepted. Hint: consider how much the country produces and consumes this good.Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. Draw Martha's daily PPC. Draw Julia's daily PPC. What is the opportunity cost to each of making one loaf of bread? What is the opportunity cost to each of making one muffin? Who has the comparative advantage in making bread? Why? Who has the absolute advantage in making bread? Why? Suppose you are the owner of the bakery. If Julia and Martha are currently both spending all of their time making muffins, then which of them should you ask to start making bread? Draw the combined daily PPC of Martha and Julia. Suppose you are the owner of the bakery. If you want 500 muffins to be made in a day, then how are you going to assign the work between Martha and Julia?Suppose that in the country of England, two goods can be produced on available agricultural land: wine and wool. Suppose that the opportunity costs of production are constant, so that the PPF is a straight line. Further, when all resources are devoted to wine production, England can produce 200 (thousand) barrels. When all resources are devoted to wool production, England can produce 400 (thousand) bushels of wool.What are the opportunity costs in England of producing a bushel of wool?
- 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 bushel of wool?The table below shows how many millions of cars and trucks each country can produce in one year. Based on the information, which of the following is true? Maximum Country Country outputs A B CARS 30 m 35 m TRUCKS 6 m 21 m Copyright: www.economicsonline.co.uk Country A has the comparative advantage in trucks Country B has the comparative advantage in cars Country A has the comparative advantage in cars Country A has the absolute advantage in carsUse the following production possibilities frontier for a country to answer the following questions. Which point(s) are unattainable? Briefly explain why. Point A because it is inside the production possibilities frontier. Point E because it is outside the production possibilities frontier. E All the points because the production of each has an opportunity cost. C None of the points because they all are feasible. Points B, C, and D because they are on the production possibilities frontier. A D PPE Consumption goods -... Capital goods
- Draw two Linear Production Possibilities Curves for two countries: Portugal and England and two products :Wine (kegs) and Cloth (Sheets). On Portugal's graph show the maximum production per worker of cloth sheets of 100 units on the Y axis. On the X axis show the maximum production of Wine at 150 kegs. For England's graph show the outputs at 90 cloth sheets on the Y axis and 60 Wine kegs on the X axisUse the following production possibilities frontier for a country to answer the following questions. Which point(s) are unattainable? Briefly explain why. O Point A because it is inside the production possibilities frontier. All the points because the production of each has an opportunity cost. B E Point E because it is outside the production possibilities frontier. None of the points because they all are feasible. A Points B, C, and D because they are on the production possibilities frontier. Which point(s) are efficient? Briefly explain why. A Points A, B, C, and D because they are attainable. O Points B, C, and D because this is where maximum output is produced with available resources. PPF Point A because it is inside the production possibilities frontier. Point E because it is where the most capital and consumption goods combined are produced. Consumption goods O Point B because it is where the most resources are used to produce capital goods. Which point(s) are inefficient?…Before the first Gulf War, Kuwait had the capacity to produce a certain amount of oil from its oil wells. After the war, it found that capacity greatly diminished because the oil wells were on fire. Draw Kuwait's PPF before and after the war, assuming that the only two goods produced are oil and food. Further assume that setting the oil wells on fire did not affect Kuwait's ability to produce food. Explain why the PPF before the war is different from the PPF after the war.
- Andrew and Beth are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Andrew 18 6. Beth 28 7How could a country shift its production possibilities curve to the right through improved technology?The following table shows the production of cows’ milk and potatoes per unit of input in the hypothetical countries of St. Claire and St. Paul. Use the following table to answer the questions. St. Claire St. Paul Cow’s Milk 100 liters 50 liters Potatoes 150 liters 60 kilos a) What is the opportunity cost of producing one liter of cows’ milk in St. Paul? b) Which country has the comparative advantage in the production of cows’ milk? c) What is the opportunity cost of producing one kilo of potatoes in St. Claire?