Carolyn and Jen each run a food cart that sells pretzels and hot dogs. Carolyn can produce and sell 790 pretzels or 410 hot dogs in an 8-hour shift. Jen lives in a different city and can only sell for a 6-hour shift, but in that time she can produce and sell 670 pretzels or 240 hot dogs. Complete parts a through e below.a) Calculate the opportunity costs of each food item for both Carolyn and Jen.For Carolyn, the opportunity cost of a pretzel is hot dog(s).For Carolyn, the opportunity cost of a hot dog is pretzel(s).For Jen, the opportunity cost of a pretzel is hot dog(s).For Jen, the opportunity cost of a hot dog is pretzel(s).(Type an integer or decimal rounded to two decimal places as needed.)b) Does anyone have a comparative advantage in either food? Why or why not?has a comparative advantage in pretzels, sincea comparative advantage in hot dogs, sincec) Calculate the productivity of Carolyn and Jen for both goods.Carolyn's productivityipretzels is pretzel(s) per hour.Carolyn's productivity in hot dogs is hot dog(s) per hour.Jen's productivity in pretzels ispretzel(s) per hour.Jen's productivity in hot dogs is hot dog(s) per hour.(Type an integer or decimal rounded to one decimal place as needed.)d) Does anyone have an absolute advantage in the production of either good? Why or why not?V has an absolute advantage in pretzels, sinceV has an absolute advantage in hot dogs, sincee) Suppose Carolyn and Jen decide to merge, becoming one large vendor in Carolyn's town. How should they divide the cooking of the pretzels and hot dogs between them? Why?since Carolyn hasand Jen has

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1A. What is the opportunity cost of moving from point A to point B? 1.B. What is the opportunity cost of moving from point B to point A?
2. Comparative and absolute advantage Loc and Ashima are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. Loc (spuna Ashima On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ashima's PPF. 140 126 112 98 Zucchini (Pounds per acre) 10 18 84 Watermelon (Pounds per acre) 5 6 Loc's PPF Ashima's PPF ? A-Z bongo A+
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Suppose Jim and Tom can both produce two goods: baseball bats and hockey sticks. Which of the following is not possible? a. Jim has an absolute advantage in the production of hockey sticks and a comparative advantage in the production of baseball bats. b. Jim has an absolute advantage in the production of baseball bats and a comparative advantage in the production of hockey sticks. c. Jim has an absolute advantage in the production of baseball bats and in the production of hockey sticks. d. Jim has a comparative advantage in the production of baseball bats and in the production of hockey sticks.
1 Assume that Great Britain and the United States can both produce wheat (W) and cloth (C). The amount of wheat and cloth that each nation can produce in one day is presented in the table below. Comparative Advantage Wheat Cloth Great Britain 140 480 United States 1,120 560 Instructions: Round your answers to two decimal places. еВook a. Use the information above to compute the opportunity cost of 1 unit of wheat in each country. For Great Britain, the opportunity cost of producing 1 unit of wheat is 3.42 unit(s) of cloth. Print For the United States, the opportunity cost of producing 1 unit of wheat is 0.5 unit(s) of cloth. b. Use the information above to compute the opportunity cost of producing 1 unit of cloth in each country. References For Great Britain, the opportunity cost of producing 1 unit of cloth is 0.29 unit(s) of wheat. For the United States, the opportunity cost of producing 1 unit of cloth is 2 unit(s) of wheat. c. With mutually beneficial trade, wheat will be exported…
Using the numbers in the table, determine which country has a comparative advantage in producing each product. Output per Hour of Work Switzerland Canada Smartphones 8 5 Which of the following statements is true? A. The opportunity cost for Canada to produce one Smartphone is 0.60 Fitness Bracelet. B. The opportunity cost for Switzerland to produce one Fitness Bracelet is 1.25 Smartphones. OC. The opportunity cost for Switzerland to produce one Smartphone is 0.80 Fitness Bracelet. OD. The opportunity for Canada to produce one Smartphone is 1.67 Fitness Bracelets. Fitness Bracelets 10 3
What is comparative advantage based on? A. dollar price B. labour costs C. opportunity costs D. capital costs
please solve for both tables
On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. ZUCCHN (Pune) 3152832 144 30 0 9 400 40 40 72000 WATERMELON (Pounds) watermelon, NO 160 240 David's opportunity cost of producing 1 pound of zucchini is pound of zucchini is David's PPF 1x Morgan's PPF has an absolute advantage in the production of watermelon, and has an absolute advantage in the production of zucchini. pounds of watermelon, whereas Morgan's opportunity cost of producing 11 opportunity cost of producing zucchini than Morgan, has a comparative advantage in the production of pounds of watermelon. Because David has a has a comparative advantage in the production of zucchini, and
For each watch Marina produces, it gives up the opportunity to make 50 pounds of cheese. Cambria can produce one watch for every 100 pounds of cheese it produces. If specialization and trade were to occur betwee these two countries, which of the following is true with regard to opportunity costs in the two countries? a. The opportunity cost of producing cheese is higher in Marina than Cambria. b. The opportunity cost of producing cheese is identical in both countries. c. In both countries combined, the opportunity cost of one watch is 150 pounds of cheese. d. The opportunity cost of producing watches is lower in Cambria than Marina. e. The opportunity cost of producing watches is higher in Marina than Cambria.
An economy has two workers, Bella and Edward. Per day of work, Bella can pick 45 apples or 90 bananas, and Bill can pick 60 apples or 60 bananas. Bella and Edward each work 200 days per year. a. Bella's opportunity cost of picking one more apple is (Click to select) Edward's opportunity cost of picking one more apple is (Click to select) (Click to select) has a comparative advantage in apple picking. (Click to select) has an absolute advantage in apple picking. b. Assuming that only one fruit is picked in this economy, then the maximum number of each type of fruit that can be picked annually is either apples or bananas. c. If each worker fully specializes according to his or her comparative advantage, the maximum number of apples that can be picked annually is and the maximum number of bananas is
Tony and Lan produce bicycles and scooters. Tony's opportunity cost of 1 bicycle is 4 scooters and Lan's opportunity cost of 1 bicycle is 3 scooters. Then Select one: a. Lan has a comparative advantage in the production of both bicycles and scooters. b. Tony has a comparative advantage in the production of both bicycles and scooters. c. Lan has a comparative advantage in the production of bicycles. d. Tony has a comparative advantage in the production of bicycles.

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