Opportunity Costs (Unit 2) Sri Lanka and Peru produce cloth and fish according to the following table: Sri Lanka k Peru Cloth (millions) 19 15 Fish (millions) 21 18 What is Peru's cost of making 23 units of cloth? (i.e. its opportunity cost) Round your answer to two (2) decimal places, and include units of "cloth" or "fish", eg. "31.62 cloth or 15.71 fish"

17. Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit opportunity cost of cloth in Portugal is ____ bottles/yard. (Please do NOT reduce fractions to decimals.)

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Hours Needed to Make 1 Unit of Sweaters Cakes Sweden 1 Iceland 5 4 2 8 units of sweaters and 10 units of cakes 24 units of sweaters and 15 units of cakes Refer to Table 3-3. Assume that Sweden and Iceland each has 40 labor hours available. If each country divides its time equally between the production of sweaters and cakes, then total production is 40 units of sweaters and 20 units of cakes Number of Units Produced in 40 Hours Sweaters Cakes 48 units of sweaters and 30 units of cakes 40 8 10 20

Below table shows the production possibilities for the country of Emilon:

мсаз Austria can produce 1 unit of food using 12 hours of labour time and 1 unit of machinery using 4 hours. In Greece it takes 8 hours of labour time to produce 1 unit of food and 4 hours to produce 1 unit of machinery. These productivity conditions imply: A I do not want to answer this question. Austria has an absolute advantage in machinery production C Greece has an absolute advantage in machinery production Austria has a comparative advantage in machinery production E Neither country has a comparative advantage in machinery production F Greece has a comparative advantage in machinery production

A clothing factory manufactures leather as well as denim jackets. Suppose the opportunity cost of manufacturing one more leather jacket is 1.5 denim jackets. In this case, the opportunity cost of a denim jacket is how many leather jackets? (Round your answer to 2 decimal places.)

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Production Opportunities Hours Needed to Make 1 Unit of Number of Units Produced in 40 Hours Cheese Wine Cheese Wine England 1 4 40 10 France 5 2 8 20 Refer to Table 3-3. Assume that England and France each has 40 labor hours available. If each country divides its time equally between the production of cheese and wine, then total production is 8 units of cheese and 10 units of wine 24 units of cheese and 15 units of wine 40 units of cheese and 20 units of wine b 48 units of cheese and 30 units of wine