Please correct answer and don't use hand rating Previous PigNext PagePage 30 of 30Question 30West Virginia is located on mountains that contain large amount of coal. Thus, WestVirginia provides the United States with a comparative advantage in coal productiondue toSpecialized skillsMass productionRelatively abundant inputsPage 30 of 30

Option a) Specialized skills: This option is incorrect because it involves a workforce with unique…

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Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 5PA

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Table 33.15 shows how the average costs of production for semiconductors (the chips In computer memories) change as the quantity of semiconductors built at that factory increases. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers.
What is comparative advantage?
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Suppose earlier they used to decide half of their in producing Apple pies and remaining half in producing Cupcakes. Now they have decided to "specialize" in accordance to their comparative advantages. Then in a work week that consists of 5 work days, the output of Apple pies and cupcakes will increase by the amount of b C Quantity of Apple Pies d 100 40 PPFDavid Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 30 Apple pies and 100 Cupcakes respectively 200 Quantity of Cupcakes 200 Apple pies and 350 Cupcakes respectively PPFAlexis 150 Apple ples and 500 Cupcakes respectively 400 250 Apple pies and 100 Cupcakes respectively
1. The countries France and Italy produce Perfumes and Leather Coats using only labor as an input. AvailableLabor for France and Italy is 3000 and 1000 respectively. Unit of labor per Leather Coat in France is 6 units and inItaly are 2 units. France needs 2 units of labors to produce 1 bottle of Perfume and Italy needs 4 unit of labor. a) Draw the Production Possibility Curve by using relevant information. b) Which country has the comparative advantage in producing Perfume?
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Q13
Qus4 If one person has the absolute advantage in producing both of two goods, then that person Group of answer choices cannot have a comparative advantage in either good should specialize in the production of both goods will have the comparative advantage in only one good cannot benefit from trade must also have a comparative advantage in both goods
Quèstion 16 any point under the production possibility frontier represent O unemployment O inflation O growth O efficiency

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Previous Pig Next Page Page 30 of 30 Question 30 West Virginia is located on mountains that contain large amount of coal. Thus, West Virginia provides the United States with a comparative advantage in coal production due to Specialized skills Mass production Relatively abundant inputs Page 30 of 30