QUESTION 11 Wine 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth (c) 1 yard of cloth O (d) 1/3 yard of cloth (e) 3 yards of cloth wine SERESSATO 90 80 70 60 50+ 40+ 30 20 10 0 0 England PPF CPF 10 20 30 40 50 60 cloth 11. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what is the relative price (opportunity cost) of wine in England, before trade begins? O (a) 1/2 yard of cloth O (b) 2 man-hours/bottle Save All Ans

QUESTION 11 Wine 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth (c) 1 yard of cloth O (d) 1/3 yard of cloth (e) 3 yards of cloth wine SERESSATO 90 80 70 60 50+ 40+ 30 20 10 0 0 England PPF CPF 10 20 30 40 50 60 cloth 11. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what is the relative price (opportunity cost) of wine in England, before trade begins? O (a) 1/2 yard of cloth O (b) 2 man-hours/bottle Save All Ans

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG D
Section II Diagrams and 1. Draw a PPC diagram, show one unattainable and one inefficient production combination of a firm that produces volleyball and basketball can choose. [3 marks] thto non do W. Dloz prow
QUESTION 28 You are the Minister of Trade for a small island country in the South Pacific with the following monthly production possibilities curve: 500 450- 400 350 300+ 250 200 150 100 50 ↑lemonade 500 450 400 350 300 250 200 150 100 You are negotiating a deal with a neighboring island that has the following monthly PPC: 50 100 150 200 250 300 350 400 pias ↑lemonade 50+ 50 100 150 200 250 300 350 400 Refer to the graphs above. Both countries specialize exclusively in the product for which they have a comparative advantage. You have agreed to sell them 160 bottles of lemonade in exchange for 100 pizzas. After the trade, your country has a total of bottles of lemonade and pizzas. A. 400; 100. B. 400; 200. O C. 160; 200. ++ pizzas D. 240; 100.
QUESTION 12 wine 88185432 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth wine 8818588 90 80 70- 60 +09 40 30- 20 England PPF CPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
Figure 1 CASHEWS (Pounds) 400 360 320 + 280 240 Peru's PPF 200 160 120 A O 80 40 15 hour Refer to Figure 3-2. If the production possibilities frontier shown is for 32 hours of production, then how long does it take Peru to make one pound of cashews? hour 1 2 3 hours 7.5 hours 3 4 5 6 7 8 PEANUTS (Pounds) 9 10
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Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?
25. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in wine? a) Portugal b) England c) Both d) Neither e) Cannot tell
QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X
wine 90 80 70 60 50. D012 mani 40 30 20 10 PPF Portugal (c) 1 bome of (0)2 bottles of sine (0)3 bottles of wine CPF of t 0 10 20 30 40 50 60 cloth 11. What is the elave price opportunity cost of col in England, betere trade beges? A) 1/2 yard of cloth wine 90 80 70 60 50 40 30 20 10 England PPF CPF 0 10 20 30 40 50 60 cloth