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- Can you answer, please?Consider an economy with just one technique available for the production of each good. Good Labor per unit output Land per unit output Food 1 2 Cloth a. Suppose land is unlimited but labor equals 100. Write and sketch the production possibility frontier. b. Suppose labor is unlimited but land equals 150. Write and sketch the production possibility frontier. c. Suppose labor equals 100 and land equals 150. Write and sketch the production possibility frontier. Hint: What are the intercepts of the production possibility frontier? When is land fully employed? Labor? Both d. Explain why the production possibility frontier of part (c) is concave. e. Sketch the relative price of food as a function of its out put in part (c). f. If consumers insist on trading 4 units of food for 5 units of cloth, what is the relative price of food? Why? g. Explain why production is exactly the same at a price ratio of pr/pc = 1.1 as at pr/pc = 1.9. h. Suppose that capital is also required for producing food…Table 1: Production Capacity of COVID-FREE LAND.Use information in Table 1 above to answer the following questions:a. Using the above figures, graph the production possibilities Frontier (PPF) of COVI_LAND b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is outbreak of COVID-19 and the demand for sanitizers and toilet rolls increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. (Hint: State any appropriate assumptions made) toilet paper sanitizers 30000 0 28000 1000 24000 2000 18000 3000 10000 4000 0 5000
- In production specialization of the factors is important. Explain how the factors are specialized giving examples. Discuss the barriers to specializations and policies that can be used to curb immobility of factorsTable 2 Production possibilities for one week for Simran and Preet Simran Preet Good X Good Y Good X Good Y 40 160 30 10 120 20 20 20 80 40 10 30 40 60 0. 40 80 Refer to Table 2. What is true about this economy? Check all options that you think are correct. More than one option may be correct. O A. Both Simran and Preet will gain from trade if Simran sells 20 units of Y and Preet sells 80 units of X. O B. Both Simran and Preet will gain from trade if Simran sells 20 units of X and Preet sells 80 units of Y. OC. Preet has an absolute advantage in production of both goods, therefore, Preet cannot gain from trade with Simran. O D. This economy does not have a trade combination that would benefit both Simran and Preet. O E Both Simran and Preet will gain from trade if Simran sells 30 units of Y and Preet sells 60 units of X. O F. Both Simran and Preet will gain from trade if they trade a half of the quantity of the good each of them makes when they specialize according to their comparative…Barb can produce 10 apples or 10 oranges on her farm, while Jim can produce 20 apples or 40 oranges. Is there a basis for trade? O yes, they have different opportunity costs of production O They should give up apples and oranges and grow kale none of these O No. Jim produces more apples and oranges
- 42000 25 10 Max's PPF Good x EVERERA NO 30 21 Milly's PPF 1. What is the opportunity cost of producing one unit of Good Y for Max in terms of Good X? You must enter a number. Fractions will not be accepted. Enter a decimal if necessary. 2 x 4 2. What is the opportunity cost of producing one unit of Good X for Max in terms of Good Y? You must enter a number. Fractions will not be accepted. Enter a decimal if necessary. 5 xRefer to the information provided in Table 33.2 below to answer the question(s) that follow. Table 33.2 China Thail and Tractors Tractors Motorcycles Motorcycles 300 225 300 250 10 200 10 150 15 150 15 75 20 100 20 25 50 30 Refer to Table 33.2. In Thailand, the opportunity cost of Select one: O A. a motorcycle is 1/15 of a tractor. O B. a motorcycle is 15 tractors. O C. a tractor is 20 motorcycles. O D. a motorcycle is 1/30 of a tractor.Question 4 There is now also another country, Foreign, there is a labor force of 800. Foreign's unit labor requirement in watermelon production is 5, while in kiwi production it is 1. a) how many units of watermelon can be produced? when the labor in Foreign country only produce watermelon. b) how many units of kiwi can be produced? When all the labor in Foreign country only produce kiwi. c) What is the opportunity cost of watermelon in terms of kiwi in Foreign country? d) Describe the pattern of trade. Home country should produce? Foreign country should produce? Why? e) Show that how both Home and Foreign country gain from trade.
- Comparative advantage explains why people _____. Select one: a. work at the job they love and grow their own food . b. don't grow their own food anymore, but instead they specialize and trade. c. work at the job they love the most. (only) d. grow their own food and make their own clothes instead of shopping for these things. e. specialize in one thing and consumer it all.If the nation depicted in Table 2.2 is producing at combination E, the opportunity cost of producing the tenth unit of consumer good is: A 1 unit of capital good. B C D E zero unit of capital good. 6 units of capital goods. 4 units of capital goods. 10 units of capital goods. Given below is the production possibilities schedule for capital goods and consumer goods. Table 2.2 Production Possibilities Schedule Combination Capital Goods Consumer GoodsTable 3-4 Alberta Manitoba Select one: O a. 3 baskets O b. 1 basket Labour hours needed to make one unit: O c. 4/3 baskets O d. 1/3 basket Baskets 6 3 Birdhouses Refer to the table 3-4. What is the opportunity cost of one birdhouse for Alberta? 2 4 Amount produced in 24 hours: Baskets 4 Birdhouses 12 6