River can produce $60 worth of goods in market production, and $10 in home production. Lake can produce $35 worth of goods in market production and $10 in home production.
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River can produce $60 worth of goods in market production, and $10 in home production. Lake can produce $35 worth of goods in market production and $10 in home production.
What is Lake's
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- I am eight hour day Andy can produce either 24 loaves of bread or 8 kilograms of butter. In an eight hour day Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. a)what is Andy's opportunity cost of producing one loaf of bread? What is rolfes opportunity cost of producing one loaf of bread b) who has the comparative advantage in bread production? Who has comparative advantage in butter production? c)would they both gain from specialization and trade in other each other? Show it through a numerical exampleSuppose the economy initially produces 12 million gallons of drinking water and 500 million tons of coal, which is represented by point A. The opportunity cost of producing an additional 4 million gallons of drinking water (that is, moving production to point B) is tons of coal. Suppose, instead, that the economy currently produces 420 million tons of coal and 16 million gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 4 million gallons of drinking water (that is, moving to point C) is tons of coal. Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 4 million additional gallons of drinking water at point B is the opportunity cost of 4 million additional gallons of drinking water at point A. This reflects theJustin's farm can produce 3 pounds of apples or 12 pounds of pears in one hour. Samantha's farm can produce 7 pounds of apples or 21 pounds of pears in one hour. What is Justin's opportunity cost of producing 1 pound of pears? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up.
- Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and consumed: rice and beans. The production opportunity cost for Casey is 4.00 kg4.00 kg of rice for every kilogram of beans. Rick has a production opportunity cost of 2.00 kg2.00 kg of rice for every kilogram of beans. Casey eventually realizes that, through trade, both individuals can be better off. Rick is willing to trade. What price can be settled between these two parties such that both individuals can enjoy more rice and beans? Give your answer to two decimals.LaTonya can make 4 cakes or 10 pies in one day working at the bakery. Tom can make, 8 cakes or 33 pies in one day working at the bakery. What is LaTonya's opportunity cost of producing 1 pie? Round your answer to one decimal place. Be sure to enter the correct units for what they are giving up. Your Answer: Answer unitsSuppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Which of the following choices would benefit both Chip and Monk if trade occurred? Please choose the correct answer from the following choices, and then select the submit answer button. 1 pound of fruit for 2/5 pound of nuts 1 pound of fruit for 1 pound of nuts. 1 pound of fruit for 3/4 pound of nuts 1 pound of fruit for 1/10 pound of nuts I dont understand the math breakdown for these types of trade question I realize Chip Fruit to nuts is 2:1 and Monk is 3:1 but that is where I dont undersand the further breakdown
- Suppose the economy initially produces 15,000 gallons of drinking water and 450,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving production to point B) is (72,000, 135,000, 90,000, 54,000, 108,000) tons of steelSuppose, instead, that the economy currently produces 378,000 tons of steel and 20,000 gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving to point C) is (72,000, 135,000, 90,000, 54,000, 108,000) ons of steel.Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional gallons of drinking water at point B is (Less, Equal, Or Greater Than) the opportunity cost of 5,000 additional gallons of drinking water at point A. This reflects the (Notion that Countries can gain from trade, Law of Increasing Opportunity Costs, Fact…During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300. In terms of dollars, what is the opportunity cost of attending summer school? Show your calculation. What is comparative advantage? Give an example. Why does it make sense for economies to specialize according to comparative advantage and trade? What is the production possibilities frontier? What economic concepts are represented in the production possibilities model?Suppose that Sandy can produce 10 economic reports or make 2 sales calls. Suppose Tim can produce 2 economic reports or make 1 sales call. Which of the following is CORRECT? The opportunity cost for Tim of producing one sales call is 1/2 of an economics report. The opportunity cost for Sandy of producing one sales call is 10 economics reports. The opportunity cost for Sandy of producing one economics report is 1/5 of a sales call. The opportunity cost for Tim of producing one economics report is 2 sales calls.
- Shifts in production possibilities Suppose South Africa produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and locomotives, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.If the resources used to produce two goods are specialized, then the production possibilities frontier has a bowed-out shape. [ Select ] ["false", "true"]Suppose Argentina produces only smart watches and trucks. The resources that are used in the production of these two goods are specialized-that is, some resources are more suitable for producing smart watches than trucks, whereas others are more suitable for producing trucks than smart watches. The shape of Argentina's production possibilities frontier (PPF) should reflect the fact that as Argentina produces more trucks and fewer smart watches, the opportunity cost of producing each additional truck The following graphs show two possible PPFs for Argentina's ecor SMART WATCHES PPF 1 Graph 1 TRUCKS ? decreases increases remains constant SMART WATCHES PPF 2 PPF (PPF1) and a bowed-out PPF (PPF2). Graph 2 TRUCKS (?) Based on the previous description, the tradeoff Argentina faces between producing trucks and smart watches is best represented by
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