Suppose in a year an American worker can produce 100 shirts or 20 computers, while a Chinese worker can produce 100 shirts or 10 computers.Graph PPC for the 2 countries
Q: Suppose the following table shows the number of labor hours needed to produce airplanes and…
A: The ability of an economy for producing at a lower opportunity cost a particular good or service as…
Q: Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can…
A: The word "opportunity cost" is used in economics, and it comes from the logical assumption that…
Q: SQUASH (Pounds) 2. Comparative and absolute advantage Loc and Ashima are farmers. Each one owns an…
A: A production possibility frontier (PPF) is a graphical representation showing the potential output…
Q: Suppose that in the country of England, two goods can be produced on available agricultural land:…
A: Opportunity cost is the worth of the following best other option or choice. This worth could…
Q: Suppose that in the country of England, two goods can be produced on available agricultural land:…
A: *Quantity of wine when all resources are used to produce only wine = 200*Quantity of wool when all…
Q: The table shows the units of output a worker can produce per hour in Germany and Korea for two…
A: A country has a comparative advantage if it can produce an item or service at a lower/less…
Q: Beef 30 22 18 12 0 Beef 14 11 8 3 0 United States Mexico Vegetables 0 8 12 21 24 Vegetables 0 1 4 11…
A: A country specializes in a good or service for which it has a comparative advantage. Therefore, a…
Q: PISTACHOS (Milions of pounds) 18 12 PPF 10 D 0 02 4 6310 12 34 16 ALMONDS (Millions of pounds)…
A: Let us first know how one can compute the opportunity cost (OC) in the production of both…
Q: Suppose that without trade the workers in each country spend half their time producing each good.…
A: Production Possibility curve of various feasible pairings of two items is what an economy can…
Q: Blue Violet's production possibilities Teapots (number per week) 150 100 50 0 & & & Coffeepots…
A: A graphical depiction known as the Production Possibility Curve (PPC) illustrates achievable…
Q: opportunity costs in Portugal of producing a bushel of wool
A: Opportunity cost is the cost of next best alternative use. It is the cost which a person or business…
Q: Suppose that a worker in Cornland can grow either 40 bushels of corn or 10 bushels of oats per year,…
A: Comparative advantages is international trade theory which refers that when one country has lower…
Q: Suppose Country A can create 200 tons of capital-intensive goods or 200 tons of labor-intensive…
A: Country A can create 200 tons of capital-intensive goods or 200 tons of labor-intensive goods in one…
Q: After trade, Nicaragua will consume thousand pounds of chicken and thousand pounds of quinoa. After…
A: In the theory of trade, the ideas of ‘Absolute Advantage’ and ‘Comparative Advantage’ are very…
Q: Quantity of Computers (Milons) 2 15 10 20 30 40 50 60 70 Quantity of Shirts (Millions) 80 00 8 100…
A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…
Q: Argentina can produce 150 pounds of beef or 20 cars; in contrast the United States can produ pounds…
A: Every decision involves an opportunity cost. In order to consume more of one good, the other has to…
Q: A market that is operating efficiently maximizes producer surplus. maximizes total surplus. O…
A: Hey, thank you for the question, since there is multiple question posted, according to our policy we…
Q: 2. Accounting for trade in goods and ser Suppose the following transactions occur during the current…
A: According to the expenditure approach, GDP will be calculated as the sum of the investment,…
Q: Given that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on an acre, while…
A: Given that: Acres of land Nathan owns = 10 acres Nathan can produce 40 bushels of corn or 15 bales…
Q: The countries of Aptonville and Boonton each produce two goods: Ovens and Dishwashers. The table…
A: Comparative Advantage: A country have comparative advantage in producing a good implies that the…
Q: Submit All Question 18 of 20> The table shows the units of steel and personal computers a worker can…
A:
Q: Points A and B on the Combined graph represent Malaysia's and Canada's production, and the red point…
A: The Production Possibility Frontier (PPF) is a fundamental concept in economics that illustrates the…
Q: Japan, one worker can make 5 tons of rubber or 30 radios. In Malaysia, one worker can make 4 tons of…
A: An absolute advantage refers to the competitive advantage of a firm when it is able to produce more…
Q: Andrew and Beth are farmers. Each one owns a 12-acre plot of land. The following table shows the…
A: PPC stands for Production Possibility Curve which shows the possibility of the production of two…
Q: Suppose that each country currently has 140 workers and each decides to transfer some amount of…
A: There are 2 countries: United States (US) and ThailandEach country has 140 workersTransfer of…
Q: 20 18 16 14 12 10 g 6 2 Chile's Production Possibilities Frontier soybeans (in pound) 2 4 L Chile:…
A: The production possibility frontier depicts the combination of two goods that can be produced using…
Q: China and Thailand jointly produce and efficiently trade tea and noodles. China has a comparative…
A: In the international market, when two countries make a trade transaction on the basis of comparative…
Q: Suppose that Bob and Jimmy both have 10 hours of time that they can use to do one of two things:…
A: In one hour:Bob can make 15 hamburgers and 3 plates of pasta.Jimmy can make 8 hamburgers and 2…
Q: CAPITAL GOODS PPC, CONSUMER GOODS Suppose that this year, the economy is operating at point A, but…
A: The Production Possibility Curve highlights the different combinations of the goods that an economy…
Q: 56 56 48 48 PPF 40 40 32 32 24 PPF 24 16 16 - -- -- -- - 8 16 24 32 40 48 56 64 16 24 32 40 48 56 64…
A: Opportunity cost refers to the loss due to giving up the best alternative in making a decision.
Q: Draw a new curve, on the same graph, reflecting what the PPC might look like if new production…
A: The original PPC with bananas on the x-axis and coffee on the y-axis can be plotted as follows:-…
Q: Assume that the world economy is composed of only two countries (Canada and the United States) and…
A: When Canada and the US have 1 unit of labor they can produce 9 and 5 units of steel respectively or…
Q: Poland requires 4 hours of labor to produce 1 ton of coal and I hour of labor to pro wheat. The…
A: Given information: Poland requires 4 hours of labor to produce 1 ton of coal and 1 hour of labor to…
Q: Give a definition of an advance in technology. Suppose that you are drawing a PPF for civilian goods…
A: Advance in technology can be understood when the same amount of resources is able to more than…
Q: If nick and Jesse specialize according to comparative advantage and produce efficiently they can…
A: To Know the comparative advantage each have on products, the opportunity cost of each person for…
Q: Estonia Finland One Cell Phone 40 hours 15 hours Lumber (per board foot) 8 hours 4 hours Table 2-5…
A: Comparative advantage refers to the ability of a country to produce a good or service at a lower…
Q: Suppose that a worker in Country A can produce either 6 units of corn or 2 units of wheat per year,…
A: In Country A, without trade :30 units of Corn and 10 units of wheat are produced , when 5 workers…
Q: The US and France each have 100 hours of labor to allocate between producing cheese and bread. With…
A: In this example France has the absolute advantages in producing both goods . Detailed solution are…
Q: Meanwhile, in the country of Portugal, wool and wine can also be produced according to a linear PPF.…
A: Given: Portugal produces wool and wine. When all the resources are incorporated in the production…
Q: If a country can produce more of a good than other countries with a given amount of resources, we…
A: Absolute and comparative advantage are too very important concepts of International trade as they…
Suppose in a year an American worker can produce 100 shirts or 20 computers, while a Chinese worker can produce 100 shirts or 10 computers.Graph PPC for the 2 countries
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- 8. Problems and Applications Q8 Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Quantity of Computers (Millions) 30 27 24 21 is 18 15 12 9 6 3 0 0 10 20 30 50 60 70 Quantity of Shirts (Millions) 40 90 100 If these countries were open to trade, trade. U.S. PPF China PPF + Suppose that without trade the workers in each country spend half their time producing each good. U.S. without Trade Use the black point (plus symbol) to indicate this production and consumption point for the United States, and use the grey point (star symbol) to indicate this production and consumption point for China. True or False: There are no longer gains from trade. China…ackground information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information.Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? (Show your work.)Part B: Calculate the opportunity cost of producing jeans for each country. (Show your work.)Part C: Calculate the opportunity cost of producing cell phones for each country. (Show your work.)Part D: Determine how many jeans should be produced by each nation. (Show your work). Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology you have learned in this unit in your…What is the trade balance between the U.S. and China from 2018 to 2020?Graph the year and trade balance (exports – imports) using year for horizontal axis and trade balance for vertical axis. What is the difference between absolute advantage and comparative advantage? Which among these 2 concepts is the basis of trade? Suppose that an American worker can produce 1000 shirts or 200 computers, while a Chinese worker can produce 1000 shirts or 100 computers.In the US, what is the opportunity cost of producing an additional shirt (measured in terms of foregone computers)?
- Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day. Draw julias daily PPC What is the opportunity cost to each of making one loaf of bread? Martha's opportunity cost of making a loaf of bread muffins Julia's opportunity cost of making a loaf of bread muffins What is the opportunity cost to each of making one muffin? Martha's opportunity cost of making a muffin loaves of bread Julia's opportunity cost of making a muffin loaves of bread Who has the comparative advantage in making bread? Julia Martha Neither Who has the absolute advantage in making bread? Neither Martha Julia Suppose you are the owner of the bakery. If Julia and Martha are currently both spending all of their time making muffins, then which of them should you ask to start making bread?…Assume the table below shows the quantities of wine and cheese that a worker can produce in an hour in France and Italy. Wine (bottles) 9 4 has an absolute advantage producing wine and has a comparative advantage producing wine and France Italy has an absolute advantage producing cheese. Cheese (ounces) 19 29 has a comparative advantage producing cheese.Robinson can catch 1 fish or gather 2 coconuts. in an hour, Bill can catch 1 fish or gather 1coconut. In an hour, Chris can catch 8 fish or gather 2coconuts a. If production is organized according to comparative advantage, in what order will the three inhabitants collect coconuts? (That is, if only one of the three collects coconuts, who will it be? And if two of them collect coconuts, which two will it be?) b. Draw the production possibilities curve (PPC) when there is no specialization—that is, when each worker divides their time between fish and coconuts in the same way as the other two workers. Identify and explain the vertical intercept, the slope, and the horizontal intercept of the PPC in this case.
- Hours of work necessary to produce one unit of cloth or wine is shown in the following table: Cloth Wine England 100 120 Portugal 90 80 Who has the comparative advantage in cloth, and who in wine? England, Portugal Portugal, England England, England Portugal, PortugalSay that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 16 units of food per year or 8 units of clothing. Which of the following is true? Question 35 options: Georgeland has a comparative advantage, but not an absolute advantage, in producing clothing. Georgeland has both a comparative and absolute advantage in producing clothing. Alland has a comparative advantage, but not an absolute advantage, in producing food. Alland has an absolute advantage, but not comparative advantage, in producing food.(A) what percentage of this total was produced by the three largest economies shown in this bar graph? (b)what percentage of this total was produced by the three smallest economies shown in this bar?
- Germany and Sweden produce cars and kitchen appliances. Germany can produce 5 million cars per year if it produces only cars and no kitchen appliances, or 10 million kitchen appliances per year if it produces only kitchen appliances and no cars. Sweden can produce 1 million cars per year if it produces only cars and no kitchen appliances, or 3 million kitchen appliances per year if it produces only kitchen appliances and no cars. What is Germany’s opportunity cost of manufacturing 1 million cars per year? (Hint: Your answer should be in terms of millions of kitchen appliances per year.) What is Sweden’s opportunity cost of manufacturing 1 million cars per year? (Hint: Your answer should be in terms of millions of kitchen appliances per year.) What is Germany’s opportunity cost of manufacturing 1 million kitchen appliances per year? (Hint: Your answer should be in terms of millions of cars per year.) What is Sweden’s opportunity cost of manufacturing 1 million kitchen appliances per…Show Transcribed Text 160) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Digital Camera 100 hours 90 hours 161) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Total a. Assume each country has a total of 9,000 labor hours to devote to the production of the two goods and draw the production possibilities frontier for each country. Put "Digital Camera" on the horizontal axis and "Wheat" on the vertical axis. Be sure to identify the intercept values on your graphs. b. Suppose each country allocates 60% of its labor hours to wheat production and 40% to the production of digital cameras. Complete Table 2-22 below to show each country's output of the two products. Table 2-22: Production and Consumption with no Trade Digital Camera Wheat Output Output…On the same graph, draw two PPFs: one for Arizona and one for North Dakota. Assume Arizona can produce 80 bales of hay or 20 pounds of sunflowers. North Dakota can produce 30 bales of hay or 120 pounds of sunflowers. For both states, points in between these limits are possible. Show how the total production of hay and sunflowers is greater with specialization than with self-sufficiency. Assume that the states trade 20 bales of hay for 30 pounds of sunflowers. Demonstrate the gains from trade with points on your graph. 1. Explain the opportunity costs of producing 1 bale of hay and 1 pound of sunflowers for each state. 2. Draw your own PPF graph on a piece of paper. 3. Clearly label all axes and lines. Include all relevant information.
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)