Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable A B C D E F 00 ☐ 00 OOO ☐ ☐ ☐ О O O O Suppose the fictional country of Olympia produces only two goods: rice and electric scooters. The following graph plots Olympia's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. ELECTRIC SCOOTERS (Millions) 20 40 100 80 60 PPF 201 40 E + 60 B × 4 F 80 100 RICE (Millions of bushels) ?
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- Consider a specific-factors model where two countries, Denmark and Tanzania, use labor to produce cameras (C) and helicopters (H). However, apertures (A) are a factor specific to cameras, and jerrycans (J) are a factor specific to helicopters. Suppose that labor is freely mobile between both industries. Suppose that by opening up to trade the price of cameras in Tanzania falls by 5%, wages fall by 3%, and the price of helicopters does not change. Use the following information to determine how these affect the rental rates of apertures and jerrycans: Cameras: Sales Revenue 30 Cameras: Labor Payments 20 Cameras: Apertures Payments 10 Helicopters: Sales Revenue 30 Helicopters: Labor Payments 10 Helicopters: Jerrycans Payments 20 In this case, the rental rate to apertures would change by _______ % and the rental rate to jerrycans would change by ______ %. As a result of these changes: A. Owners of apertures are made worse off, and owners of jerrycans are made better off…Suppose there are only two planets in the universe, Zenope and Zuranda. On each planet, its inhabitants consume two products—coffee and fried chicken. Each planet has an equal population. Producing solely coffee, Zenope can produce 50 units of coffee, while Zuranda can produce 80 units of coffee. Producing solely fried chicken, Zenope can produce 25 units, while Zuranda can produce 30 units. Fill in the remaining part of the table (be sure to label the units). Coffee Fried Chicken Opportunity Cost of 1unit of Coffee Opportunity Cost of 1 unit of Fried Chicken Zenope 50 units 25 units Zuranda 80 units 30 units 2. Which planet has the absolute advantage in coffee? 3. Which planet has the absolute advantage in fried chicken? 4. Which planet has the comparative advantage in coffee? 5. Which planet has the comparative advantage in fried chicken?Solve it on paper!
- Consider a trade economy with two people (A and B) and two goods (1 and 2). Person A's utility function is U A = x1x2 where xi is A's consumption of good i E (1, 2). Person B's utility function is U B = y1 + y2, where yi is B's consumption of good i = (1, 2). There are 20 units of each good in the economy. Which of the following allocations are efficient? (a) x1 = 10, x2 = 10, y1 = 10, y2 = 10. (b) x1 = 7, x2 = 7, y1 = 13, y2 = 13. (c) x1 = 0, x2 = 0, y1 = 20, y2 = 20. (d) x1 = 15, x2 = 10, y1 = 5, y2 = 10. (e) x1 = 12, x2 = 12, y1 = 6, y2 = 6.We first want to understand why the issue of climate change requires government inter- vention and cannot be addressed by market mechanisms. Consider two countries, the US (U) and China (C) who enjoy two goods, smartphones î, and rice îr. Their preferences are represented by the following utility functions: UU = uc = V S r √xcx² – 2x4 Assume that smartphones are produced using only labour according to the production function ys= √Ls. China is endowed with LC 10 units of labour and ef = 10 units of rice (which doesn't need to be manufactured). The US is endowed with no units of labour or rice but owns the smartphone producer and is entitled to 100% of its profits. =Assume two countries (the U.S. and China) produce and consume only two goods (smartphones and corn) which are produced using only two factors of production (labor and capital). Assume further that the production of corn is capital-intensive, while production of smartphones is labor-intensive. Assume that the U.S. has 200 units of labor and 150 units of capital, while China has 500 units of labor and 150 units of capital. Construct the Edgeworth box for each country. For each Edgeworth box, let the origin for the corn industry be at the bottom left corner of the Edgeworth box, the vertical axis represents labor and the horizontal axis represent capital. Explain how the two Edgeworth boxes differ. Graphically, illustrate the points of efficient production and explain why these points are efficient. (Hint: What are the curves? What do they represent? What are the slopes of these curves? What do the slopes represent?)
- Because the two countries produce more jeans and more rye under specialization, each country is able to gain from trade. Calculate the gains from trade-that is, the amount by which each country has increased its consumption of each good relative to the first row of the table. In the following table, enter this difference in the boxes across the last row (marked "Increase in Consumption"). Contente Dolorium Jeans Rye Jeans Rye (Millions of pairs) (Millions of bushels) (Millions of pairs) (Millions of bushels) Without Trade Production 8. 48 15 20 Consumption 8. 48 15 20 With Trade Production 32 80 Trade action Exports 18 Imports 54 Imports 18 Exports 54 Consumption 14 54 18 26 Gains from Trade Increase in ConsumptionConsider two neighboring island countries called Arcadia and Dolorium. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn Country (Pairs per hour of labor) (Bushels per hour of labor) Arcadia 8. 16 Dolorium 20 Initially, suppose Arcadia uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce corn, while Dolorium uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce corn. Consequently, Arcadia produces 8 million pairs of jeans and 48 million bushels of corn, and Dolorium produces 15 million pairs of jeans and 20 million bushels of corn. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn it produces. Arcadia's…Solve it on paper!
- The table below shows the production possibilities for Canada and Japan. Suppose that, prior to specialization and trade, both Canada and Japan are producing combination C. Product DVD players Bushels of wheat Product DVD players Bushels of wheat DVD players 100 80 60 40 20 0 20 A Canada 40 60 A 20 0 A 40 0 Quantity of wheat per period 80 B 15 20 a) Draw the production possibilities curve for Canada in the graph A, and indicate its present output position. Draw the production possibilities curve for Japan in graph B, and indicate its present output position. Plot only the endpoints of each curve in the graphing areas using the appropriate tool. Plot the output combination in each graph using the Point tool. 100 B 30 7.5 CANADA'S PRODUCTION POSSIBILITIES C 10 40 JAPAN'S PRODUCTION POSSIBILITIES с 20 15 Tools PP Curve combination D 5 Trading Possi New combina 60 D 10 22.5 E 0 80 E 0 30The production possibilities frontier (PPF) for Honduras and Brazil, representing hypothetical levels of production, are shown in the graphs. Assume that, without trade, each country is initially producing and consuming at point A on its PPF curve. Suppose these countries decide to trade. Each country will specialize in the production of the good for which it has a comparative advantage. Assume the countries agree to trade. The terms of trade are 6000 tons of bananas for 4000 tons of steel. Move the post‑trade consumption point for each country to reflect their post‑trade consumption. Which good will each country produce? Honduras will produce bananas and Brazil will produce steel. Brazil will produce both bananas and steel. Honduras will produce both bananas and steel. Honduras will produce steel and Brazil will produce bananas.Suppose there are two countries, Home and Foreign, that produce two goods, fish (F) and edamame (E), using only labor. In the Home country 6 units of labor are required to produce each unit of fish and the same for each unit of edamame. In the Foreign country, 2 units of labor is required to produce each fish and 3 units of labor are required for each unit of edamame. Each country has a labor force of 30 units available for production. Suppose further that consumers in both countries have identical Leontief preferences, utility function U(CF, CE) = min(CF, CE), meaning that they want to consume the two goods in a fixed proportion of one-to-one, i.e. CF = CE (there is no substitution between the goods). Suppose now that the labor force of the Home country is 6 times as big (i.e. 180 units, instead of 30). How does this increase in labor force at Home change the pattern of trade? Will the gains from trade for the Home country be higher or lower now? What happens to the welfare of the…