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…Not a previously graded question. Suppose the fictional country of Katmai produces only two goods: millet and microprocessors. The following graph plots Katmai's current production possibilities frontier, and includes six different output combinations given by black points (plus symbols) labeled A to F. Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply.Suppose the fictional country of Katmai produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and microprocessors, 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. MICROPROCESSORS (Thousands) 180 150 120 90 60 30 30 o 70 770 140 PPF 210 280 350 420 MILLET (Millions of bushels) PPF
- 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 specific-factors model where two Countries, Denmark and Tanzania, use labor to produce cake (C) and helicopters (H). However, arable land (A) are a factor specific to cake, and jerrycans (J) are a factor specific to helicopters. Suppose that Tanzania has L = 100 workers, J = 40 jerrycans, and A = 1000 arable land. The production functions and marginal products of labor for cake and helicopters are: C = 4 x Lc0.5 x A0.5 MPLc = 2 x Lc-0.5 x A0.5 H = 4 x LH0.5 x J0.5 MPLH = 2 x LH-0.5 x J0.5 In Tanzania, the price of crystals is 20 and the price of hyperdrives is 200. In this case, the wage rate will be ________ and ________ workers will be employed in the cake industry and __________ workers will be employed in the helicopter industry.
- Consider a specific-factors model where two Countries, Denmark and Tanzania, use labor to produce cake (C) and helicopters (H). However, arable land (A) are a factor specific to cake, and jerrycans (J) are a factor specific to helicopters. Suppose that Tanzania has L = 100 workers, J = 40 jerrycans, and A = 1000 arable land. The production functions and marginal products of labor for cake and helicopters are: C = 4 x Lc %D 0.5 x A0.5 MPLC = 2 x Lc0.5 x A0.5 H = 4 x LH0.5 x J0.5 MPLH = 2 x LH-0.5 x J0.5 In Tanzania, the price of crystals is 20 and the price of hyperdrives is 200. In this case, the wage rate will be ___ and the cake industry and will be employed in the helicopter industry. %3D workers will be employed in workersSuppose two economies Home (H) and Foreign (F) produce two goods, bread and wine, with only one production factor: labour. Production technology, expressed as marginal product of labour (MPL), is given in the following table: Technologies expressed as MPL Bread Wine Home 1/6 1/12 Foreign 1/4 1/2 Suppose that Home has 2400 units of labour and Foreign has 1800 units of labour. a. ) Derive the Production Possibilities Frontier (PPF) and the Consumption Possibility Frontier (CPF) for Home and Foreign, with bread on the horizontal axis and wine on the vertical axis. What is the autarky equilibrium price of bred relative to wine in each country? b.) What country has the absolute advantage in producing each good? What country has the comparative advantage in producing each good? Briefly explain the difference between these two concepts. Suppose both countries are now free to trade. The world relative price of bread is 1. c. What is the pattern of specialisation and trade?…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. =Heckscher-Ohlin Theorem: Suppose Azerbaijan and Georgia produce meat and potatoes. Azerbaijan is capital-abundant than Georgia (Scarce factor in Azerbaijan is land, and in Georgia it is capital). Suppose meat production is relatively more capital-intensive. When the two countries will open up borders and start trading with one another, please indicate in the boxes below, what is likely to happen to the variables after the trade Write + the variable increases; - if the variable decreases; 0 if the variable does not change; A if the direction of change is unknown. VARIABLES AZERBAIJAN GEORGIA The relative price of meat (Pm/Pp) Output of meat Output of potatoes Exports of meat Exports of Potatoes Imports of meat Imports of Potatoes Income of landowners in Azerbaijan Income of capital owners in Georgia WagesConsider a company that produces TVs and tablets. The PPF curve for this company is represented by the equation 7x2+4y2=13,9487x2+4y2=13,948, where xx is the quantity of TVs and yy is the quantity of tablets. Using this equation, how many tablets can the company make if it produces 2626 TVs? Enter your answer in the box below and round your final answer to the nearest whole number if necessary.