Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below.United StatesMexicoHamburgers (in tons)Tacos (in tons)Hamburgers (in tons)Tacos (in tons)8145305433060276.15909Which country has an absolute advantage in producing tacos? The United StatesWhich country has a comparative advantage in producing tacos? MexicoSuppose the United States is currently producing 60 tons of hamburgers and 27 tons of tacos and Mexico is currently producing 6 tons of hamburgers and 15 tons of tacos. If the United States and Mexico each specialize in producing only one good (the goodfor which each has a comparative advantage), then a total ofadditional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer)

US can produce maximum 81 tons of tacos or maximum 90 tons of hamburgers. Mexico can produce maximum…

Answered: Suppose the United States and Mexico…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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***Please look at the screenshot for graphs*** Fill in the charts below with values based on the two Production Possibilities Frontiers above. Motor Vehicle Production in the United States (in millions) Cars Trucks 0 4 0 Motor Vehicle Production in Mexico (in millions) Cars Trucks 0 2 0 Which country has the absolute advantage in producing cars? Which country has the absolute advantage in producing trucks? Which country has the comparative advantage in producing cars? Which country has the comparative advantage in producing trucks? Should these two countries trade? Why or Why not?
Suppose that France and Germany both produce wine and cheese. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Cheese (Pounds) 16 Wine (Bottles) Cheese (Pounds) 12 8. 4. 25 20 15 2 3 3 4 10 4 Who has the comparative advantage in producing wine and who has the comparative advantage in producing cheese? O A. France has a comparative advantage producing wine and Germany has a comparative advantage producing cheese. O B. France has a comparative advantage producing wine and cheese. OC. Germany has a comparative advantage producing wine and cheese. -OD. Neither has a comparative advantage producing wine or cheese. OE. France has a comparative advantage producing cheese and Germany has a comparative advantage producing wine. Suppose that France is currently producing 1 bottle of wine and 12 pounds of cheese and Germany is currently producing 3 bottles of wine and 10 pounds of cheese. Then, assume instead that France and…
COFFEE (Millions of pounds) 48 42 36 30 24 18 12 6 0 PPF 1 Maldonia 36 30 POTATOES (Millions of pounds) 06 12 18 24 42 48 COFFEE (Millions of pounds) 48 42 36 30 24 18 12 6 0 PPF 1 0 6 Lamponia 18 42 12 24 30 36 POTATOES (Millions of pounds) 48 Consider the above two graphs which represent production possibilities. What are the comparative advantages? Maldonia has a comparative advantage in potatoes and Lamponia has a comparative advantage in coffee Maldonia has a comparative advantage in both goods O Lamponia has a comparative advantage in both goods O Maldonia has a comparative advantage in coffee adn Lamponia has a comparative advantage in potatoes
Q.1
Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of the two goods that each country can produce in one day are presented in the table below. United States Mexico Hamburgers (in tons) Tacos (in tons) Hamburgers (in tons) Tacos (in tons) 162 135 90 108 18 90 180 54 36 45 270 54 Which country has an absolute advantage in producing tacos? The United States Which country has a comparative advantage in producing tacos? Mexico Suppose the United States is currently producing 180 tons of hamburgers and 54 tons of tacos and Mexico is currently producing 36 tons of hamburgers and 45 tons of tacos. If the United States and Mexico each specialize in producing only one good (the good for which each has a comparative advantage), then a total of additional ton(s) of hamburgers can be produced for the two countries combined (enter a numeric response using an integer)
Using the data presented in the table below answer the followings: a) which country has comparative advantage in the production of apples, oranges? Explain and show wor b) which country has an absolute advantage in the production of apples, oranges? c) Which country should specialize in the production of apples, oranges? Explain why points) Production per worker: Oranges U.S. 300 Mexico 150 Apples 100 600
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Wheat 8 Paul 10 Corn Wheat 6 4 Cliff Refer to Figure 3-1. What do the two producers have a comparative advantage in? Corn Paul has a comparative advantage in both wheat and corn. Paul has a comparative advantage in wheat, and Cliff has a comparative advantage in corn. Cliff has a comparative advantage in wheat, and Paul has a comparative advantage in corn. Cliff has a comparative advantage in both wheat and corn.
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Yosemite and Rainier. Both countries produce com and lentils, each Initially (l.e., before specialization and trade) producing 30 million pounds of corn and 15 million pounds of lentils, as indicated by the grey stars marked with the letter A. LENTILS (Milions of pounds) 80 70 60 50 40 30 20 10 0 80 70 60 80 50 70 Note: Dashed drop lines will automatically extend to both axes. 40 60 30 50 20 40 10 30 PPF 0 20 10 0 0 0 Yosemite has a comparative advantage in the production of while Rainler has a comparative advantage in the production of . Suppose that Yosemite and Rainier specialize in the production of the goods in which each has a comparative advantage.…
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Suppose that Spain and Greece both produce wine and olive oil. The following table shows combinations of the goods that each country can produce in a week (in thousands of liters). Spain Greece Wine Olive Oil Wine Olive Oil 0 16 0 30 1 12 1 24 2 8 2 18 3 4 3 12 4 0 4 6 -- -- 5 0 a. Who has a comparative advantage in producing wine? Who has a comparative advantage in producing olive oil? Explain b. Suppose that Spain is currently producing 1000 liters of wine and 12000 liters of olive oil per week and Greece is currently producing 3000 liters of wine and 12000 liters of olive oil per week. Demonstrate that Spain and Greece can both be better off if they specialise in producing only one good and then engage in trade.
Martha and Dave like to make identical tacos and cakes. The time it takes Martha and Dave to make tacos and cakes is given in the table below. Martha Dave Time to make a taco 10 minutes 15 minutes Time to make a cake 20 minutes 30 minutes Which person has an absolute advantage in the production of tacos, and which person has an absolute advantage in the production of cakes? Group of answer choices Martha has an absolute advantage in producing both goods. Dave has an absolute advantage in producing both goods. Neither Dave nor Martha has an absolute advantage at producing either good. Both Martha and Dave have an absolute advantage in producing both goods. Martha has an absolute advantage in tacos; Dave has an absolute advantage in cakes.

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