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)90755060105010030202515030Which 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 100 tons of hamburgers and 30 tons of tacos and Mexico is currently producing 20 tons of hamburgers and 25 tons of tacos. If the United States and Mexico each specialize in producing only one good (thegood for 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)

Consider the following below table- United States Mexico Hamburgers Tacos Hamburgers…

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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Which of the following is not true about the differences between comparative advantage and absolute advantages? While it is possible to achieve gains from trade if the country does not have a comparative advantage in the production of any goods, it is not possible to achieve gains from trade if the country does not have an absolute advantage in the production of any goods. Comparative advantage emphasizes the relative cost differences based on opportunity costs, while absolute advantage emphasizes absolute costs. In order to achieve gains from trade, specialization should be based on comparative advantage and not absolute advantage. In the two nation, two good model, we will always see that a country will have a comparative advantage in at least one good.
In the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. Show by way of calculations: a) The United States has absolute advantage in the production of? b) The United Kingdom has a comparative in the production of? c) If trade occurs between the United States and the United Kingdom, American firms will specialize in the production of?
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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…
Suppose that Glacier and Denali agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 6 million pounds of corn for 6 million pounds of pistachios. This ratio of goods is known as the price of trade between Glacier and Denali.
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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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Please answer this for me.
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.

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