Suppose there are two countries: Korea and Japan. These countries can each produce two goods; TV and pen. Specifically, 1 unit of Korean labor can produce 3 TVs or 5 pens. On the other hand, 1 unit of Japanese labor can produce 4 TVs or 8 pens. 1. How many units of labor are required to produce 1 unit of TV in Korea? 2. How many units of labor are required to produce 1 unit of TV in Japan? 3. How many units of labor are required to produce 1 unit of pen in Korea? 4. How many units of labor are required to produce 1 unit of pen in Japan? 5. What is the opportunity cost of producing 1 unit of TV in Korea? 6. What is the opportunity cost of producing 1 unit of TV in Japan?

Suppose there are two countries: Korea and Japan. These countries can each produce two goods; TV and pen. Specifically, 1 unit of Korean labor can produce 3 TVs or 5 pens. On the other hand, 1 unit of Japanese labor can produce 4 TVs or 8 pens. 1. How many units of labor are required to produce 1 unit of TV in Korea? 2. How many units of labor are required to produce 1 unit of TV in Japan? 3. How many units of labor are required to produce 1 unit of pen in Korea? 4. How many units of labor are required to produce 1 unit of pen in Japan? 5. What is the opportunity cost of producing 1 unit of TV in Korea? 6. What is the opportunity cost of producing 1 unit of TV in Japan?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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