The Czech Republic (Czechia) produces 2 goods: Skoda cars & pilsner beer. There are 2 factors of production, capital & labor. Total available capital is 100 machine hours, while total available labor is 100 worker hours. The fixed factor requirements for each product are given below. Machine-Hours Skodas Pilsner per unit 20 5 Worker-Hours per unit 5 10 a. What does the set of maximum possible production combinations for Czechia look like (what is the fixed-factor "PPF")? At what levels of Skoda & pilsner production are all factors fully employed? Draw a graph. b. Suppose that, following its entry into the European Union, Czechia receives a influx of investment from Germany, raising the available pool of capital from 100 to 200. What happens to the relative production of cars and beer? Show on the same graph as above & explain. At what levels of Skoda & pilsner production are all factors fully employed?

The Czech Republic (Czechia) produces 2 goods: Skoda cars & pilsner beer. There are 2 factors of production, capital & labor. Total available capital is 100 machine hours, while total available labor is 100 worker hours. The fixed factor requirements for each product are given below. Machine-Hours Skodas Pilsner per unit 20 5 Worker-Hours per unit 5 10 a. What does the set of maximum possible production combinations for Czechia look like (what is the fixed-factor "PPF")? At what levels of Skoda & pilsner production are all factors fully employed? Draw a graph. b. Suppose that, following its entry into the European Union, Czechia receives a influx of investment from Germany, raising the available pool of capital from 100 to 200. What happens to the relative production of cars and beer? Show on the same graph as above & explain. At what levels of Skoda & pilsner production are all factors fully employed?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The Czech Republic (Czechia) produces 2 goods: Skoda cars & pilsner beer. There are 2 factors of production, capital & labor. Total available capital is 100
machine hours, while total available labor is 100 worker hours. The fixed factor requirements for each product are given below.
Machine-Hours
Skodas
Pilsner
per unit
20
5
Worker-Hours
per unit
5
10
a. What does the set of maximum possible production combinations for Czechia look like (what is the fixed-factor "PPF")? At what levels of Skoda & pilsner
production are all factors fully employed? Draw a graph.
b. Suppose that, following its entry into the European Union, Czechia receives a influx of investment from Germany, raising the available pool of capital from
100 to 200. What happens to the relative production of cars and beer? Show on the same graph as above & explain. At what levels of Skoda & pilsner
production are all factors fully employed?

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