Based on the previous description, is the trade-off Thailand faces between producing air fryers and pressure cookers best represented by Graph 1 or Graph 2? Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The following graphs show two possible PPFs for Thailand's economy: a straight-line PPF (PPF1) and a bowed-out PPF (PPF2).PRESSURE COOKERSPPF₁Graph 1AIR FRYERSPRESSURE COOKERSPPF2Graph 2AIR FRYERS? 4. Specialization and production possibilitiesSuppose Thailand produces only pressure cookers and air fryers. The resources that are used in the production of these two goods are not specialized n-that is, the same set of resources is equally effective at producing both air fryers and pressure cookers.The shape of Thailand's production possibilities frontier (PPF) should reflect the fact that as Thailand produces more air fryers and fewer pressurecookers, the opportunity cost of producing each additional air fryerdecreasesincreasesremains constant

The production possibility curve is defined as the various combinations of goods or commodities at…

The following graphs show two possible PPFS for Thailand's economy: a straight-line PPF (PPP1) and a bowed-out PPF (PPF2). PRESSURE COOKERS PPF ₁ Graph 1 AIR FRYERS ? PRESSURE COOKERS PPF 2 Graph 2 AIR FRYERS

The following graphs show two possible PPFS for Thailand's economy: a straight-line PPF (PPP1) and a bowed-out PPF (PPF2). PRESSURE COOKERS PPF ₁ Graph 1 AIR FRYERS ? PRESSURE COOKERS PPF 2 Graph 2 AIR FRYERS

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.6P

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Review the numbers for Canada and Venezuela from Table 33.12 which describes how many barrels of oil and tons of lumber the workers can produce. Use these numbers to answer the rest of this question. Draw a production possibilities frontier for each country. Assume there are 100 workers in each country. Canadians and Venezuelans desire both oil and lumber. Canadians want at least 2,000 tons of lumber. Mark a point on their production possibilities where they can get at least 3,000 tons. Assume that the Canadians specialize completely because they figured out they have a comparative advantage in lumber. They are willing to give up 1,000 tons of lumber. How much oil should they ask for in return for this lumber to be as well off as they were with no trade? How much should they ask for if they want to gain from trading with Venezuela? Note: We can think of this ask as the relative price or trade price of lumber. Is the Canadian ask you identified in (b) also beneficial for Venezuelans? Use the production possibilities frontier graph for Venezuela to show that Venezuelans can gain from trade.
Opportunity Cost and the Gains from Specializ PPF Review Problems What is the opportunity cost of an extra calculator for Smith? What is the opportunity cost of an extra calculator for Jones? Who has the absolute advantage in computer production? Who has the absolute advantage in calculator production? Who has the comparative advantage in calculator production? Who has the comparative advantage in computer production? Jones 6 120
Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1hour A) What is the opportunity cost of producing cakes for Elif? What is the opportunitycost of producing cakes for Ahmet?B) Who has a comparative advantage in producing pies and who has a comparativeadvantage in producing cakes?C) On the PPF lines, show what Elif produces and what Ahmet produces when theyspecialize.D) Suppose that they set the exchange price as 1 Pie = 3 Cakes. If they specialize andtrade, show an exchange situation that is beneficial for both (compared to thesituation you found at part (b))?F) What is the minimum and maximum exchange price they could have determined foran exchange that will be beneficial for both of them?
Person Judith Matthew Opportunity cost of 1 jar of baby food 6 hot pretzels 8 hot pretzels Opportunity cost of 1 hot pretzel 1/6 of a jar of baby food 1/8 of a jar of baby food Based on the table above, which of the following statements is true? Choose one: O A. Matthew has a comparative advantage in producing hot pretzels, while Judith has a comparative advantage in producing jars of baby food. ⒸB. Matthew has a comparative advantage in producing jars of baby food, while Judith has a comparative advantage in producing hot pretzels O C. Neither Judith nor Matthew has an absolute advantage in producing jars of baby food or hot pretzels. O D. Both Judith and Matthew have a comparative advantage in producing jars of baby food or hot pretzels.
New Zealand in one year can raise 75 tons of beef or produce 750 boxes of tulips. In the same growing season, Belgium can raise 40 tons of beef or produce 650 boxes of tulips. From this information, we know that: A) New Zealand has a comparative advantage in raising beef. B) New Zealand has a comparative advantage in raising tulips. C) Belgium has a comparative advantage in raising beef. O D) Belgium has an absolute advantage in raising beef.
Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. What is the opportunity cost of producing a car in Canada? What is the opportunity cost of producing a bushel of wheat in Canada? Explain the relationship between the oppor-tunity costs of the two goods. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 million cars, how much wheat can it consume with-out trade? Label this point on the production possibilities frontier. Now suppose that the United States offers to buy 10 million cars from Canada in exchange for 20 bushels of wheat per car. If Canada continues to consume 10 million cars, how much wheat does this deal allow Canada to consume? Label this point on your diagram. Should Canada accept the deal?
Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Home warya Ekoti Dmitri can produce 5 apples in one hour and 10 bananas in one hour. Which of the following is Assignments true? Discussions Grades ount Cassidy has absolute advantage in producing bananas. Syllabus Cassidy has comparative advantage in producing bananas. |Quizes board Dmitri has comparative advantage in producing apples. Modules urses Cassidy has absolute advantage in producing apples. 28 pups D Question 2 endar box Suppose that Cassidy and Dmitri each have ten hours of time available to produce two goods: apples and bananas. Cassidy can produce 10 apples in one hour and 5 bananas in one hour. Dmitri can produce 5 apples in one hour and 10 bananas in one hour. What is Cassidy's story opportunity cost of producing bananas? Help O 6 minutes O 12 minutes O 1/2 apple O 2 apples
Could you please help me answer these 2 questions please
Sean and Yvette are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Sean Yvette BARLEY (Bushels) On the following graph, use the blue line (circle symbol) to plot Sean's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Yvette's PPF. 120 108 96 84 72 60 48 36 24 12 0 0 Alfalfa Barley (Bushels per acre) (Bushels per acre) 18 6 28 7 60 120 180 240 300 380 420 480 540 600 ALFALFA (Bushels) Sean's PPF Yvette's PPF (?)
For each watch Marina produces, it gives up the opportunity to make 50 pounds of cheese. Cambria can produce one watch for every 100 pounds of cheese it produces. If specialization and trade were to occur betwee these two countries, which of the following is true with regard to opportunity costs in the two countries? O a. The opportunity cost of producing cheese is higher in Marina than Cambria. O b. The opportunity cost of producing cheese is identical in both countries. O c. In both countries combined, the opportunity cost of one watch is 150 pounds of cheese. Od. The opportunity cost of producing watches is lower in Cambria than Marina. Oe. The opportunity cost of producing watches is higher in Marina than Cambria.
12. Suppose that, on the basis of a nation’s production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9000 pizzas. Relate this information to the following statement: “Through international specialization and trade, a nation can reduce its opportunity cost of obtaining goods and thus ‘move outside its production possibilities curve.
Draw two Linear Production Possibilities Curves for two countries: Portugal and England and two products :Wine (kegs) and Cloth (Sheets). On Portugal's graph show the maximum production per worker of cloth sheets of 100 units on the Y axis. On the X axis show the maximum production of Wine at 150 kegs. For England's graph show the outputs at 90 cloth sheets on the Y axis and 60 Wine kegs on the X axis