please answer for the quesions below. please refer to the images below PART B– Questions T0 – 27Use the following assumptions to answer all questions:• There are three countries – Argentina, Britain andCanada.• Each country produces and consumes two kinds ofgoods – crude oil and beef.• All countries make their goods from a single type ofinput – labor – and each country has 700 hours oflabor available to produce crude oil and beef.• Each country demands 5 (five) barrels of crude oil.This assumption simply means that a country musthave exactly 5 barrels of crude oil – it may producethem domestically, it may import them from abroad, orit makes some domestically and imports the rest.• Countries produce goods using the technologydescribed in the table below:TechnologyHours of labor needed to produce one unit of goodArgentinaBritainCanadabarrel of crude oilpound of beef60507013Using the above assumptions, answer the followingquestions:• Calculate the quantities of crude oil and beef producedin each country in autarky (when they do not trade andeach country produces its own crude oil and beef)Quantities produced Argentinabarrel of crude oilBritainCanadaTotalAutarky(No trade) pound of beef• Order the countries according to their absoluteadvantage in production of crude oil• Order the countries according to their absoluteadvantage in production of beef• Consider the case where countries are free to specializeand trade. In the table below calculate each country'sopportunity cost of producing one unit of each good.ArgentinaBritainCanadabarrel of crude oilpound of beeflọc of 1 barrel of oil605070135OC of 1 pond of beef• Calculate the quantities of crude oil and beef producedin each country, consistent with the country'scomparative advantage.|Quantities produced Argentinabarrel of crude oilpound of beefBritainCanadaTotalTrade 4:07 1File DetailsSpring-2222-ECO2023 PRINC ECONOMICS II-1188c. 150d. 40022. When countries specialize, Britain producespounds of beef.а. Оb. 700с. 150d. 40023. When countries specialize, Canada producespounds of beef.а. Оb. 700с. 150d. 40024. Country ofproduction of crude oil.a. Argentinab. Britainc. Canadad. No country25. Country ofproduction of beef.a. Argentinab. Britainhas comparative advantage inhas comparative advantage inc. Canadad. No country26. Countries gain from trade because specializationincreasesa. Trade deficitb. Unemploymentc. Efficiencyd. Inflation27. Countries should trade with trading partners thata. Are equally technologically advancedb. Use superior technology in every industryc. Use less advanced technology in everyindustryd. Use different technologies, because tradebenefits all1 Pr...usDashboardCalendarTo DoNotificationsInbox因

Since the question you have posted consists of multiple parts, we will answer the first three…

Use the following assumptions to answer all questions: • There are three countries – Argentina, Britain and Canada. • Each country produces and consumes two kinds of goods – crude oil and beef.

Use the following assumptions to answer all questions: • There are three countries – Argentina, Britain and Canada. • Each country produces and consumes two kinds of goods – crude oil and beef.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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AVC = 10-0.03q+0.00005q^2 ATC = 10-0.03q+0.00005q^2 +100/q and MC = 10-0.06q+0.00015q^2 Answer the following questions in EXCEL:1 At what value of q is AVC at its minimum? (Hint: The easiest way tocalculate this value is to solve AVC - MC = 0 for q.)2 At the above output level what value does AVC take?3 If the forecasted price of the firm's output is $10 per unit:a How much output will the firm produce in the short run?b How much profit (loss) will the firm earn)?4 If the forecasted price is $7 per unit:a How much output will the firm produce in the short run? (Keep only2 decimals)b How much profit (loss) will the firm earn)? (Keep only 2 decimals)
Homework (Ch 08) * MindTap - Cengage Leaming e.com/static/nb/ui/evo/index.html?deploymentld=58830023220612202193347127562&elSBN=9781337622349&id%3D908491119&snapshotld=1937530& 3 CENGAGE MINDTAP Q Search this Homework (Ch 08) 8. Short-run and long-run effects of a shift in demand Suppose that the perfectly competitive tuna industry is in long-run equilibrium at a price of $3 per can of tuna and a quantity of 600 million cans per year. Suppose the Surgeon General issues a report saying that eating tuna is bad for your health. The Surgeon General's report will cause consumers to demand tuna at every price. In the short run, firms will respond by Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of the Surgeon General's announcement. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a…
me - Roblox x Homework Perfec x MindTap - Cenga X MindTap - Cenga X kabir dhillon trans x characters on insi x ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=48985820043301194889180157&elSBN 9781305387638&id=2105230787&snaps CENGAGE MINDTAP Homework Perfect Competition 1. There must be many buyers and sellers-a few players can't dominate the market. 2. Firms must produce an identical product-buyers must regard all sellers' products as equivalent. 3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry. Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Scenario Is the market competitive? There are thousands of…
* MindTap - Cengage Learning b Answered: Homework (Ch 17) En x + A ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=59828118170010561930692029148&elSBN=9780357133606&id=1270090919&snapshotld=2556323& E Apps M Gmail A Maps A clickserve.dartsearc. E Reading list YouTube « * CENGAGE MINDTAP Q Search this course Love v A My Home Homework (Ch 17) Courses Complete the following table by indicating whether each of the scenarios describes the concept of tying, resale price maintenance, or predatory O Catalog and Study Tools pricing. Resale Price Predatory Pricing A-Z EE Rental Options Scenario Tying Maintenance Coolaire is the only firm producing refrigerators. It costs $1,000 to produce a refrigerator, and - College Success Tips Coolaire sells each refrigerator for $1,200. After Chillbox, a new firm with the same costs as Career Success Tips Coolaire, enters the market for refrigerators, Coolaire starts selling its refrigerators for a price of $550. ? Help Snackyville sells a wide…
Mindlap Cengage Leaming n/static/nb/ui/evo/index.html?deploymentld%3D5981412353502464190243042516&elSBN=9780357133576&id%3D14420886 CENGAGE MINDTAP Module One Quiz Show what happens to the production possibilities frontier (PPF) if an epidemic reduces the population of the society. PPF PPF Quantity of Industrial Output 79°F Su Quantity of Agricultural Output