Use the following production possibilities frontier for a country to answer the following questions.Which point(s) are unattainable? Briefly explain why.Point A because it is inside the production possibilities frontier.Point E because it is outside the production possibilities frontier.EAll the points because the production of each has an opportunity cost.CNone of the points because they all are feasible.Points B, C, and D because they are on the production possibilities frontier.ADPPEConsumption goods-...Capital goods

Production means goods are produced in such a manner that cost is minimized and production is…

Answered: Use the following production…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following production possibilities tables to answer the next question. Possibilities C 8 24 A Autos (millions) 0 Chemicals (millions) 40 Germany's Production B 4 32 United States' Production B 3 48 A Autos (millions) 0 Chemicals (millions) 60 Multiple Choice O O 8 million units of autos. D 12 16 Possibilities D 9 24 6 million units of autos. C 6 36 Assume that prior to specialization and trade Germany and the United States both produced combination C. Now if each nation specializes according to its comparative advantage, the resulting gains from specialization and trade will be 6 million units of autos and 8 million units of chemicals. E 16 8 8 million units of autos and 6 million units of chemicals. E 12 12 F 20 20 F 15 0
7:31 PM Fri Jun 23 I. Production Possibilities learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.com For each of the following situations, show how you would represent the production or production possibilities change experienced by the country. Start out by drawing a PPF for the country with agricultural goods in the horizontal axis and manufactured goods on the vertical axis and with the assumption that resources are not identical in production. a) Show how you would represent the impact Hurricane Dorian had on the Jacksonville area. Explain briefly why you believe your picture changes in the way you illustrated. b) Show the effect that a prolonged drought. Explain briefly why you believe your picture changes in the way you illustrated. c) Economic statistics indicate that unemployment in Spain has risen from 8.6% in the first quarter of 2018 to 25.02% in the fourth quarter of 2018. Show how you would represent the impact of this dramatic increase in unemployment in Spain.…
Meanwhile, in the country of Portugal, wool and wine can also be produced according to a linear PPF. However, when all resources are devoted to production of wine, Portugal can produce 100 barrels, but when all resources are devoted to wool production, portugal can produce 50 bushels. What are the opportunity costs in Portugal of producing a barrel of wine?
The graph below represents the Production Possibility Frontier for the country of OZ for 2 groups of goods or services: Infrastructure (like bridges and roads) and technology and research. Production Possibility Frontier - Country of Oz 12 10 0 2 4 6 8 10 12 14 16 18 20 22 Infrastructure From a point on the Production Possibility Frontier, the country of OZ can produce more infrastructure projects and more technology and research projects simultaneously but only up to a certain quantity. If the country of OZ is currently producing 15 infrastructure projects and wants to produce 4 more, they would give up 7 research and technology projects. If the country of OZ is currently producing 10 infrastructure projects and wants to produce 5 more, the opportunity cost would be 2 research and technology projects. The country of OZ can produce 15 infr tructure projects and 12 technology and research projects Technology and Research
The following table shows per-day production data of rice and T-shirts for two countries, Cambria and Bodoni. Based on the table, it can be said that the opportunity cost of 1 T-shirt in Cambria is Table 19.1 Cambria Bodoni Tons of rice T-shirts per Tons of rice T-shirts per per day day per day day 20 100 18 80 90 100 16 160 80 200 14 240 70 300 12 320 60 400 10 400 50 500 8. 480 40 600 6. 560 30 700 640 20 800 720 10 900 800 1000 a. 4 tons of rice b. 2 tons of rice c. 0.025 ton of rice d. 0.5 ton of rice e. 0.75 ton of rice
1. Analyze the following two countries with linear production technologies and one factor of production. The production technology is given by the following labor requirements: Hot Dogs (labor per unit) Maple Syrup (labor per gallon) USA Canada 1 3 2 1 Each country has 600 hours of labor. a. Which country has the absolute advantage in producing hot dogs? Explain. b. What is the opportunity cost of hot dogs in the US? In Canada? c. Which country has a comparative advantage in each good? Explain. d. What is the range of prices for each good under which both countries will gain from trade? Explain. e. Suppose that the world price of a unit of hot dogs is 1 gallon of maple syrup. Draw a large, clear new graph for each country (put hot dogs on the X axis) showing the autarky equilibrium and the free trade equilibrium (including the trade triangle showing the levels of imports and exports). f. Who gains from free trade in this model? Briefly explain why or why not.
If to produce 1 car Claire experiences an opportunity cost of 15 boots, and Mitch experiences an opportunity cost of 10 boots. Which of the following is true? O Mitch has a comparative advantage in boot production. Mitch has an absolute advantage in boot production. Mitch has an absolute advantage in car production. Mitch has a comparative advantage in car production.
Robinson can catch 1 fish or gather 2 coconuts. in an hour, Bill can catch 1 fish or gather 1coconut. In an hour, Chris can catch 8 fish or gather 2coconuts a. If production is organized according to comparative advantage, in what order will the three inhabitants collect coconuts? (That is, if only one of the three collects coconuts, who will it be? And if two of them collect coconuts, which two will it be?) b. Draw the production possibilities curve (PPC) when there is no specialization—that is, when each worker divides their time between fish and coconuts in the same way as the other two workers. Identify and explain the vertical intercept, the slope, and the horizontal intercept of the PPC in this case.
On the same graph, draw two PPFs: one for Arizona and one for North Dakota. Assume Arizona can produce 80 bales of hay or 20 pounds of sunflowers. North Dakota can produce 30 bales of hay or 120 pounds of sunflowers. For both states, points in between these limits are possible. Show how the total production of hay and sunflowers is greater with specialization than with self-sufficiency. Assume that the states trade 20 bales of hay for 30 pounds of sunflowers. Demonstrate the gains from trade with points on your graph. 1. Explain the opportunity costs of producing 1 bale of hay and 1 pound of sunflowers for each state. 2. Draw your own PPF graph on a piece of paper. 3. Clearly label all axes and lines. Include all relevant information.
Question 2. Imagine the country of Zed, which has the following production possibilities curve: Tanks Noodles 0 51 100 45 200 38 300 30 400 21 500 11 600 0 a) What is the opportunity cost between tanks and noodles? Is it constant?Graph the ppc. b) True, false, uncertain, and explain: “This economy should produce 30 noodles and 300 tanks because that is the most even distribution of resources between the two goods.”
Consider the figure on the right. Between points b and c, the opportunity cost of tons of wheat (enter a positive whole number) is tons of steel (enter a positive whole number). C 800- Tons of steel per year 400 270 :60 70 Tons of wheat per year 100 N
Figure 3: Two Production Possibilities Frontiers Britain United States 100 30 90 200 Assume the world consists hypothetically of only two countries that can produce only two products, in the same period, with the same fixed amount of resources, with the same highest technologies available worldwide, and with the simplified assumption of producing "along" a linear production possibility frontier (PPF). Figure 3 provides the production possibilities frontiers between Textiles (T) and Soybeans (S) in the United States (A) and Britain (B). Referring to Figure 3, which of the following is true according to David Ricardo's Comparative Advantage Theory? Only the United States can benefit from engaging in free international trade with Britain. Neither Britain nor the United States can benefit from engaging in free international trade. Both Britain and the United States can benefit from engaging in free international trade. None of the above.

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