Microeconomics (12th Edition) (Pearson Series in Economics)
12th Edition
ISBN: 9780133872293
Author: Michael Parkin
Publisher: PEARSON
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Chapter 2, Problem 20APA
(a)
To determine
Identify the values of
(b)
To determine
Identify the production possibilities of two commodities if each spends 30 minutes for production.
(c)
To determine
Identify the
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Refer to Figure 3-8. If the production possibilities frontiers shown are each for one day of production, then which of the following combinations of coffee and soybeans could Chile and Colombia together make in a given day?
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The table shows Frigidia's production possibilities.
Fish
(pounds per month)
300
200
100
0
Draw the four points defined in the table.
Use the four-point line tool to draw the PPF. Label it.
and
and
and
and
Skis
(pairs per month)
0
50
100
150
If Frigidia produces 200 pounds of fish per month, how many pairs of skis must it produce to achieve
production efficiency?
Frigidia must produce pairs of skis to achieve production efficiency.
What is Frigidia's opportunity cost of producing 1 pound of fish and 1 pair of skis?
pairs of
The opportunity cost of 1 pound of fish is
skis
300-
250
200-
Fish (pounds per month)
150-
100-
50-
25
50
75 100 125
Skis (pairs per month)
150
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4) The existing entries in the following table show the maximum quantities of waffles or
bacon the Max and Emmy could make.
Waffles Bacon
Emmy 2
14
Маx
2
Calculate the opportunity cost of the Max and Emmy producing each item. Use this
information and the concept of comparative advantage to explain who should
specialize in the production of each output. How can their trading affect consumption
relative to their production possibilities frontier? Be sure to explain the concepts and
tell why you chose the answer you did.
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Chapter 2 Solutions
Microeconomics (12th Edition) (Pearson Series in Economics)
Ch. 2.1 - Prob. 1RQCh. 2.1 - Prob. 2RQCh. 2.1 - Prob. 3RQCh. 2.1 - Prob. 4RQCh. 2.1 - Prob. 5RQCh. 2.1 - Prob. 6RQCh. 2.2 - Prob. 1RQCh. 2.2 - Prob. 2RQCh. 2.2 - Prob. 3RQCh. 2.2 - Prob. 4RQ
Ch. 2.2 - Prob. 5RQCh. 2.3 - Prob. 1RQCh. 2.3 - Prob. 2RQCh. 2.3 - Prob. 3RQCh. 2.3 - Prob. 4RQCh. 2.3 - Prob. 5RQCh. 2.4 - Prob. 1RQCh. 2.4 - Prob. 2RQCh. 2.4 - Prob. 3RQCh. 2.4 - Prob. 4RQCh. 2.4 - Prob. 5RQCh. 2.5 - Prob. 1RQCh. 2.5 - Prob. 2RQCh. 2.5 - Prob. 3RQCh. 2 - Prob. 1SPACh. 2 - Prob. 2SPACh. 2 - Prob. 3SPACh. 2 - Prob. 4SPACh. 2 - Prob. 5SPACh. 2 - Prob. 6SPACh. 2 - Prob. 8SPACh. 2 - Prob. 9SPACh. 2 - Prob. 7SPACh. 2 - Prob. 10SPACh. 2 - Prob. 11APACh. 2 - Prob. 12APACh. 2 - Prob. 13APACh. 2 - Prob. 14APACh. 2 - Prob. 15APACh. 2 - Prob. 16APACh. 2 - Prob. 17APACh. 2 - Prob. 20APACh. 2 - Prob. 21APACh. 2 - Prob. 22APACh. 2 - Prob. 18APACh. 2 - Prob. 19APACh. 2 - Prob. 23APACh. 2 - Prob. 24APACh. 2 - Prob. 25APA
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- Question attachedarrow_forwardHector and Albert are bakers who can make either cakes or pies. Below is a graph showing their production possibilities curves (PPC) for these items. Cake 6. - Albert's PPC Hector's PPC 2 8. Pie Use the information from the above graph to answer the following questions. For opportunity cost please enter numeric answers (ie. 4 or 1/4 not "Four" or "one fourth"), for the question about comparative advantage just type either "Albert" or "Hector" into the submission box. What is Hector's opportunity cost for one cake? What is Albert's opportunity cost for one pie? Who has comparative advantage in making cake? 4-arrow_forwardimage attachedarrow_forward
- The table provides information about the production possibilities of a firm that produces bed linens. Quilts (per hour) Possibility A B C Pillows (per hour) 0 8 and and and 16 12 0 Draw points that show the three possibilities defined by the table. Label them A. B. and C. Draw the firm's PPF by connecting the points. Label it. Along this PPF, the quantities of A. all goods other than pillows and quilts are increasing OB. all goods other than pillows and quilts remain constant OC. pillows and quilts are either increasing or decreasing, so there is no scarcity OD. all goods other than pillows and quilts are decreasingarrow_forwardA worker in country A can produce either 5 computers or 45 tons of rice, while a worker in country B canproduce either 7 computers or 42 tons of rice. a. Graph the production possibilities curve for each country. On which point of the curve would eachcountry produce if the workers spent half of their time producing each good? b. Which country has absolute advantage? Which country has comparative advantage? In theproduction of rise Country A absolute advantage c. If there was trade, which country would specialize in the production of rice? d. At what price of computers would the countries agree to trade?arrow_forwardFor this production possibilities schedule, it is true that: Production Possibilities Schedule Combination School Buses Refrigerators A 0 20 B 1 18 C 2 14 D E 3 4 8 0 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a the opportunity cost of moving from combination B to combination C is 2 refrigerators, while the opportunity cost of moving from combination C to combination D is 14 refrigerators. b the opportunity cost of moving from combination B to combination C is 4 refrigerators, while the opportunity cost of moving from combination C to combination D is 6 refrigerators. с the opportunity cost of moving from combination B to combination C is 6 refrigerators, while the opportunity cost of moving from combination C to combination D is 8 refrigerators. d the opportunity cost of moving from combination B to combination C is 8 refrigerators, while the opportunity cost of moving from combination C to combination D is 0 refrigerators.arrow_forward
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