*7 Leisureland's production possibilities in 2004 are: Sunscreen (litres per month) Food (kilograms per month) 300 200 100 0 and and and and 0 50 100 150 a Draw a graph of Leisureland's production possibil- ities frontier in 2004. b What are Leisureland's opportunity costs of produc- ing food and sunscreen at each output in the table?

*7 Leisureland's production possibilities in 2004 are: Sunscreen (litres per month) Food (kilograms per month) 300 200 100 0 and and and and 0 50 100 150 a Draw a graph of Leisureland's production possibil- ities frontier in 2004. b What are Leisureland's opportunity costs of produc- ing food and sunscreen at each output in the table?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 6QR

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SUVS (millions per year) 5 4 A 3 E 2 D C 0 2 3 5 boog & lo nuoma od) 6 ab (3 b bomb to wel od (CS nado bomb (A sd (CI (a Compact cars (millions per year) 19) The figure above shows the production possibilities frontier for a country. In order for it to produce at point E, the 20 woda el bul A) country would need to acquire more resources and/or more advanced technology. B) production of compact cars would need to decrease. C) production of SUVS would need to decrease. D) country would need to use its resources more efficiently. tide bo Did E) country would need to determine that compact cars and SUVs are equally important to it.
What is comparative advantage?
Suppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?
e table below presents some combinations of math homework questions and exam questions that Professor Sanchez and her teaching assistant, Maria Gonzalez can write in a week, Professor Sanchez Teaching Assistant Homework Homework Exam questions Exam questions questions questions 20 40 10 15 10 30 20 10 20 20 30 30 10 40 40 Given the production possibilities of Professor Sanchez, what is the opportunity cost of writing an additional exam guestiont Select one A.3 homework questions 6.2 homework questions C4 homework questions d 1 homework question to search
go.view.usg.edu/ Question If the production of wheat increases from point B to point A, what is the opportunity cost? Reflect in ePortfolio Tons of Wheat 100 90 75 45 25 A 20 B 75 80 F 90 D 100
Table 1: Production Capacity of COVID-FREE LAND.Toilet Rolls30,000 28,000 24,000 18,000 10,000 0Sanitizers0 1,000 2,000 3,000 4,000 5,000Use information in Table 1 above to answer the following questions:a. Using the above figures, graph the production possibilities Frontier (PPF) of COVID_FREELAND b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID- 19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.
A 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?
ome 3. Gains from trade ses Consider two neighboring island countries called Dolorium and Arcadia. They each have 4 million labor hours available per week that they can use to Mog and Study Tools produce jeans, rye, or a combination of both. The following table shows the amount of jeans or rye that can be produced using 1 hour of labor. tal Options lege Success Tips Jeans Rye A- Country (Pairs per hour of labor) (Bushels per hour of labor) reer Success Tips Dolorium 4 16 ENDED FOR YOU Arcadia 10 Initially, suppose Arcadia uses 1 million hours of labor per week to produce jeans and 3 million hours per week to produce rye, while Dolorium uses 3 million hours of labor per week to produce jeans and 1 million hours per week to produce rye. Consequently, Dolorium produces 12 million pairs of jeans and 16 million bushels of rye, and Arcadia produces 5 million pairs of jeans and 30 million bushels of rye. Assume there are no other countries ng Focused willing to trade goods, so, in the absence…
IVIOVIng tu anouier questioT Wir save uISTespoTIse. Question 6 12 Mac's PPF Izzie's PPF 8 10 12 Television sets (per month) The production possibility frontiers for Mac and Izzie are shown in the figure above. Based on this figure, answer the following questions: a) In what product does each of Mac and Izzie have an absolute advantage? b) What is the opportunity cost of one television set for each of Mac and Izzie? c) Suppose that Mac and Izzie wish to specialize in one product and then trade with each other, in which product will each of Mac and Izzie specialize and how many units will they produce d) How many units of televisions should be traded for computers in order for Mac and Izzie to reach point c? e) What does the space between points a and c represent? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). I U S Paragraph A V In *G 哈O Arial 10pt x X, 田由田用因 () 图 HE
CASHEWS (Pounds) O a. 1/10 hour O b. 1/3 hour O c. 3 hours O d. 10 hours 400 360 320 280 240 200 160 120 80 40 Figure 3-2 Brazil's PPF 1 2 3 4 5 6 7 8 9 10 PEANUTS (Pounds) Refer to Figure 3-2. If the production possibilities frontier shown is for 24 hours of production, then how long does it take Brazil to make one pound of peanuts?
alings Review View Help red on your computer. Save 3.. I 4.. .. 5. I 6 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. , Focus
The table below shows the production possibilities in Lykesville. Using the information in the table, answer the questions below. A B C D E OA OB SOC OD Lykesville Lykesville Cell phones Washing machines 0 20 50 70 80 600 450 300 150 0 What is the opportunity cost of increasing the production of cell phones from 20 to 50? washing machines At which point is the opportunity cost of 1 additional cell phone the highest?