Table 2-12One Canoe One SailboatGuatemalaHonduras10 hours15 hours60 hours75 hoursTable 2-12 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras.Refer to Table 2-12. What is Honduras's opportunity cost of producing one canoe?O 1/5 of a sailboat1.5 sailboats5 sailboats6 sailboats

Detailed explanation:Opportunity cost is the cost of next best alternative forgone when the decision…

Answered: Table 2-12 One Canoe One Sailboat…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 6SCQ: Table 33.15 shows how the average costs of production for semiconductors (the chips In computer...

See similar textbooks

Similar questions

Table 33.15 shows how the average costs of production for semiconductors (the chips In computer memories) change as the quantity of semiconductors built at that factory increases. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers.
The opportunity costs could be computed as: Aircraft Corn Beta = 500/1 = 500 corn = 1/500 = 0.002 aircraft Gamma = 300/2 = 150 corn = 2/300 = 0.0067 aircraft %| Beta: 1 Aircraft=500 corn, 1 corn=0.002 aircraft Gamma: Aircraft=150 corn, 1 corn=0.0067 aircraft Gamma would have an absolute advantage in aircraft as they have a higher production capacity. Beta would have an absolute advantage in corn as they have a higher production capacity. Gamma would have a comparative advantage in aircraft as they have lower opportunity costs. Beta would have a comparative advantage in corn as they have lower opportunity costs.
QUESTION 12 wine 90 80 70 60 50- 40 30 20 10 PPF 104 0 Portugal CPF 0 10 20 30 40 50 60 cloth K wine 88288988 90 80 70 60 50 40 30 20 10 0 England PPF CPF L 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. O b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. O c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. O d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
QUESTION 12 wine 90 80 70 60 50- 40 30 20 10 PPF 104 0 Portugal CPF 0 10 20 30 40 50 60 cloth K wine 88288988 90 80 70 60 50 40 30 20 10 0 England PPF CPF L 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. O b) wine costs 1 man-hour/bottle and cloth costs 1 man-hourlyard in England. O c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. O d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
1.Suppose we have the following information about the productivity of industry inJapan and Korea. The data are the units of output per hour of work.Steel TelevisionsJapan 6 3Korea 8 2A Japanese worker can produce 6 units of steel or 3 televisions per hour. A Korean workercan produce 8 units of steel or 2 televisions per hour. Plot the production possibilities frontierfor each country, assuming each country has only one worker and the worker works only onehour. To plot the frontier, plot the end points and connect them with a line. For example, Japancan produce 6 units of steel with its worker or 3 televisions. It can also allocate 1/2 hour to the production of each and get 3 units of steel and 1 1/2 televisions. a) What is the range of prices at which each country would be willing to exchange?
EX LO d @ Safari File Edit View History Bookmarks Window Help Lily ✓ My Home Courses Rental Options V Catalog and Study Tools Dashboard College Success Tips Help Career Success Tips Give Feedback « 100 CENGAGE MINDTAP PISTACHIOS (Millions of pounds) 48 42 36 Homework (Ch 03) The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Denali. Both countries produce peas and pistachios, each initially (i.e., before specialization and trade) producing 18 million pounds of peas and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. 30 24 18 PPF 12 6 0 0 C Mind Tap - Cengage Learning 6 S Shenandoah A 12 18 24 30 PEAS (Millions of pounds) 36 42 48 ? JAN 28 PISTACHIOS (Millions of pounds) 48 42 36 30 24 6 C MindTap - Cengage Learning 0 ng.cengage.com PPF 6 Denali A 12 18 24 30 36 PEAS (Millions of pounds) 42 48 Shenandoah has a comparative advantage in the production of while Denali has a comparative advantage in the…
scenario Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.
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?
Figure 1 CASHEWS (Pounds) 400 360 320 + 280 240 Peru's PPF 200 160 120 A O 80 40 15 hour Refer to Figure 3-2. If the production possibilities frontier shown is for 32 hours of production, then how long does it take Peru to make one pound of cashews? hour 1 2 3 hours 7.5 hours 3 4 5 6 7 8 PEANUTS (Pounds) 9 10
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.
1. The countries France and Italy produce Perfumes and Leather Coats using only labor as an input. AvailableLabor for France and Italy is 3000 and 1000 respectively. Unit of labor per Leather Coat in France is 6 units and inItaly are 2 units. France needs 2 units of labors to produce 1 bottle of Perfume and Italy needs 4 unit of labor. a) Draw the Production Possibility Curve by using relevant information. b) Which country has the comparative advantage in producing Perfume?
QUESTION 12 wine 88185432 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth wine 8818588 90 80 70- 60 +09 40 30- 20 England PPF CPF 10 0 0 10 20 30 40 50 60 cloth 12. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth? a) wine costs 1/2 man-hours/bottle and cloth costs 1/2 man-hours/yard in England. b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in England. c) cloth costs 1 man-hours/yard and wine costs 1 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

SEE MORE TEXTBOOKS