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Answer question 4 based on previous information. 1. Suppose that each worker in the home country...
1a. Suppose that each worker in Home can produce 2 pound of cheese or 3 gallons of wine. Assume that Home has 40 workers. a. Graph the production possibilities frontier (PPF) for Home? What is the no-trade relative price of cheese in Home? Why? b. Suppose that each worker in Foreign can produce 1 pounds of cheese or 2 gallons of wine. Assume that Foreign also has 40 workers. Graph the PPF for Foreign? What is the no-trade relative price...
In the small country of Fictionia, there are 30 workers. Each worker can produce 4 shirts in one day, or bake 1 loaf of bread. These are the only two goods the can be produced. Part A) Draw the production possibility frontier (PPF) for Fictionia, showing the combinations of shirts (S) and bread (B) that can be produced in a day. Put shirts on the vertical axis. Label both intercepts, and label the curve as “PPF”. Part B) What is...
Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. Suppose that without trade the workers in each country spend half their time producing...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers There are 1 million workers in each country Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China U.S. PPF 21 18 S15 China PPF U.S. without...
8. Problems and Applications Q8 Suppose that in a year an American worker can produce 60 shirts or 30 computers and a Chinese worker can produce 60 shirts or 12 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production possibilities frontier for China. U.S. PPF China PPF Quantity of Computers (Millions) HHHHHHHHHH...
Suppose that in a year an American worker can produce 80 shirts or 20 computers and a Chinese worker can produce 60 shirts or 20 computers. There are 1 million workers in each country. Use the blue line (circle symbol) to graph the production possibilities frontier (PPF) for the United States, and use the green line (triangle symbol) to graph the production psies frontier for China 30 27 24 21 18 China PPF 15 U.S. without Trade China without Trade...
Suppose Home has 300 units of labor. It can produce two goods, apples and bananas. In Home a worker can produce 3 apples or 5 bananas. a. Graph Home's PPF, with apples in the horizontal axis. b. What is the opportunity cost of apples? c. In the absence of trade – when Home is isolated ‐ what would the relative price be? d. Now suppose there is another country, Foreign, with a labor force of 200. In Foreign a worker...
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. 1. For each country, graph the production possibilities frontier. Suppose that without trade the workers in each country spend half their time producing each good. Identify this point in your graphs. 2. Who has the comparative advantage in the production of shirts? What about for computers? 3. If these countries were open to...
1. Each country has 10 workers who can produce either microchips or brooms. A worker in U.S can produce 9 microchips a day or 1 broom a day. A worker in Mexico can produce 1 microchip or 9 brooms a day. 1. a) Draw the production possibilities frontier (PPF) of microchips and brooms for U.S. 1. b) Draw the production possibilities frontier (PPF) of microchips and brooms for Mexico 1. c) Explain how trade can benefit both the U.S and...
Suppose Home has 300 units of labor. It can produce two goods, apples and bananas. In Home a worker can produce 3 apples or 5 bananas. a. Graph Home's PPF, with apples in the horizontal axis . b. What is the opportunity cost of apples? c. In the absence of trade – when Home is isolated ‐ what would the relative price be? d. Now suppose there is another country, Foreign, with a labor force of 200. In Foreign a...