Below is a table showing the daily production numbers for 1 worker in both Mexico and Canada. Use these numbers to answer the questions below.
1 worker in Mexico can produce in 1 day |
1 worker in Canada can produce in 1 day |
50 sodas or 10 pizzas |
40 sodas or 2 pizzas |
i. Determine a trade agreement for 1 pizza (price in terms of x number of sodas for 1 pizza) that both countries would benefit from. (Do not give me a range of prices. Just give me one price and one price only.) (Hint: who will be buying and who will be selling pizzas?)
j. Explain (using numbers) how Canada would benefit from your answer to (i) above.
k. Explain (using numbers) how Mexico would benefit from your answer to (i) above.
Below is a table showing the daily production numbers for 1 worker in both Mexico and...
e U.S. and Mexico both produce vehicles and tons of plastic, which are sold for the same price in both countries. Suppose that with one unit of labor and one unit of capital, the U.S. can produce either 20 vehicles or 47 tons of plastic and Mexico can produce either 10 vehicles or 16 tons of plastic. What is the opportunity cost of producing one vehicle (in terms of tons of plastic) for Mexico? Provide your answer as a number...
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...
I will rate and comment, please answer all questions below In a survey of 200 US residents: 150 have traveled to Canada, 120 to Mexico, and 90 have traveled to both countries. Whatâ€™s the probability that a US resident chosen at random has a) traveled to Canada but not to Mexico _________________ b) traveled to either Canada or Mexico, but not both ___________ c) traveled to either Canada or Mexico ______________________ d) not traveled to either country ___________________________ e) traveled...
10) Suppose the US and Mexico both can produce cars and beer. The following chart shows what 100 workers can produce in one day in each country. Country Car Production-100 Beer Production (truckload)- 100 or workers workers United States 300 or 1200 Mexico 200 1000 or For this question, assume they can use the same workers to produce any amount in between the two and the opportunity cost is constant straight PPF a) Use the info in the table to...
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) Canada can make a book in one hour, and Mexico can make a book in three hours. Canada can make a car in 100 hours, and Mexico can make a car in 150 hours. If Mexico and Canada traded, it would be advantageous for both countries if Mexico specialized in _______ and Canada specialized in ______. A. nothing; that is, if they did not trade. B. books; cars C. books; books D. cars; books E. cars; cars Scenario 1...
L4 X-150 Y 150 Y-300 150 ol Mexico Canada ov 1. The production possibility frontiers of two countries are represented on the graph:s above as straight lines. Let Good X be units of oil (100,000's of barrels) and Good Y be units of automobiles (100,000's of cars). Mexico is currently producing and consuming the goods combination represented by Point A. Canada is currently producing and consuming the goods combination represented by Point B a. Does either country have an absolute...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and Graphs Q1 FW in the missing cells in the following table. Quantity of Output (Q) (Units) Average Fixed Cost (AFC) (Dollars) Total Variable Cost (TVC) (Dollars) Total Fixed Cost (TFC) (Dollars) 180 180 Average Variable Cost (AVC) (Dollars) Marginal Cost (MC) (Dollars) Total Cost (Dollars) Average Total Cost (ATC) (Dollars) 180 180 180 MINIM 180 180 MINI Grade It Now Save & Continue Continue...
1. Below is production levels of lumber and oll for the United States and Canada. Country Lumber Production (using 50 worker hours) 100 200 Oil Production (using 50 worker hours) 150 50 United States Canada a. Calculate the opportunity cost of producing 100 units of lumber for U.S. b. Calculate the opportunity cost of producing 200 units of lumber for Canada. C. Calculate the opportunity cost of producing 150 units of oil for U.S. d. Calculate the opportunity cost of...
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...