Question 1 Suppose that in an hour a German worker can produce 200 clothes or 20...
Question 1
Suppose that in an hour a German worker can produce 200 clothes or 20 cars, while a Japanese worker can produce 150 clothes or 10 cars. Each country has 8 hours available.
(a) Suppose that without trade the labour in each country spend 25% of their time producing clothes. How many clothes and cars would Germany produce?
Question 2
Suppose that in an hour a German worker can produce 200 clothes or 20 cars, while a Japanese worker can produce 150 clothes or 10 cars. Each country has 8 hours available.
(a) Calculate -
the opportunity cost for cars for Japan and the opportunity cost for cars for Germany
Homework Answers
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Question 1
Suppose that in an hour a German worker can produce 200 clothes
or 20...
1. Suppose that in an hour a German worker can produce 200 clothes or 20 cars,...
1. Suppose that in an hour a German worker can produce 200 clothes or 20 cars, while a Japanese worker can produce 150 clothes or 10 cars. Each country has 8 hours available. (a) Suppose that without trade the labour in each country spend 25% of their time producing clothes. How many clothes and cars would Germany produce? 2. Suppose that in an hour a German worker can produce 200 clothes or 20 cars, while a Japanese worker can...
Suppose that in an hour a German worker can produce 200 clothes or 20 cars, while...
Suppose that in an hour a German worker can produce 200 clothes or 20 cars, while a Japanese worker can produce 150 clothes or 10 cars. Each country has 8 hours available. (c) If these countries were open to trade, which country would export clothes? (1 mark) Explain.(2 marks) (d) At what price should the two countries trade? (2 marks) Explain.(2 marks)
3. American and Japanese workers can each produce 4 cars a year. An American worker can...
3. American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. a. Graph the production possibilities frontier of the American and Japanese economies. b. For the US, what is the opportunity cost of a car? Of grain? For Japan, what is the opportunity cost...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton...
An American worker can produce either 5 cars or 8 tons of grain a year. A...
An American worker can produce either 5 cars or 8 tons of grain a year. A lapanese worker can produce either 4 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers Complete the foflowing table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton of Grain United StatesY Japan...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car1 Ton of...
8. Problems and Applications Q2 American and Japanese workers can each produce 4 cars a year....
8. Problems and Applications Q2 American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that e ach country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to...
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce...
This question is about specialization and trade. A.) Suppose a worker in the U.S. can produce 4 cars or 10 computers. A worker in Russia can produce 2 cars or 10 computers. Suppose that the U.S. has 100,000 workers and Russia has 200,000 workers. Draw the PPF for each country. Be sure to keep the axes on the two graphs consistent. B.) Compute absolute advantage C.) Compute comparative advantage D.) Suppose that the U.S. makes only what they have comparative...
4. Problems and Applications Q4 Suppose that there are 10 million workers in Japan and that...
4. Problems and Applications Q4 Suppose that there are 10 million workers in Japan and that each of these workers can produce either 2 cars or 20 pushels of wheat in a year. The opportunity cost of producing a car in Japan is bushels of wheat, and the opportunity cost of producing a bushel of wheat in lapan is cars. 5. Problems and Applications Q5 England and Scotland both produce scones and sweaters. Suppose that an English worker can produce...
2. Problems and Applications Q2 An American worker can produce ether 4 cars or 8 tons...
2. Problems and Applications Q2 An American worker can produce ether 4 cars or 8 tons of grain a year. A Japanese worker keep things simple, assume that each country has 100 milion workers. can produce ether 4 cars or s tons of grain a year. To Complete the following table with the number of workers needed to make one car orl I ton of grain in the united States and Japan. Workers Needed to Make 1 Car 1 Ton...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton...
An American worker can produce either 5 cars or 8 tons of grain a year. A lapanese worker can produce either 4 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers Complete the foflowing table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car 1 Ton of Grain United StatesY Japan...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car1 Ton of...
8. Problems and Applications Q2 American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that e ach country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to...
4. Problems and Applications Q4 Suppose that there are 10 million workers in Japan and that each of these workers can produce either 2 cars or 20 pushels of wheat in a year. The opportunity cost of producing a car in Japan is bushels of wheat, and the opportunity cost of producing a bushel of wheat in lapan is cars. 5. Problems and Applications Q5 England and Scotland both produce scones and sweaters. Suppose that an English worker can produce...
2. Problems and Applications Q2 An American worker can produce ether 4 cars or 8 tons of grain a year. A Japanese worker keep things simple, assume that each country has 100 milion workers. can produce ether 4 cars or s tons of grain a year. To Complete the following table with the number of workers needed to make one car orl I ton of grain in the united States and Japan. Workers Needed to Make 1 Car 1 Ton...
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