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Assume Nebraska and Virginia each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states: Nebraska Virginia Wheat 8 4 Cotton 6 2 A) Who has the absolute advantage in the production of cotton?
Who has the comparative advantage in the production of wheat? B) In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Wheat
Cotton
200
240
680
560
C) In Virginia, what is the marginal rate of transformation between wheat and cotton? (Assume wheat is graphed on the vertical axis.)
What will the effects of the tax be in the short run on industry output and price. Will the price rise by the full ?ve cents in the short run.
Under Illustrate what conditions are likely to be internalized without the necessity of government intervention
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If each nation grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in terms of average income.
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