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1. The following table shows output per hour for Fred and Barney who mow lawns and trim hedges:
Output per Hour
Fred
Barney
Lawns Mowed
2
1
Hedges Trimmed
8
6
What is the opportunity cost of mowing a lawn for Fred? What is the opportunity cost of trimming a hedge for Fred? Who has a comparative advantage in mowing lawns? How can you tell?
2. The following table shows output per hour for Mexico and Canada, two countries that produce beer and T-shirts:
Mexico
Canada
Beer (thousands of bottles)
5
10
T-shirts (thousands)
12
What is the opportunity cost of a bottle of beer for Mexico? What is the opportunity cost of a T-shirt for Mexico? Who has a comparative advantage in producing beer? How can you tell?
3. Suppose that Rosie and Betty spend their free time making cakes and cookies. Is it possible for Betty to have an absolute advantage in the production of both cakes and cookies? Is it possible for Betty to have a comparative advantage in the production of both cakes and cookies? Explain.
4. Papa Ray owns a pizzeria. He is more efficient at making pizza than anyone he could hire. Does this mean that he should make all of the pizzas himself?
Price comparison services on the Internet (as well as shopbots) are a popular way for retailers to advertise their products and a convenient way for consumers to simultaneously obtain price quotes from several firms selling an identical product.
nbsp1.nbspnbspnbspnbspnbspnbspnbspnbsp suppose that a nations production possibilities are as follows possibilitiesfood
The demand for a product can change due to manyfactors. Distinguish between a change in demand and a change inquantity demanded. What are the determinants of demand What arethe determinants of supply
You are the manager of 3D Designs-a large company that does graphics work for Disney and other companies. You and your only competitor are contemplating the purchase of a new 3-D imaging device.
A corporate bond rated AAA with the same time to maturity as bond Y that trades in a more liquid market than bonds W, X, or Y List the bonds in the most likely order of the interest rates (yields to maturity) of the bonds from highest to lowest.
Elucidate your answer using proper economic terms and analysis.
There are two goods in the economy, anchovies (a fish) and bananas ( a farm product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not affect anchovies.
ECO 201 Unit 5 Discussion Board This week I would like you to comment on an idea regarding our taxation system called the "Fair Tax". There is nothing about this in the book but there is a good amount of information available on the Internet. Take a ..
Discuss the specifics of any cases/examples you use and the implications of same on local citizens of that country.
(Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor suppli..
What is a government budget surplus and how does it affect the amount of savings that a government does? What happens if the surplus turns into a deficit?
If you assume that wealth (W) and investment (I) remain constant what are the equilibrium levels of GDP (Y), consumption (C), and savings (S) ?
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