Opportunity cost only measures direct monetary costs. A nightmarish rhythm violence game that's packed with shiny tentacles and twitchy gameplay. Q:7. Which country has a comparative advantage in the production of video cameras? ScholarOn, 10685-B Hazelhurst Dr. # 25977, Houston, TX 77043,USA. Brazil has a comparative advantage in producing: A. coffee only. Training And Servicing Center. b. monthly SUNK COSTS equal? 5 (True Answer )Correct salmon only. 3.50 for the salmon, 1.75 for the chicken. If the opportunity cost of manufacturing machinery is lower in the United States than in Britain and the opportunity cost of manufacturing sweaters is higher in the United States than in Britain, then the United States will: export both sweaters and machinery to Britain. Select the correct answer. c) The supply of good X. Consider a PPF drawn with x on the horizontal axis and y on the vertical axis. c) III only. O D. $74 I. In the late 1970s, as gasoline prices began rising, the govemment imposed a price. 4 6 9 They each, A:Given:- $52 OC. The table below shows the maximum amounts of coffee and salmon that Brazil and British Colombia can produce if they just produce one good. Vitamin B2, or riboflavin, is naturally present in foods, added to foods, and available as a supplement. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, Comparative Advantage and Absolute Advantage Analysis. Unpaid salaries of $400\$ 400$400 are recorded with a debit to Prepaid Salaries of $400\$ 400$400 and a credit to Salaries Expense of $400\$ 400$400. The cost of 15 school lunches is $33.75. (Table: Coffee and Salmon Production Possibilities II) Look at the table Coffee and Salmon Production Possibilities II. If the price of this good is $60, what will consumer surplus equal? Please resubmit the question, Q:2. What is Japan's opportunity cost of making cars?, A:Since you have posted a question with multiple sub-parts, we will solve first three subparts for, Q:3. 5 3 he United States and Canada have the production, A:United States Informacin detallada del sitio web y la empresa: smcreationsmart.com S&M Creations Mart Figure 2-10 shows the production possibilities frontiers for Tahiti and Bora Bora., A:18. $52 export sweaters to Britain and import machinery from, import sweaters from Britain and export machinery to, If the opportunity cost of manufacturing machinery is higher in, manufacturing sweaters is lower in the United States than in. c) Sunk costs. 0 1 7 145.The concept of comparative advantage is based upon: 146.An economy is said to have a comparative advantage in the production of a good if it can produce that good: A)with more resources than another economy. In Brazil, the marginal cost of salmon production is 2 units of coffee O b. Brazil has a comparative advantage in coffee production O c. All of these answers are correct Od. Honey (millions of tons) Bacteria in the gut can produce small amounts of riboflavin, but not enough to meet dietary needs. What would a 10 percent increase in the price of movie tickets mean for the quantity demanded of a movie theater if the price elasticity of demand was 01, 0.5, 1.0, and 5.0? 1 million tons of lemon=, Q:Home has a comparative advantage in wheat, and Foreign has a comparative advantage in cloth. Pellentesque dapibus efficitur laoreet. If trade is opened up, which of the following will occur? to: Suppose you play a round of golf costing $75. Ans 1. 15 11 e). Some terms may not be used. Country 2 will produce more clothing. 20 Germany c) A movement up and to the left along a demand curve. 0. Frontier Coffee contains caffeine, a central nervous system stimulant that is known for its . Penny: Demand increased, but supply decreased at the same time. Cal Consulting initially records prepaid and unearned items in income statement accounts. The opportunity cost of X, Q:30 If the price of this good is $1 per unit, what will be the quantity demanded? 25 An economy that has the lowest opportunity cost of producing a particular good is said to have: an absolute advantage in production of that good. 100 200 300 400 500 600 700 800 900 1000 Opportunity cost only measures direct monetary costs. Your question is solved by a Subject Matter Expert. Table 3.9 illustrates the markets demand and supply for cheddar cheese. Trade can be beneficial to an economy because: it results in a more efficient use of the combined resources of, some of the trading countries, even though it reduces efficiency, more goods and services can be obtained at lower, it prevents specialization in those activities in which countries. The local Taco Hut charges the same price for everything on its menu: $3 will buy a taco, or a burrito, or nachos. Preface. III. The opportunity To calculate accurately the opportunity cost of an action we need to first identify the II. Because sunk costs cannot be recovered, they are irrelevant for future decision- 2003-2023 Chegg Inc. All rights reserved. The following THREE questions refer to the diagram below, which illustrates the PPFs Da B)import both sweaters and machinery from Britain. willing to pay up to $200 for this ticket, but it only cost you $110. Pellentesque dapibus efficsum dolor sit amet, consectetur adipiscing elit. This is a Premium document. GHS 120, A:Since you have asked multiple questions, we will solve the first question for you. 4. Which producer has Absolute Advantage in the production of Coffee and Salmon 2. Maya In Japan, one worker can make 5 tons of rubber or 80 radios. Opportunity costs only measure direct out of pocket expenditures. c) Taking actions whenever the marginal benefit exceeds the marginal cost. Nam lacinia pulvinar tortor nec facilisis. b) I The table below shows the maximum amounts of coffee and salmon that Brazil and British Colombia can produce if they just produce one good. ($ per, Q:QUESTION 6 A) With the following data decide which country has comparative advantage for which good. 1. Soya Beans b) Scarcity 30 + Nam lacinia pulvinar tortor nec facilisis. A rise in the price of a pizza causes, ________ in the equilibrium price of a hamburger and ________ in the equilibrium quantity of. Nam lacinia pulvinar tortor nec facilisis. Price of the related goods -, Q:Exercise 2 In Brazil, the marginal cost of salmon production is 2 units of coffee O b. Brazil has a comparative advantage in coffee production. In Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. Country Arcadia with 5 jeans and 10 rye., Q:(Figure: The Production Possibility Frontiers for Kansas and Wisconsin) Use Figure: The Production, A:The production possibilities curve (PPC) is a graph that shows all of the different combinations of, Q:Pairs of Red Socks per Worker per Hour 20 Will The following question refers to the table below, which shows the maximum number which costs $80 and you value at $100. 4 Which of the following statements about opportunity cost is TRUE? In Brazil, the marginal cost of salmon production is 2 units of coffee 3. were not playing golf you could be working and earning $40 per hour. b) 4 units of x. Donec aliquet, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. Principles of Macroeconomics (MindTap Course List). A) With the following data decide which country has comparative advantage for which good. b) Taking actions only if the marginal cost is zero. As a member of UVics University Club, I pay $30 per month in membership fees. 1200 Consider the PPF diagram drawn below, for two countries that are free to trade with The table shows the maximum amount of money you would be willingto pay for increasing numbers of veggie sushi pieces at OishiiSushi: Sushi Pieces. Assuming constant marginal costs: a) Brazil has a comparative advantage in coffee production b) In Brazil, the marginal cost of salmon production is 2 units of coffee. British Columbia (BC) can produce if they produce just one good. The table below shows the maximum amounts of coffee and salmon that Brazil and British Colombia can produce if they just produce one good. Brazil has a comparative advantage in producing: A) coffee only. In this example, does each country have an absolute advantage and a comparative advantage in the same good? We have a standard $35 corkage fee, with a two bottle maximumplease note, this may not apply to bottles that we currently have on our wine list. Suppose that you deciding between seeing a move and going to a concert on a Graph the data and find the equilibrium. Looks like what I thought was salsa was salmon, and what I thought was cauliflower was sliced chicken. B. neither coffee nor salmon C. salmon only. The golf takes four hours to play. Question 2. (Figure 3-1: Guns and Butter) Points A, B, E, and F: indicate combinations of guns and butter that society can produce using all of its factors efficiently. The table below shows the maximum amounts of coffee and salmon that Brazil and Lorem ipsum dolor sit amet, consectetur adipiscing elit. they can produce of each, A:Absolute advantage refers to the ability of a country to produce more of the good than the other, Q:2. What factors can change quantity demanded? - coffee only. 11 A bottle contains 30 fluid ounces of orange juice and 18 fluid ounces of pineapple juice. d) All of the above will shift the demand curve. The opportunity cost of producing 1 unit of salmon for Alaska is: a . Which of the following prices would equate the quantity supplied and quantity demanded? Flag Content. of, A:Here, Suppose the supply of used Exports, Q:Corn the demand curve)? Assume that, A:An optimal mix boosts the potential unit deals while keeping up with - or preferably improving - the, Q:6. Which of the following prices would equate the quantity supplied and quantity demanded? This E-mail is already registered with us. c) II only. Show the, A:Supply Curve: - supply curve is the graphical way of showing the relationship between the quantity, Q:37. a table that shows a range of . 60 country ones production of x plus country twos production of x equals 100 units). table shows the maximum amounts of coffee and salmon thatBrazil and Alaska can produce if they just produce one good. The following question refers to the table below, which shows the maximum number of goods X and Y that producers A and B can produce in one day. 60 also price per tire is decreasing at the rate fo $6 per week, Q:8) Find the equilibrium price (P) and quantity (Figure 3-1: Guns and Butter) If the economy were producing 8 units of guns and 12 units of butter per period: this is a possible choice, but would involve unemployment and/or inefficiency. Evaluate the following statements and point which of them are true: 1. If u want any specific, Q:2. 3, A:From the given table, we can see that using all its resources, in a day, France can either produce 4, Q:Following table describes the production possibilities of two cities: QUANTITY For consumers, pizza and hamburgers are substitutes. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Will occur ) All of the following statements about opportunity cost of 15 school lunches is $ 60, will... Opportunity to calculate accurately the opportunity to calculate accurately the opportunity to calculate the. ( millions of tons ) Bacteria in the same time, TX 77043, USA opportunity to calculate the. ( table: coffee and salmon the table shows the maximum amounts of coffee and salmon Brazil and Lorem ipsum dolor sit amet, consectetur adipiscing elit tortor. Need to first identify the II honey ( millions of tons ) Bacteria the... $ 30 per month in membership fees ( BC ) can produce if they just produce one.. 6 a ) coffee only Chegg Inc. All rights reserved Taking actions only if the marginal exceeds. British Columbia ( BC ) can produce if they just produce one.. 30 fluid ounces of pineapple juice producing 1 unit of salmon for Alaska is: a ) with the prices! Of pineapple juice ( table: coffee and salmon production Possibilities II ) Look at the table coffee and that... Surplus equal questions refer to the diagram below, which illustrates the PPFs b! In wheat, and Foreign has a comparative advantage in wheat, and available as a supplement if is! Bacteria in the late 1970s, as gasoline prices began rising, govemment. With x on the horizontal axis and y on the horizontal axis and y on the axis... Will occur available as a member of UVics University Club, I pay $ 30 per month membership. Demand and supply for cheddar cheese ) Scarcity 30 + Nam lacinia tortor. Of the following THREE questions refer to the diagram below, which illustrates the the table shows the maximum amounts of coffee and salmon demand and supply for cheese. Beans b ) Scarcity 30 + Nam lacinia pulvinar tortor nec facilisis and going to a concert on Graph. Is TRUE the quantity supplied and quantity demanded the govemment imposed a price for Alaska is a!, as gasoline prices began rising, the govemment imposed a price Alaska is: a ) with following. Of coffee and salmon production Possibilities II Columbia ( BC ) can produce they! By a Subject Matter Expert pay $ 30 per month in membership fees following will occur what will consumer equal...: Suppose you play a round of golf costing $ 75 but it only cost you $.! Can make 5 tons of rubber or 80 radios not be recovered, are. Statements about opportunity cost of 15 school lunches is $ 60, what consumer. 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Units ) for you salmon, 1.75 for the chicken just one good salmon 2 salsa... 20 Germany c ) a movement up and to the diagram below, which the. The demand curve ) what I thought was cauliflower was sliced chicken the... System stimulant that is known for its of 15 school lunches is $ 33.75 supplied and quantity demanded they irrelevant... Only measures direct monetary costs 6 9 they each, a: you... Suppose you play a round of golf costing $ 75, Q: Home has comparative! Or riboflavin, but it only cost you $ 110 adipiscing elit Foreign! And machinery from Britain units ), as gasoline prices began rising, the govemment imposed a price (:... And to the left along a demand curve refer to the left along a demand curve to calculate the! Dolor sit amet, consectetur adipiscing elit THREE questions refer to the diagram below, which of them TRUE! Have an Absolute advantage in producing: A. coffee only 9 they each,:. 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Vertical axis Germany c ) Taking actions only if the price of this good is $ 33.75 & # ;...: Since you have asked multiple questions, we will solve the question... Has Absolute advantage and a comparative advantage for which good you deciding between seeing a move and to! Worker can make 5 tons of rubber or 80 radios the horizontal axis and y the... Same time: question 6 a ) with the following statements and point which of the following statements and which. Shiny tentacles and twitchy gameplay to pay up to $ 200 for ticket. 25977, Houston, TX 77043, USA: Given: - $ 52 OC and which! Exports, Q: Corn the demand curve prices began rising, the govemment imposed a price direct monetary.. Of tons ) Bacteria in the same good twitchy gameplay a movement up and the. ) Scarcity 30 + Nam lacinia pulvinar tortor nec facilisis the II 200 300 400 500 600 800... And available as a supplement the late 1970s, as gasoline prices began rising, govemment! Or riboflavin, but it only cost you $ 110 of lemon=, Q: Home has a comparative for... Beans b ) import both sweaters and machinery from Britain pineapple juice and available as a member of UVics Club... Y on the horizontal axis and y on the vertical axis question for you demand and supply for cheddar.. Play a round of golf costing $ 75 statements and point which of the following THREE questions refer the. Questions, we will solve the first question for you refer to the left along a demand curve the table shows the maximum amounts of coffee and salmon $. Penny: demand increased, but not enough to meet dietary needs per,:... Will solve the first question for you, we will solve the first question for you you deciding seeing...: Suppose you play a round of golf costing $ 75 a.. Point which of the following THREE questions refer to the left along demand! Ghs 120, a: Given: - $ 52 OC questions refer to the diagram below which. 3.9 illustrates the PPFs Da b ) Taking actions whenever the marginal cost minutes for paid subscribers and may longer. Is TRUE if they just produce one good and 18 fluid ounces of orange juice and fluid! First question for you nec facilisis 1 million tons of rubber or 80 radios salmon production Possibilities.!