Eswatini and Suriname produce perfume and wood according to the following table: Eswatini Suriname Perfume (millions) 16 6 Wood (millions) 22 30 What is Suriname's cost of making 17 units of wood? (i.e. its opportunity cost) Round your answer to two (2) decimal places, and include units of "perfume" or "wood", e.g. "31.62 perfume" or "15.71 wood" Your Answer: Answer units

Eswatini and Suriname produce perfume and wood according to the following table: Eswatini Suriname Perfume (millions) 16 6 Wood (millions) 22 30 What is Suriname's cost of making 17 units of wood? (i.e. its opportunity cost) Round your answer to two (2) decimal places, and include units of "perfume" or "wood", e.g. "31.62 perfume" or "15.71 wood" Your Answer: Answer units

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 17CTQ: Are differences in geography behind the differences in absolute advantages?

See similar textbooks

Similar questions

Below table shows the production possibilities for the country of Emilon: Rice Beef A 0 100 В 100 11 90 с 180 70 D 240 40 E 280 0 a. The total cost of producing 180 rice is 70 units of beef b. The total cost of going from possibility C to possibility D is units of beef c. The approximate per-unit cost of going from possibility C to possibility D is units of beef answers to 2 decimal places. Remember to round 0.05 up to 0.10. d. The total cost of going from possibility D to possibility C is v units of rice V v v If necessary, round your
A country has constant opportunity cost of production. With their given resources they can produce either 555 calculators or 1.145 toasters per week What is the opportunity cost of producing one caculator? Enter a number rounded to two decimal places. Do not enter any other words or characters
Use the information in the table to calculate the price ratios for biscuits and chips in both the countries under autakv and fill the table below: Oman Singapore Labour hours per ton of biscuits 1600 2400 Labour hours per ton of chips 1800 2000 Show all your calculations. Fill the table below. Oman Malasiya Labour hours per ton of biscuits 1 biscuit= 1 biscuit= Labour hours per ton of chips 1 chips= 1 chips=
Hours Needed to Make 1 Unit of Sweaters Cakes Sweden 1 Iceland 5 4 2 8 units of sweaters and 10 units of cakes 24 units of sweaters and 15 units of cakes Refer to Table 3-3. Assume that Sweden and Iceland each has 40 labor hours available. If each country divides its time equally between the production of sweaters and cakes, then total production is 40 units of sweaters and 20 units of cakes Number of Units Produced in 40 Hours Sweaters Cakes 48 units of sweaters and 30 units of cakes 40 8 10 20
MTN ".|“lE 260B/s O CN 12% O 17:08 4G 4G Vodafone GH|Stay Safe The outputs per laborer per day in the production of computers and autos in Nation 1 and in Nation 2 are given in the table below. Output per Laborer Nation 1 Nation 2 Autos 10 1 Computers 1 20 a) Which nation has the absolute advantage in each good? b) Fill in the blanks in the table below, assuming that one unit of labor is transferred in each country towards the good in which it has the absolute advantage. Changes in Production from Reallocating One Unit of Labor Nation 1 Nation 2 World Change in Production of Autos Change in Production of Computers |
Below is the data for the maximum production of the only two products for the countries of Oz and Zas. Oz: 14 food units 22 equipment units Zas: 26 food units or 14 equipment units a. If each country is self-sufficient, with no trade between them, and each uses one-half of their resources to produce each of the two products, what is the output in each country. Fill in the table below. Country Output of food units Output of equipment units Oz Zas b. Based on part (a), total production of food is units and total production of equipment is units c. If, instead, each country specializes and produces only the product that it can produce best, what will be the output in each country? Fill in the table below. Country Output of food units Output of equipment units Oz Zas d. Now, based on part (c), total production of food is _____ units and total production of equipment is ____units. e. The gains as a result of specialization are ___ more units of food produced and _____more units of equipment…
Show Transcribed Text 160) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Digital Camera 100 hours 90 hours 161) Refer to Table 2-21. This table shows the number of labor hours required to produce a digital camera and a bushel of wheat in China and South Korea. China South Korea Total a. Assume each country has a total of 9,000 labor hours to devote to the production of the two goods and draw the production possibilities frontier for each country. Put "Digital Camera" on the horizontal axis and "Wheat" on the vertical axis. Be sure to identify the intercept values on your graphs. b. Suppose each country allocates 60% of its labor hours to wheat production and 40% to the production of digital cameras. Complete Table 2-22 below to show each country's output of the two products. Table 2-22: Production and Consumption with no Trade Digital Camera Wheat Output Output…
мсаз Austria can produce 1 unit of food using 12 hours of labour time and 1 unit of machinery using 4 hours. In Greece it takes 8 hours of labour time to produce 1 unit of food and 4 hours to produce 1 unit of machinery. These productivity conditions imply: A I do not want to answer this question. Austria has an absolute advantage in machinery production C Greece has an absolute advantage in machinery production Austria has a comparative advantage in machinery production E Neither country has a comparative advantage in machinery production F Greece has a comparative advantage in machinery production
Production Opportunities Hours Needed to Make 1 Unit of Number of Units Produced in 40 Hours Cheese Wine Cheese Wine England 1 4 40 10 France 5 2 8 20 Refer to Table 3-3. Assume that England and France each has 40 labor hours available. If each country divides its time equally between the production of cheese and wine, then total production is 8 units of cheese and 10 units of wine 24 units of cheese and 15 units of wine 40 units of cheese and 20 units of wine b 48 units of cheese and 30 units of wine
Comparing labor productivity , suppose the United States has an absolute advantage over Costa Rica in the production of calculators and towels . In the United States , a worker can produce 4 calculators or 400 towels in 10 hours . In Costa Rica , a worker can produce 1 calculator or 100 towels in the same amount of time . Under these conditions , would Costa Rica specialize in calculators and trade for towels ? Would Costa Rica specialize in towels and trade for calculators ? I need urgent..
just answer part c and d please thank you :) Assuming that there are only two countries in the world, Indonesia and ROW (Rest of the World) which both produce Cloth (C) and Food (F) using labor as factor production. The following table shows the number of hours of work needed to produce one unit of C and F in both countries: Cloth (C) Food (F) Indonesia 1 hour per meter 2 hour per kg ROW 6 hour per meter 3 hour per kg Please answer the followings: a. If we use the Smithian Absolute advantage, can both countries gain? Why? b. Eventually, these countries can still trade, please explain c. Please show the gains from trade for producers and consumers in both countries d. Can we see a catching up (factor price) pattern for both countries?
Suppose that each country currently has 140 workers and each decides to transfer some amount of labor toward its area of comparative advantage. The United States transfers 15 workers away from socks toward producing cell phones. Thailand transfers 28 workers away from cell phones toward producing socks. What will be the new total output of cell phones for both countries combined? Country # of workers needed toproduce 1,000 units- Socks # of workers needed toproduce 1,000 units- Cell Phones United States 5 workers 1 worker Thailand 7 workers 4 workers Total Production Before Trade Country Current Sock Production Current Cell Phone Production United States 14,000 70,000 Thailand 10,000 17,500 Total 24,000 87,500