Question

Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either...

Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies in 4 hours. a. Who has an absolute advantage at producing cakes and who has an absolute advantage at producing cookies? Briefly explain your answers. b. State Debra’s and Sam’s opportunity costs of producing one cake and one cookie. Draw and place your answer in a table which looks something like this: Cake Cook

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Use the table to answer the following questions. Radios produced in 4 hours Compasses produced in...
Use the table to answer the following questions. Radios produced in 4 hours Compasses produced in 4 hours Russia 8 16 England 12 48 What is Russia’s Opportunity Cost for producing one radio? One compass? What is England’s Opportunity Cost for producing one radio? One compass? Who has absolute advantage in radios? Compasses? Who has comparative advantage in radios? Compasses? Note: For opportunity cost, I am pretty sure they are looking for calculations.
The table below list the different combinations of cakes and cookies that can be produced with...
The table below list the different combinations of cakes and cookies that can be produced with a fixed quantity of resources Cake Cookies A 0 10 B 1 9 C 2 7 D 3 4 E 4 0 Plot the production possibilities frontier Show a point X that is both feasible and efficient At production level C, what is the opportunity cost of producing one more cake? What is the opportunity cost of moving production from E to C? Does...
Gomer can make either 200 bushels of corn (C) or 200 bushels of strawberries (S) every...
Gomer can make either 200 bushels of corn (C) or 200 bushels of strawberries (S) every six months. Goober can make only 100 bushels of corn (C) or 50 bushels of strawberries (S) every six months. a) Draw their corresponding production possibilities curves. b) What is Gomer’s opportunity cost of making one bushel of corn? c) What is Gomer’s opportunity cost of making one bushel of strawberries? d) What is Goober’s opportunity cost of making one bushel of corn? e)...
3. Jennifer and Dave need to figure out how to divide the chores between. Dave can...
3. Jennifer and Dave need to figure out how to divide the chores between. Dave can wash 2 loads of dishes or 3 loads of laundry in 4 hours. Jennifer can wash 3 loads of dishes or 4 loads of laundry in 4 hours. a. Does either one of them have an absolute advantage in both chores? b. What type of advantage determines who should “produce” a good or service? c. Using comparative and absolute advantage explain how small countries...
Felix and Janet are farmers. Each one owns a 12-acre plot of land. The following table...
Felix and Janet are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Felix 20 4 Janet 28 7 2. Comparative and absolute advantage Felix...
Question 1 Suppose Mike and Johnson produce two products-hamburgers and T-shirts. Mike produces 10 hamburgers or...
Question 1 Suppose Mike and Johnson produce two products-hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts a. Draw the production possibility curve (2.5 marks) b. Who enjoys the absolute advantage of producing both? (2.5 marks) c. Who has higher opportunity cost of making T-shirts? (2.5 marks) Who has a comparative advantage in producing hamburgers? (2.5 marks)
QUESTION 16 ​ Assume that one day's labor in England can produce either 20 units of...
QUESTION 16 ​ Assume that one day's labor in England can produce either 20 units of cloth or 2 units of wine, while in Portugal, one day's labor can produce either 24 units of cloth or 12 units of wine. If England transfers 2 units of labor from wine to cloth and Portugal transfers 1 unit of labor from cloth to wine, the increase in combined output by those two workers will be a. ​ 8 wine, 16 cloth b....
Table 2-6 Serena Haley Bracelets 8 9 Necklaces 16 12 Table 2-6 shows the output per...
Table 2-6 Serena Haley Bracelets 8 9 Necklaces 16 12 Table 2-6 shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces. 9) Refer to Table 2-6. Which of the following statements is true? A) Haley has an absolute advantage in making both products. B) Serena has an absolute advantage in making both products. C) Haley has an absolute advantage in making bracelets and Serena in making...
1) If Country A is absolutely better at producing everything than Country B, then there is...
1) If Country A is absolutely better at producing everything than Country B, then there is no incentive for Country A to engage in trade with Country B ( True or False?) 2)In one day Sam can produce 40 salads or 32 sandwiches. What is the opportunity cost of producing 1 sandwich?   3)If Tom has a comparative advantage in producing corn then he must also have an absolute advantage in producing corn (T/F?) 5) In one hour John can produce...
Brazil and Chile can produce cloth and wheat. In Chile, the labor requirement for a yard...
Brazil and Chile can produce cloth and wheat. In Chile, the labor requirement for a yard of cloth is 6 hours while the requirement for a bushel of wheat is 9 hours. In Brazil, the requirement for a yard of cloth is 6 hours while that for a bushel of wheat is 8 hours. a). Which country has absolute advantage in wheat? In cloth? b). What is the opportunity cost of wheat (in terms of units of cloth) in Brazil?...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT