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Category > Economics Posted 12 Jul 2017 My Price 8.00

Ana and Chris can both produce pizzas and loaves of bread.

  1. Ana and Chris can both produce pizzas and loaves of bread. In one hour, Ana can produce 10 pizzas or 20 loaves of bread. In one hour, Chris can produce 6 pizzas or 18 loaves of bread.
  • a) Who has absolute advantage in which good?
  • b) Who has comparative advantage in making pizza?

 

2A. Suppose that workers in a country can produce either butters or tomatoes, and that all inputs are equally well-suited to the production of both goods. If all workers produce butter, 40 million butter can be produced. If all workers produce tomatoes, 20 million tomatoes can be produced.

What is opportunity cost of producing a tomato?

What is opportunity cost of producing butter?

 

2B. Suppose that there is an increase in resources that shifts the horizontal intercept to 40 million tomatoes.

What is the new opportunity cost of producing tomato?

Answers

SuperTutor
(15)
Status NEW Posted 12 Jul 2017 05:07 AM My Price 8.00

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