Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help with Scenario #2 questions 5 through 8. Thank you Answer protocol: **Some questions require only a number and nothing more (3, 4, 7,
Need help with Scenario #2 questions 5 through 8. Thank you
Answer protocol: **Some questions require only a number and nothing more (3, 4, 7, 8, 11-20) No punctuation and no additional descriptors. **Round off numbers to the nearest whole number. (Hint - this should only happen twice.) **Some answers require that you add either "hammers" or "coffee to your number, with a space between the two. For example, "200 hammers" or "375 coffee while a bit awkward in terms of coffee, do not write out "pounds nor use the # symbol. Also use no punctuation. * The island nation of Roseland has 100 resource units (some mix of land, labor and capital). They can produce either hammers or coffee, or some combination of the two. We'll assume that there is a constant tradeoff between these two goods, insofar as production goes. Using all their resources would allow them to produce 600 hammers (H) or 300 pounds of coffee (#C). Without trade, they prefer to use half their resources to make each good and so produce, and consume, 300 hammers and 150 pounds of coffee. In each of the scenarios that follow, the residents of Roseland will want to end up consuming 300 hammers after trade has occurred. The island nation of Elmwood has 200 resource units (some mix of land, labor and capital). They can produce either hammers or coffee, or some combination of the two. We'll assume that there is a constant tradeoff between these two goods, insofar as production goes. Using all their resources would allow them to produce 400 hammers (H) or 600 pounds of coffee (#C). Without trade, they prefer to use half their resources to make each good and so produce, and consume, 200 hammers and 300 pounds of coffee. In each of the scenarios that follow, the residents of Elmwood will want to end up consuming 300 pounds of coffee after trade has occurred. Scenario #1: Free trade between these two countries. They will try to specialize their production as much as possible. We will assume that the terms of trade are 1 H = 1# C. Given the amounts they want to consume after trade (shown above), they will trade all the rest. #1. What (and how much) will Roseland export to Elmwood? #2. What (and how much) will Elmwood export from Roseland? #3. After trade, each country will consume pounds of coffee. #4. After trade, each country will consume hammers. Scenario #2: Roseland decides that they need to protect their domestic coffee industry and so they impose a 150 pound quota on imported coffee. Assume that the terms of trade haven't changed. #5. What (and how much) will Roseland export to Elmwood? #6. What (and how much) will Elmwood export from Roseland? #7. After trade, in Roseland, they will consume 300 hammers and pounds of coffee. #8. After trade, in Elmwood, they will consume 300 pounds of coffee and __ of hammers. Scenario #3: Roseland decides that they need to protect their domestic coffee industry and so they impose a 50 pound quota on imported coffee. Assume that the terms of trade haven't changed. #9. What and how much) will Roseland export to Elmwood? #10. What (and how much) will Elmwood export from Roseland? #11. After trade, in Roseland, they will consume 300 hammers and pounds of coffee. #12. After trade, in Elmwood, they will consume 300 pounds of coffee and of hammers. #13. When there is no trade, the total world production of hammers is #14. When there is no trade, the total world production of coffee is __ pounds. #15. When there is free trade, the total world production of hammers is #16. When there is free trade, the total world production of coffee is pounds. #17. When there is trade with a 150 pound quota on coffee, the total world production of hammers is #18. When there is trade with a 150 pound quota on coffee, the total world production of coffee is ___ pounds. #19. When there is trade with a 50 pound quota on coffee, the total world production of hammers is #20. When there is trade with a 50 pound quota on coffee, the total world production of coffee is pounds. Answer protocol: **Some questions require only a number and nothing more (3, 4, 7, 8, 11-20) No punctuation and no additional descriptors. **Round off numbers to the nearest whole number. (Hint - this should only happen twice.) **Some answers require that you add either "hammers" or "coffee to your number, with a space between the two. For example, "200 hammers" or "375 coffee while a bit awkward in terms of coffee, do not write out "pounds nor use the # symbol. Also use no punctuation. * The island nation of Roseland has 100 resource units (some mix of land, labor and capital). They can produce either hammers or coffee, or some combination of the two. We'll assume that there is a constant tradeoff between these two goods, insofar as production goes. Using all their resources would allow them to produce 600 hammers (H) or 300 pounds of coffee (#C). Without trade, they prefer to use half their resources to make each good and so produce, and consume, 300 hammers and 150 pounds of coffee. In each of the scenarios that follow, the residents of Roseland will want to end up consuming 300 hammers after trade has occurred. The island nation of Elmwood has 200 resource units (some mix of land, labor and capital). They can produce either hammers or coffee, or some combination of the two. We'll assume that there is a constant tradeoff between these two goods, insofar as production goes. Using all their resources would allow them to produce 400 hammers (H) or 600 pounds of coffee (#C). Without trade, they prefer to use half their resources to make each good and so produce, and consume, 200 hammers and 300 pounds of coffee. In each of the scenarios that follow, the residents of Elmwood will want to end up consuming 300 pounds of coffee after trade has occurred. Scenario #1: Free trade between these two countries. They will try to specialize their production as much as possible. We will assume that the terms of trade are 1 H = 1# C. Given the amounts they want to consume after trade (shown above), they will trade all the rest. #1. What (and how much) will Roseland export to Elmwood? #2. What (and how much) will Elmwood export from Roseland? #3. After trade, each country will consume pounds of coffee. #4. After trade, each country will consume hammers. Scenario #2: Roseland decides that they need to protect their domestic coffee industry and so they impose a 150 pound quota on imported coffee. Assume that the terms of trade haven't changed. #5. What (and how much) will Roseland export to Elmwood? #6. What (and how much) will Elmwood export from Roseland? #7. After trade, in Roseland, they will consume 300 hammers and pounds of coffee. #8. After trade, in Elmwood, they will consume 300 pounds of coffee and __ of hammers. Scenario #3: Roseland decides that they need to protect their domestic coffee industry and so they impose a 50 pound quota on imported coffee. Assume that the terms of trade haven't changed. #9. What and how much) will Roseland export to Elmwood? #10. What (and how much) will Elmwood export from Roseland? #11. After trade, in Roseland, they will consume 300 hammers and pounds of coffee. #12. After trade, in Elmwood, they will consume 300 pounds of coffee and of hammers. #13. When there is no trade, the total world production of hammers is #14. When there is no trade, the total world production of coffee is __ pounds. #15. When there is free trade, the total world production of hammers is #16. When there is free trade, the total world production of coffee is pounds. #17. When there is trade with a 150 pound quota on coffee, the total world production of hammers is #18. When there is trade with a 150 pound quota on coffee, the total world production of coffee is ___ pounds. #19. When there is trade with a 50 pound quota on coffee, the total world production of hammers is #20. When there is trade with a 50 pound quota on coffee, the total world production of coffee is poundsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started