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Please be organized and clear answerr. There are picture down bellow answeer each of them correctly and explain. Q.1 Pounds of Beef per Year (millions)
Please be organized and clear answerr. There are picture down bellow answeer each of them correctly and explain.
Q.1 Pounds of Beef per Year (millions) 2.25 2.00 I 1.75 Bushels of Wheat 5.0 7.0 10.0 per Year (millions) 1. What is the opportunity cost between points F and G? (2 points) 2. Is point H feasible? Yes/No. Explain in one sentence. (2 points) Q.2. This table below shows the production possibilities for the United States. State the opportunity cost of moving from point (4 points) a) B to C: b) D to E C) E to F d) F to D Production Point Wheat Production Car Production (Bushels per year) (Cars per year) 0 500,000 10 million 475,000 20 million 425,000 mmunWD 30 million 350,000 40 million 200,000 50 million 0 Q.3. Figure below shows the production possibilities frontier for a music processing plant that can produce both compact disks and cassettes. What is the opportunity cost of moving from point B to C? Compact Disks (CDS) per Hour 180 120 B .D 60 Cassettes 50 80 100 per Hour (2 points) Q.4. A consultant who earns $ 100 per hour takes 4 hours off work to go to the movies. The out - of- pocket cost for the cab and the movie ticket are $12. What is the opportunity cost (in $) of going to movie? What is the total cost of the movie to the consultant? (2 points)Q.5. Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. 1. Draw Maria's production possibilities frontier for reading economics and sociology (2 points) 2. What is Maria's opportunity cost of reading 100 pages of sociology? (2 points) ABSOLUTE ADVANTAGE & COMPARM IVE ADVANTAGE Q.6. An average worker in brazil can produce an ounce of soybeans in 20 minutes and an ounce of coffee in 60 minutes, whilst an average worker in Peru can produce an ounce of soybeans in 50 minutes and an ounce of coffee in 75 minutes. I. Who has the absolute advantage in coffee? Explain (2 points) 11. Who has the comparative advantage in coffee? Explain (2 points) 111. If the two countries specialize and trade with each other, who will import coffee? Explain (2 points)Step by Step Solution
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