Posted by Whitney on .
PLEASE HELP..the table shows the number of labor hours required to produce a digital camera and bushel of wheat in China and S.Korea.
China Digital cameras 100hrs
China Wheat 5hrs
S.Korea Digital cameras 90hrs
S.Korea Wheat 3hrs
The question is if each country has a total of 9000 labor hours to devote to tthe production of the two goods, draw a production possibilities frontier for each countrty. cameras (x-axis). identify values on your graphs
Amy and Deborah are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Amy takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza. Deborah takes 8 hours to brew a gallon of root beer and 4 hours to make a pizza.
Amy Opportunity cost is making a pizza_____ of root beer and Deborah's opportunity cost of making a pizza is______ of root beer.
_____ has an absolute advantage in making pizza, and___has a comparative advantage in making pizza.If Amy and Deborah trade foods with each other,_____will trade away pizza in exchange for root beer.
The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is______f root beer, and the lowest price that makes both roommates better off is____of root beer per pizza.