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
To draw the production possibilities frontier (PPF) for each country, you need to plot the different combinations of digital cameras and wheat that can be produced using the available labor hours.
Let's start with China:
China has 9000 labor hours in total to allocate between digital cameras and wheat. We can assume that China allocates all its labor hours to produce these two goods.
To find the maximum quantity of each good that China can produce, divide the total labor hours (9000) by the labor hours required per unit of each good:
- For digital cameras: 9000 labor hours / 100 labor hours per camera = 90 cameras
- For wheat: 9000 labor hours / 5 labor hours per bushel = 1800 bushels
Now, plot these values on a graph. Place digital cameras on the x-axis and wheat on the y-axis. Create a graph with cameras ranging from 0 to 100 and wheat from 0 to 1800. Label the points (90, 0) and (0, 1800) representing maximum production levels of digital cameras and wheat, respectively. Connect these two points with a line to represent China's production possibilities frontier.
Next, let's move on to South Korea (S.Korea):
S.Korea also has 9000 labor hours in total to allocate between digital cameras and wheat.
- For digital cameras: 9000 labor hours / 90 labor hours per camera = 100 cameras
- For wheat: 9000 labor hours / 3 labor hours per bushel = 3000 bushels
Plot these values on the same graph as China's PPF. Label the points (100, 0) and (0, 3000) representing maximum production levels of digital cameras and wheat for South Korea, respectively. Connect these two points with a line to represent S.Korea's production possibilities frontier.
Now, you should have a graph with two production possibilities frontiers, one for China and one for South Korea.
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.