11 A trader has an absolute advantage in orange production if his unit-labor requirement in oranges is _____ and his labor productivity is _____ A. lower; higher
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11
A trader has an
A. lower; higher
B. higher; lower
C. lower; lower
D. higher; higher
E. moderate; moderate
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- 1. Which of the following variables does not directly impact the quantity of a good the firm is willing to produce? a. the price of the good b. the income level of the people who buy the good c. the number of firms producing the good d. the cost of a key input used to produce the goodbabb (2) (3) (1) Figure 2-6 ХО (4) Refer to Figure 2-6. Which graph depicts the result of a technological improvement in the production of both goods X and Y? a. (3) b. (1) 0 c (4) O d. (2)4. It is said that the market forces of supply and demand, which determine the equilibrim price and quantity allocated economic recources efficiently. Is this "fair" to those that at the market price cannot afford to purchase the product?
- 2. The relationship between price and demand per month for a consumer product is p = 3500 -1.1D5 where p is the price per unit in dollars and D is the demand in units. The fixed cost is $300 per month and the variable cost is $4.00 per unit. What is the optimal number of units that should be produced and sold per month? a. b. What is the maximum profit per month?System (Academic) les of Microeconomics || Fall20 At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too of other goods, pizza and too Select one: on O a. much; little O b. much; much Oc. little; much O d. little; little 00 HUAWEI Nova 3 Al CAMERA Dage Next pacIV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?
- Firm A Firm B 18- 14- 16 14- 12 10- 12 8 10- B. 8- 6- 4- 2- 2- 10 12 14 16 18 20 22 10 Corn Corn Part A What is the opportunity cost of one unit of barley for Firm A?O What is the opportunity cost of one unit of barley for Firm B? Give your answers as fractions. Part B What is the opportunity cost of one unit of corn for Firm A? What is the opportunity cost of one unit of corn for Firm B? Give your answers as fractions. Part C In which good does Firm A have a comparative advantage? In which good does Firm B have a comparative advantage? Part D In what good or goods does Firm A have an absolute advantage? In what good or goods does Firm B have an absolute advantage? Part E Suppose Firm A and Firm B divide their time equally between the production of both goods. What will be the total production of corn? units Now suppose both firms completely specialize in the product in which they have a comparative advantage and trade with one another.4. Explain all resources that economy relies?3. Explain why speed is important in the production process of the fashion industry, but why automation of apparel manufacturing may be slow to occur in the US. 4. Explain why apparel production is resource-heavy.
- Question 4 A technological improvement in apple production will: A. Increase the demand for apples, lowering the equilibrium price but raising the equilibrium quantity of apples. OB. Increase the supply apples, raising the equilibrium price and quantity of apples. OC. Increase the supply of apples, raising the equilibrium price but lowering the equilibrium quantity of apples. OD. Increase the supply of apples, lowering the equilibrium price but raising the equilibrium quantity of apples. OE. Increase the supply of apples, lowering the equilibrium price and quantity of apples. Share Screen #3 A Moving to the next question prevents changes to this answer. Zoom Meeting E D C $ 4 R F V % 5 JUL 18 tv T G ^ 6 MacBook Pro B Y & 7 H Leave U N * 00 8 J A Ⓒ Nc 9 ✓ K MVolume of Production Price (dollars) Total Production Cost (dollars) 10 1434 22841 30 991 26408 35 917 23781 45 1020 29675 70 703 38801 100 298 44834 4. Compute the slope of the demand curve. The potential answers are: A: -12.89 B: -10.5 C: -11.33 D: -14.28 E: -10.64 5. Compute the maximum potential sales quantity. The potential answers are: A: 127 units. B: 125 units. C: 105 units. D: 116 units. E: 168 units . 6. What percentage of total costs can be estimated based on the volume of production? The potential answers are: A: 69% B: 97% C: 91% D: 94% E: 92%25. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in wine? a) Portugal b) England c) Both d) Neither e) Cannot tell