Solve all parts with correct and proper calculation and explanation The table below presents the production possibilities schedules for the cities of Venice and Florence, each of which produces pastaand wine.Production Possibilities Schedules for Venice and FlorenceVeniceFlorencePasta(pounds)Wine(bottles)Pasta(pounds)Wine(bottles)4005002002040250100200Instructions: In parts b and d, round your answers to two decimal places.a. What is Venice's opportunity cost of producing one pound of pasta?4 bottle(s) of wine6 bottle(s) of wine0.25 bottle(s) of wine1 bottle(s) of wineb. What is Venice's opportunity cost of producing one bottle of wine?pound(s) of pastac. What is Florence's opportunity cost of producing one pound of pasta?6 bottle(s) of wine0.25 bottle(s) of wine1 bottle(s) of wine4 bottle(s) of wined. What is Florence's opportunity cost of producing one bottle of wine?pound(s) of pastae. (Click to select) has the comparative advantage in producing pasta and (Click to select) has the comparative advantage inproducing wine.

Detailed explanation:Opportunity cost refers tot he amount of good y a country has to give up to…

Answered: The table below presents the production…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Problem 1QTC

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Question

Solve all parts with correct and proper calculation and explanation

The table below presents the production possibilities schedules for the cities of Venice and Florence, each of which produces pasta
and wine.
Production Possibilities Schedules for Venice and Florence
Venice
Florence
Pasta
(pounds)
Wine
(bottles)
Pasta
(pounds)
Wine
(bottles)
40
0
50
0
20
0
20
40
25
0
100
200
Instructions: In parts b and d, round your answers to two decimal places.
a. What is Venice's opportunity cost of producing one pound of pasta?
4 bottle(s) of wine
6 bottle(s) of wine
0.25 bottle(s) of wine
1 bottle(s) of wine
b. What is Venice's opportunity cost of producing one bottle of wine?
pound(s) of pasta
c. What is Florence's opportunity cost of producing one pound of pasta?
6 bottle(s) of wine
0.25 bottle(s) of wine
1 bottle(s) of wine
4 bottle(s) of wine
d. What is Florence's opportunity cost of producing one bottle of wine?
pound(s) of pasta
e. (Click to select) has the comparative advantage in producing pasta and (Click to select) has the comparative advantage in
producing wine.

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The table below presents the production possibilities schedules for the cities of Venice and Florence, each of which produces pasta and wine. Production Possibilities Schedules for Venice and Florence Florence Venice Pasta Wine (bottles) (pounds) 50 0 25 20 0 40 Instructions: In parts b and d, round your answers to two decimal places. a. What is Venice's opportunity cost of producing one pound of pasta? O2 bottle(s) of wine Pasta (pounds) 40 20 0 Wine (bottles) 0 40 80 0.5 bottle(s) of wine O125 bottle(s) of wine O 0.8 bottle(s) of wine b. What is Venice's opportunity cost of producing one bottle of wine? E D pound(s) of pasta c. What is Florence's opportunity cost of producing one pound of pasta? O2 bottle(s) of wine O 0.5 bottle(s) of wine O 0.8 bottle(s) of wine O125 bottle(s) of wine d. What is Florence's opportunity cost of producing one bottle of wine? pound(s) of pasta e. (Click to select) has the comparative advantage in producing pasta and (Click to select) has the comparative…
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