Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Two possible consumption bundles that Country B could produce are: Multiple Choice (7,200 bananas, O tomatoes) and (4,000 bananas, 1,200 tomatoes)
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- Consider Country A that produces a large amount of chicken, keeping part of them for local consumption and exporting the surplus amount of chicken to other countries. Due to increasing price of chicken which adds to the higher living costs in Country A, there are increasing requests from the residents of Country A to make chicken more affordable. In Country A, chicken is the cheapest white meat consumed by almost every household. It is also the main source of protein with very few close substitutes. Rearing chicken also needs time and a substantial amount of land. The government of Country A has decided to ban the export of chicken to other countries to help the consumers of Country A. Appraise the efficiency of the chicken market with the export ban. Explain how the ban of export of chicken will affect the welfare of consumers, producers and the society as a whole in Country A. Support your answers with a diagram of chicken market in Country A. Your diagram needs to reflect the…Consider Country A that produces a large amount of chicken, keeping part of them for local consumption and exporting the surplus amount of chicken to other countries. Due to increasing price of chicken which adds to the higher living costs in Country A, there are increasing requests from the residents of Country A to make chicken more affordable. In Country A, chicken is the cheapest white meat consumed by almost every household. It is also the main source of protein with very few close substitutes. Rearing chicken also needs time and a substantial amount of land. The government of Country A has decided to ban the export of chicken to other countries to help the consumers of Country A. To provide further help to consumers of Country A, on top of the export ban, the government has decided to implement a price ceiling of chicken in Country A. Examine the chicken market and analyse the welfare effects of the price ceiling in the chicken market in Country A. Support your answer with a…Suppose there are only two planets in the universe, Zenope and Zuranda. On each planet, its inhabitants consume two products—coffee and fried chicken. Each planet has an equal population. Producing solely coffee, Zenope can produce 50 units of coffee, while Zuranda can produce 80 units of coffee. Producing solely fried chicken, Zenope can produce 25 units, while Zuranda can produce 30 units. Fill in the remaining part of the table (be sure to label the units). Coffee Fried Chicken Opportunity Cost of 1unit of Coffee Opportunity Cost of 1 unit of Fried Chicken Zenope 50 units 25 units Zuranda 80 units 30 units 2. Which planet has the absolute advantage in coffee? 3. Which planet has the absolute advantage in fried chicken? 4. Which planet has the comparative advantage in coffee? 5. Which planet has the comparative advantage in fried chicken?
- Suppose there are two countries, Home and Foreign, that produce two goods, fish (F) and edamame (E), using only labor. In the Home country 6 units of labor are required to produce each unit of fish and the same for each unit of edamame. In the Foreign country, 2 units of labor is required to produce each fish and 3 units of labor are required for each unit of edamame. Each country has a labor force of 30 units available for production. Suppose further that consumers in both countries have identical Leontief preferences, utility function U(CF, CE) = min(CF, CE), meaning that they want to consume the two goods in a fixed proportion of one-to-one, i.e. CF = CE (there is no substitution between the goods). Suppose now that the labor force of the Home country is 6 times as big (i.e. 180 units, instead of 30). How does this increase in labor force at Home change the pattern of trade? Will the gains from trade for the Home country be higher or lower now? What happens to the welfare of the…Is The combination of 30 pounds of coffee beans and 12 pounds of nuts per day unattainable, attainable and efficient or attainable and inefficient Provided to plot Krisha and Tom's PPC. Plot three points total: one point if they both pick only coffee beans, a second point if they both completely specialize according to their respective comparative advantage, and a third if both gather only nuts.Question 21Based on the given PPF for a country, which of the following is an example of a point that is unattainable? 6 units of good X and 30 units of good Y. 0 units of good X and 30 units of good Y. 2 units of good X and 18 units of good Y. 6 units of good X and 18 units of good Y. Question 23The "law of demand" states that: Other thing remaining the same, the higher the price of a good, the smaller is the quantity demanded. the higher consumers' incomes, the greater is the demand. the higher the price of a good, the higher is the quantity demanded. the higher the price of a good, the lower is the demand for this good. Question 24The price elasticity of demand for oranges ___ change if the units of the quantity were changed from pounds to kilograms and ___ change if the units of the price were changed from dollars to cents. D) would not; would not C) would not; would A) would; would B) would; would not Question 25 Given this market for roses, what are the equilibrium price…
- Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two. Assume, initially, that there is no possibility of trade between Elliot and Jordy. If Elliot wishes to consume 4 fish per day, what is the maximum number of pineapples that he could consume each day in addition to the 4 fish? Briefly explain your reasoning. If Jordy wishes to consume 2 fish per day, what is the maximum number of pineapples that he could consume each day in addition to the 2 fish? Briefly explain your reasoning. Now assume that trade is possible between Elliot and Jordy. If they want to continue to consume the same number of fish indicated in part (1), how many additional pineapples would they be able to collectively consume each day relative to…Consider Country A that produces a large amount of chicken, keeping part of them for local consumption and exporting the surplus amount of chicken to other countries. Due to increasing price of chicken which adds to the higher living costs in Country A, there are increasing requests from the residents of Country A to make chicken more affordable. (a) In Country A, chicken is the cheapest white meat consumed by almost every household. It is also the main source of protein with very few close substitutes. Rearing chicken also needs time and a substantial amount of land. Based on this information and your understanding of the determinants of the price elasticities of demand for and supply of chicken, classify chicken in terms of the price elasticity of demand and supply. Explain your answers.Consider a company that produces TVs and tablets. The PPF curve for this company is represented by the equation 7x2+4y2=13,9487x2+4y2=13,948, where xx is the quantity of TVs and yy is the quantity of tablets. Using this equation, how many tablets can the company make if it produces 2626 TVs? Enter your answer in the box below and round your final answer to the nearest whole number if necessary.
- Question 2 of 12, Step 1 of 1 1/12 Correct Consider a company that produtes Good A and Good B. The equation of the PPF is 9x + 3y² 18,900, where is the quantity of Good A and y is the quantity of Good B. This year, the company produces 30 units of Good A and 60 units of Good B. Then, a new technology allows the company to reduce the quantity of resources required for Good Aby 1.5 times How much of Good A will the company produce at the same quantity of Good B? If necessary, round any intermediate calculations to one decimal place, and round your final answer to the nearest whole number. Answer units Keypad Keyboard ShortcutsNeed help with this. Check both Part 1 and Part 2 to answer the question. To answer the question, the possible solutions are: PPC3, PPC4 or PPC5Alice and Bob are both capable of producing goods X and Y. In one hour, Alice can produce one unit of each good. In the same amount of time, Bob can produce two units of each good. If Alice and Bob have access to the same amount of time, calculate the difference between the slope of Alice's PPF and the slope of Bob's PPF. (round to two decimal places if necessary)