Suppose the United Kingdom and Norway both produce oil and fish oil, which are sold for the
Question:
The following table shows the combinations of both goods that each country can produce in a day, measured in thousands of barrels, using the same amounts of capital and labor:
a. Who has the comparative advantage in producing oil? Explain.
b. Can these two countries gain from trading oil and fish oil? Explain.
Transcribed Image Text:
United Kingdom Norway Oil Oil Fish oil Fish Oil 4 2 3 4 4 2 2 3 4
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a When the United Kingdom produces one more barrel of fish oil ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Micro Economics questions
-
Suppose that the one-year interest rate is 12 percent in the United Kingdom. The expected annual rate of inflation for the coming year is 10 percent for the United Kingdom and 4 percent for...
-
The accounting for goodwill differs in countries around the world. The discussion of a change in goodwill accounting practices shown below was taken from the notes to the financial statements of J...
-
Astra Zeneca PLC, based in the United Kingdom, and Abbott Laboratories, based in the United States, are two of the largest pharmaceutical firms in the world. The following information was provided in...
-
Find the lengths of the curves. x = 5 cos t - cos 5t, y = 5 sin t - sin 5t, 0 t /2
-
Goring Dairy leases its milking equipment from King Finance Company under the following lease terms. 1. The lease term is 10 years, non-cancelable, and requires equal rental payments of $30,300 due...
-
Discuss the difference between profit or loss and comprehensive income.
-
Convert the following information into: a) a semantic net b) a frame-based representation A Ford is a type of car. Bob owns two cars. Bob parks his car at home.His house is in California, which is a...
-
On October 15, 2010, Flanikin Construction Company contracted to build a shopping center at a contract price of $180 million. The schedule of expected and actual cash collections and contract costs...
-
1. Give your thoughts on the article. Good, bad, indifferent? 2. What are some 'out of the box' ideas to update capitalism? Read this article:...
-
A refrigerator operates for a certain time, and the work done by the electrical energy during this time is W = 1000 J. What can be said about the heat delivered to the room containing the...
-
Using the same amount of resources, the United States and Canada can both produce lumberjack shirts and lumberjack boots, as shown in the following production possibilities frontiers: a. Who has a...
-
Suppose that France and Germany both produce schnitzel and wine. The following table shows combinations of the goods that each country can produce in a day: a. Who has a comparative advantage in...
-
Solve each equation. |5x| = 30
-
During your high - altitude hot air balloon ride, you attempt to boil some water in an open container at the top of the stratosphere. If the atmosphere at that elevation has properties matching the U...
-
Air is confined in a piston and cylinder assembly, is in thermal with its environment under ambient conditions. The piston exerts a pressure on the gas through the pressure of the ambient, and an...
-
Solve the multiple chemical reaction equilibrium the following set of independent reactions: CH4 + H2O CO + 3H2 reaction 1 CO + H2O CO2 + H2 reaction 2 at 800 K using
-
Let A = 3 0 3 1 02-4 6 -1 2 2 7 6 -3-8 -9 Compute the determinant of the matrix A using any method that you want. det(A) = Check
-
What role does technology, including social media and digital surveillance, play in redefining deviance, and how does this new landscape challenge traditional conceptions of privacy and civil...
-
For each one of the costs below, explain whether the resource cost is explicit or implicit, and give the annual opportunity cost for each one. Assume the owner of the business can invest money and...
-
Explain the operation of the dividends received deduction.
-
How do advanced indexing techniques, such as B-trees, hash indexing, and bitmap indexes, improve query performance in RDBMS, and what factors should be considered when choosing the appropriate...
-
Assume that CAPM holds. You are given the following information about stock X and the market portfolio, M: E(r) Riskless Asset (f) 0.05 (5%) 0.00 Stock X ? 0.40 Market Portfolio 0.10 0.20 (M) You are...
-
On January 1, 2024, Taco King leased retail space from Fogelman Properties. The 10-year finance lease requires quarterly variable lease payments equal to 3% of Taco King's sales revenue, with a...
Study smarter with the SolutionInn App