The table below gives the production possibilities frontiers for Bill and Ted. Use the information to...

 

Transcribed Image Text:

The table below gives the production possibilities frontiers for Bill and Ted. Use the information to answer the following questions. Cookies produced Socks produced per per week Bill Ted 20 16 week 20 8 1. Who has an absolute advantage in cookies? 2. Who has an absolute advantage in socks? 3. Find Bill's opportunity cost of producing one unit of cookies 4. Find Bill's opportunity cost of producing one unit of socks 5. Find Ted's opportunity cost of producing one unit of cookies 6. Find Ted's opportunity cost of producing one unit of socks The table below gives the opportunity cost of producing soybeans and cotton for the U.S. and Brazil. Use the information to answer the following questions. Opportunity cost of soybeans United States Brazil Opportunity cost of cotton 10 bushels of soybeans 1 bale of cotton bale of cotton 20 bushels of soybeans 1. Who has a comparative advantage in cotton? 2. If the United States and Brazil specialize and trade based on comparative advantage, which good will Brazil export? The table below gives the production possibilities frontiers for Bill and Ted. Use the information to answer the following questions. Cookies produced Socks produced per per week Bill Ted 20 16 week 20 8 1. Who has an absolute advantage in cookies? 2. Who has an absolute advantage in socks? 3. Find Bill's opportunity cost of producing one unit of cookies 4. Find Bill's opportunity cost of producing one unit of socks 5. Find Ted's opportunity cost of producing one unit of cookies 6. Find Ted's opportunity cost of producing one unit of socks The table below gives the opportunity cost of producing soybeans and cotton for the U.S. and Brazil. Use the information to answer the following questions. Opportunity cost of soybeans United States Brazil Opportunity cost of cotton 10 bushels of soybeans 1 bale of cotton bale of cotton 20 bushels of soybeans 1. Who has a comparative advantage in cotton? 2. If the United States and Brazil specialize and trade based on comparative advantage, which good will Brazil export?

Answer rating: 100% (QA)

Answer Lets answer each question For Bill 1 Bill produces 20 cookies per week while Ted produces 16 ... View the full answer