Problem 19-03 (algo)The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization andtrade the optimal product mix for China is alternative D and for the United States is alternative S.China Production PossibilitiesokProductABDEFApparel80,00064,000intChemicals (tons)03248,0006432,0009616,000128160rencesProductApparelChemicals (tons)U.S. Production PossibilitiesR240,0000ST192,000 144,0004896U96,0000144W48,0000192240Instructions: Enter your answers as whole numbers.a. Are comparative-cost conditions such that the two countries should specialize?YesIf so what product should each produce?

a. YesA country will specialize on the good on which it has the comparative advantage on.A country…

Answered: Problem 19-03 (algo) The following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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During the night, the electricity sector has a marginal cost of $1/MWh (megawatt-hour) forthe first 100 MWh produced (from wind turbines), and $20/MWh for each additional unit (from gasgenerators). During the day, they have a marginal cost of $1/MWh (megawatt-hour) for the first 50MWh produced (from solar panels), and $20/MWh for each additional unit (from gas generators).Nighttime and daytime demand are given by QnightD = 50 −P and QdayD = 200 −P , respectively.What are the market quantity and price during the day, and the market quantity and price at night?This is a model of the wholesale market for electricity, which you can think of as being competitive,but there is no resale between night and day.
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QUESTION 28 You are the Minister of Trade for a small island country in the South Pacific with the following monthly production possibilities curve: 500 450- 400 350 300+ 250 200 150 100 50 ↑lemonade 500 450 400 350 300 250 200 150 100 You are negotiating a deal with a neighboring island that has the following monthly PPC: 50 100 150 200 250 300 350 400 pias ↑lemonade 50+ 50 100 150 200 250 300 350 400 Refer to the graphs above. Both countries specialize exclusively in the product for which they have a comparative advantage. You have agreed to sell them 160 bottles of lemonade in exchange for 100 pizzas. After the trade, your country has a total of bottles of lemonade and pizzas. A. 400; 100. B. 400; 200. O C. 160; 200. ++ pizzas D. 240; 100.
The following hypothetical production possibilities tables are for China and the United States. Assume that before specialization and trade the optimal product mix for China is alternative D and for the United States is alternative S. Product Apparel Chemicals (tons) Product Apparel Chemicals (tons) (Click to select) ✓ China Production Possibilities A 10,000 0 units B 8,000 4 6,000 8 U.S. Production Possibilities R S 30,000 24,000 0 6 T 18,000 12 ton(s) D 4,000 12 U 12,0000 18 E 2,000 16 V 6,000 24 Instructions: Enter your answers as whole numbers. a. Are comparative-cost conditions such that the two countries should specialize? F 0 20 W 0 30 If so, what product should each produce? China should produce (Click to select) The United States should produce (Click to select) ✓ b. What is the total gain in apparel and chemical output that would result from such specialization? Apparel: Chemicals:
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The teohnically efficient combination of two products a business oän produco in the current period given its existing resources and teohnology is: LA) The produotion possibilities frontier (b) The marginał rate of product transformation-- (c). The least cost.combination of two products (d) The marginal physical product

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