Econ | Economics homework help

  1. Carlos can produce the following combinations of X and Y: 20X and 10Y, 15X and 15Y, and 10X and 20Y. What is the opportunity cost of one unit of X for Carlo?
  2. Michael can produce the following combinations of X and Y: 10X and 10Y, 5X and 15Y, and 0X and 20Y. Vernon can produce the following combinations of X and Y: 100X and 20Y, 50X and 30Y, or 0X and 40Y. Who has the comparative advantage in X? Who has the comparative advantage in Y?
  3. An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. Prove mathematically that the production possibilities frontier is a straight line.
  4. If an economy can produce a maximum of 10 units of good X and the opportunity cost of 1X is always 2Y, then what is the maximum units of good Y the economy can produce?
  5. Jose has one evening in which to prepare for two exams and can employ one of two possible strategies:

A

94

79

B

77

90

The opportunity cost of receiving a 94 on the economics exam is losing  __________ points on the statistics exam.

  1. In an eight-hour day, Andy can produce either 24 loaves of bread or 8 pounds of butter. In an eight-hour day, John can produce either 8 loaves of bread or 8 pounds of butter. What is the opportunity cost of producing 1 pound of butter?
  2. Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25), read a good novel (you value this at $13), or go in to work (you could earn $20 during the economics class). What is the opportunity cost of going to your economics class?
  3. The US can produce the following combinations of X and Y: 90X and 0Y, 60X and 30Y, 30X and 60Y and 0X and 90Y. Ireland can produce the following combinations of X and Y: 30X and 0Y, 20X and 20Y, 10X and 40Y, and 0X and 60Y. What is the opportunity cost of  X for the US? What is the opportunity cost of  Y for Ireland? Who has the comparative advantage in X? Who has the comparative advantage in Y? Test each of the following for whether or not it is a good trade: 1 unit of Y for 1 unit of X, 1 unit of  Y for 0.75 units of X, 1 unit of Y for .25 units of X, and 1 unit of Y for 1.5 units of X.
  4. Germany produces the following combinations of beer (B) and chocolate(C): 100B and 0C, 60B and 20 C, 20B and 40C, and 0B and 50C. Switzerland can produce the following combination of beer and chocolate: 75B and 0C, 45B and 60C, 15B and 120C and 0B and 150C. Which country has the comparative advantage in Chocolate?
  5. Short Answer: Who is your favorite entrepreneur? What characteristics made them successful?
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