Each of workers can manufacture

Assignment Help Business Economics

Reference no: EM1321713

Q. Assume that there are 10 million workers in Canada also that each of these workers can manufacture either 2 cars or 30 bushels of wheat a yr.

a) Illustrate what is the opportunity cost of producing a car in Canada? a bushel of wheat in Canada? Elucidate the relationship among the opportunity costs of the two goods.

b) Draw Canada's construction possibilities frontier. If Canada chooses to consume 10 million cars, how much wheat con it consume w/out trade? Where is this located on the construction possibilities frontier?

c) Show assumes that the United States (US) offers to buy 10 million cars from Canada in exchange for 20 bushels of wheat per car. If Canada continues to consume 10 million cars, how much wheat does this deal allow Canada to consume? Label it on diagram. Show Canada accepts this deal?

Reference no: EM1321713

Questions Cloud

Calculate the mean of the distribution of sample means : Calculate the mean of the distribution of sample means and the population mean.

Handling the project : The issues is pharmaceutical(drugs), explain how you would deal with one of the situations listed below which has brought you project to an abrupt stand still, the employer is supposing No responsibility, and wishes you to work it out.

Positive and negative reinforcement : Briefly describe positive and negative reinforcement, punishment, and extinction. Then consider your own experiences from when you were younger

Explaining close decision : At 5 % level of significance, does this sample prove violation of the guideline that average patient muts pay no more than $250 out-of-pocket? Is this a close decision?

Each of workers can manufacture : Assume that there are 10 million workers in Canada also that each of these workers can manufacture

Proportion and degrees of freedom : Find the value of q-hat from proportion and degrees of freedom used to find the t-score.

Methods for assaying/detecting viruses : Methods for Assaying/Detecting Viruses, Write a paragraph to teach to the rest of the class one of the following techniques used to assay/detect a virus.

Law of demand states that the demand for a product : The Law of Demand states that the demand for a product is inversely related to the cost of such product.

Explore in particular how the firm responds : Explore in particular how the firm responds to the macroeconomic conditions in terms of the stock performance, current also future sales revenue, current also future profits, and worker costs also hiring decisions.

User Account

All Pages