How much each country consume each good

Assignment Help Basic Computer Science

Reference no: EM13731733

Think of a 2 country world, say the US and the UK. Each country produces two goods, say food and cloth. Suppose 7 hours of labour are required to produce one unit of either good in the UK, whereas in the US it takes 2 hours to produce one unit food and 5 hours to produce one unit of cloth. If each country has 70 million hours of labour available, draw production possibilities curves for the US, the UK and the world (Make sure the world PPF is convex outward from the origin!). Note: In PPFs, draw Food on Y axis and Cloth in X axis in order for every student to be consistent. If both countries like to consume food and cloth in equal proportions, how much each country consume each good?

Reference no: EM13731733

Questions Cloud

Mr. a''s reservation utility is zero. : Professor P cares about how many hours that Mr. A teaches and about how much she has to pay him. Professor P wants to maximize her payoff function, x-s, where x is the number of hours taught by Mr. A and s is the total wages she pays him. If Mr. A te..

Is the following argument valid or invalid : Is the following argument valid or invalid? If valid, explain whether it is deductive or inductive. If invalid, explain why: "Mrs. Kelvin has accused me of intentionally denting her rear fender

What is the service level implied by ben''s reorder point : Suppose Ben decides to reorder 35 mm film when there are 86 rolls left in stock. How much safety stock is implied by this reorder point. What is the service level implied by Ben's reorder point of 86 rolls

Decision and discuss the effects : Explain which change model you would follow for the short-term change and which you would follow for the long-term change. Provide rationale for your decision and discuss the effects that these changes would have on the employees, managers, and ex..

How much each country consume each good : Think of a 2 country world, say the US and the UK. Each country produces two goods, say food and cloth. Suppose 7 hours of labour are required to produce one unit of either good in the UK, whereas in the US it takes 2 hours to produce one unit food a..

Explain what are the critical path activities : What are the critical path activities. What is the project's scheduled completion time. What is the slack or float for Activity C

About database design and methodology : We learned about database design and methodology. You are the database administrator for your company, which has just acquired a company called SNHU Appliances. You are deciding what the best approach is. Should you merge your database with the new c..

Specify the most significant advantages and disadvantages : Specify the most significant advantages and disadvantages that could be realized by the organization in adopting a server virtualization infrastructure. Prepare a plan for implementing Hyper-V (or an alternate solution, such as VMware) as a solution ..

General aggregate statistics: total number of tickets sold : Present the data in a professionally formatted worksheet such that it is easily viewed/understood. Since visualization aids in understanding data, include an appropriate chart to illustrate each set of data. Lastly, analyze the data and provide any c..

User Account

All Pages