What would have been the marginal opportunity cost

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Question 1: In ancient days a tribe of natives on the mythical continent of Atlantis were able to produce two commodities to eat. They could harvest fish from the sea and they could grow a form of wild oats. Table 1.a. and Graph 1.a. both show the maximum annual output combinations of fish and wild oats that could be produced by the natives of Atlantis.

a. Could the Atlantis tribe have produced 800 bushels of wild oats and 5,000 kilograms of fish at the same time? Explain why.

b. Where would this point lie relative to the production possibility frontier?

c. Using Table 1.a., what would have been the marginal opportunity cost of increasing the annual output of wild oats by 200 bushels, from 300 bushels up to 500 bushels?

d. Using Table 1.a., what would have been the marginal opportunity cost of increasing the annual output of wild oats by 200 bushels, from 625 bushels up to 825 bushels?

e. Why are the marginal opportunity costs for two similar batches of 200 bushels of wild oats not the same? Explain.

f. What does this difference imply about the shape of the Atlantis tribe's production possibility frontier curve?

Question 2: a. Examine Diagram 1.a. showing the daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group has the absolute advantage in bagels production? Show your calculations and explain why.

b. Examine Diagram 1.a. showing the daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group has the absolute advantage in calzones production? Show your calculations and explain why.

c. Examine Diagram 1.a. showing the daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group has the comparative advantage in calzones production? Show your calculations and explain why.

d. Examine Diagram 1.a. showing the daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group has the comparative advantage in bagels production? Show your calculations and explain why.

e. Examine Diagram 1.c. showing both the old and the new daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group NOW has the absolute advantage in bagels production? Show your calculations and explain why.

f. Examine Diagram 1.c. showing both old and the new daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group NOW has the absolute advantage in calzones production? Show your calculations and explain why.

g. Examine Diagram 1.c. showing both the old and the new daily Production Possibility Frontier for the New Yorkers and Diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group NOW has the comparative advantage in bagels production? Show your calculations and explain why this is important.

h. Examine diagram 1.c. showing both old and the new daily Production Possibility Frontier for the New Yorkers and diagram 1.b. showing the daily Production Possibility Frontier for the New Jersian's. Which group NOW has the comparative advantage in calzones production? Show your calculations and explain why this is important.

Question 3: a. From the supply and demand schedules above, what are the equilibrium price and quantity of Brazilian Coffee beans?

b. Complete the following table by inserting the total Brazilian Coffee beans demanded by both the Brazilians and Canadians at each price (the combined (total) demand schedule for Brazilian Coffee beans).

c. From the supply schedule and the combined Canadian and Brazilian demand schedule, what will be the new price at which Brazilian coffee growers can sell Brazilian Coffee beans?

d. With the Brazilian coffee growers selling to both the Canadians and the Brazilians, what price will be paid by Brazilian consumers?

e. With the Brazilian coffee growers selling to both the Canadians and the Brazilians, what will be the quantity consumed by Brazilian consumers?

Information related to above question is enclosed below:

Attachment:- Unit3_Assignment_Template.rar

Reference no: EM132428351

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