Question
In: Economics
4. Suppose that, with a given unit of labour, India can produce 40 basketball hoops or...
4. Suppose that, with a given unit of labour, India can produce 40 basketball hoops or 60 basketballs and Nepal can produce 10 basketball hoops or 40 basketballs. This scenario is illustrated below: Output Hoops (H) Balls (B) India 40 60 Nepal 10 40 c. If Nepal wants to consume equal amounts of both goods (as many units of hoops as balls), how much of each good will be produced and consumed if there is no trade between the two countries? d. Assume that the equilibrium terms of trade are 1H=2B. If Nepal still wants to consume equal amounts of both hoops and balls, show its points of production, consumption, and the amounts of exports and imports. e. Show the gains from trade for Nepal.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Suppose that in the United States 4 worker-hours are required to produce each unit of clothing...
Suppose that in the United States 4 worker-hours are required to
produce each unit of clothing and each unit of food. In Canada, 1
worker-hour is required for each unit of clothing and 2 worker
hours are required for a unit of food. Show your work.
A. Which country has an absolute advantage in each good?
B. Which country has a comparative advantage in each good?
C. If the labor force of the United states increases by a factor
of...
Suppose that in the United States 4 worker-hours are required to produce each unit of clothing...
Suppose that in the United States 4 worker-hours are required to
produce each unit of clothing and each unit of food. In Canada, 1
worker-hour is required for each unit of clothing and 2 worker
hours are required for a unit of food. Show your work.
A. Which country has an absolute advantage in each good?
B. Which country has a comparative advantage in each good?
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– 4Q. Suppose the government introduces a tax on bourbon of $15 per
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Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following:
Number
purchased
Cost
per unit
Total
January 1 inventory
40
$
4
$
160
April 1
60
7
420
June 1
50
8
400
November 1
55
9
495
205
$
1,475
a. Calculate the cost of ending inventory using
the LIFO (ending inventory shows 61 units).
Cost of ending inventory
$
b. Calculate the cost of goods sold using the LIFO
(ending inventory shows 61 units).
Cost of goods sold
$
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following:
Number
purchased
Cost
per unit
Total
January 1 inventory
40
$
4
$
160
April 1
60
7
420
June 1
50
8
400
November 1
55
9
495
205
$
1,475
a. Calculate the cost of ending inventory using
the weighted-average method (ending inventory shows 61 units).
(Round the "average unit cost" and final
answer to the nearest cent.)
Cost of ending inventory
$
b. Calculate the cost of goods sold using the
weighted-average method. (Round...
Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...
Given the following:
Number
purchased
Cost
per unit
Total
January 1 inventory
40
$
4
$
160
April 1
60
7
420
June 1
50
8
400
November 1
55
9
495
205
$
1,475
a. Calculate the cost of ending inventory using
the weighted-average method (ending inventory shows 61 units).
(Round the "average unit cost" and final answer to the
nearest cent.)
b. Calculate the cost of goods sold using the
weighted-average method. (Round your intermediate
calculations and final...
The china can produce 12 cases of iphones or 8 calculators. India can make 6 cases...
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Suppose that, working full time, peter can produce either 100sweaters or 40 suits per year, whereas...
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Define and calculate absolute
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Define and calculate comparative
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If they fully specialized in a good of comparative
advantage what price will they exchange suits for
sweaters?
If peter fully specialized and Jane specialized
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A basketball player makes 40% of his shots from the free throw line. Suppose that each...
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