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ECON - Essay Example

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If France produces cars and camcorders only using specialized resources, which means some resources are more suitable in producing cars while others are more suitable for producing camcorders, then, considering the two graphs based on the initial description of specialized…
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Download file to see previous pages... Comparing answers of A and B above, the opportunity costs of additional 20,000 tons of coal at point B is C. greater than the opportunity costs of additional 20,000 tons of coal at point A. This reflects D. the law of increasing opportunity costs.
If soil quality is improved, the initial production possibility frontier shift from left to right as shown by the second new production possibility frontier in graph 2 with a red curve. So the new curve representing effects of improvement of soil is the red curve.
D. If Jack acquires a new tool to produce twice as many trains per hour as before without affecting his ability to produce drums, the production possibility frontier adjust to the right as shown below.
If both two countries, Greece and Denmark produce oil and wine, the opportunity cost of Greece producing a bottle of wine is 3 barrels of oil, while the opportunity cost of Denmark producing a bottle of wine is 8 barrels of oil.
C. If Greece and Denmark consider trading wine and oil with each other, Greece can gain from specialization as long as it can receives more than 3 barrels of oil for each bottle of wine it exports to Denmark.
C. If Freedonia and Sylvania specializes in production of goods for which each has comparative advantage, together, the two countries can produce C. 12 million pounds of tea and D. 16 million pounds of potatoes.
In addition, If the first bill introduced mandates doubling of security to increase probability of catching a terrorist from 10% to 20% without changing position of the blue curve, the opportunity cost of increased security is A. 15 million visitors per year given that initial numbers of visitors were 55 million at a security of 10%.
2.3 The first bill introduced mandates doubling of security to increase probability of catching a terrorist from 10% to 20%, a situation which is not satisfactory to some. In response, one representative introduced a bill to increase security by additional 10% from 20% to ...Download file to see next pagesRead More
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