Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.
1. What is the maximum quantity of guns that can be produced?
2. What is the maximum quantity of butter than can be produced?
3. Draw the nation's production possibility curve.
4. What is the opportunity cost of guns in this nation?
5. Explain why the nation can't produce both 3 guns and 4 butters.
6. Explain why the nation shouldn't produce both 1 gun and 2 butters.
Answers: 2
Other questions on the subject: Business
Business, 21.06.2019 19:10, xojade
Maldonia has a comparative advantage in the production of , while lamponia has a comparative advantage in the production of . suppose that maldonia and lamponia specialize in the production of the goods in which each has a comparative advantage. after specialization, the two countries can produce a total of million pounds of lemons and million pounds of coffee.
Answers: 3
Business, 22.06.2019 04:50, smeeden
Allie and sarah decided that they want to purchase renters insurance for the apartment they share. they made a list of all of the items to be covered by the insurance policy, along with their estimated values. if the items to be covered total more than $3000, the insurance company charges an annual premium of 23% of the total value of the items. if the items to be covered total $3000 or less, the insurance company charges an annual premium of 20% of the total value of the items.
Answers: 1
Business, 22.06.2019 06:00, slimt69561
When an interest-bearing note comes due and is uncollectible, the journal entry includes debitingaccounts receivable and crediting notes receivable and interest revenue. accounts receivable and crediting interest revenue. notes receivable and crediting accounts receivable and interest revenue. notes receivable and crediting accounts receivable.
Answers: 3
Business, 22.06.2019 20:50, NatalieZepeda
How has apple been able to sustain its competitive advantage in the smartphone industry? a. by reducing its network effects b. by targeting its new products and services toward laggards c. by driving the price for the end user to zero d. by regularly introducing incremental improvements in its products
Answers: 1
Do you know the correct answer?
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butte...
Questions in other subjects:
Physics, 27.05.2020 20:02
Physics, 27.05.2020 20:02
