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  • Trade Economics

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    BolWol
    6 просмотров7 страниц
    Leo can produce 1 lock in 3 hours or 2 keys in 2 hours. Kate can produce 1 lock in 2 hours or 4 keys in 4 hours. Kate has a comparative advantage in key production because she can produce more keys in the same amount of time. For mutually beneficial trade, Leo should specialize in lock production while Kate specializes in key production, with a possible terms of trade being 1 lock for 2 keys. If they work cooperatively for 20 hours each per day, the most they can earn together is $1,000.

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    2. Trade quiz.pptx

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    Leo can produce 1 lock in 3 hours or 2 keys in 2 hours. Kate can produce 1 lock in 2 hours or 4 keys in 4 hours. Kate has a comparative advantage in key production because she can produce more keys in the same amount of time. For mutually beneficial trade, Leo should specialize in lock production while Kate specializes in key production, with a possible terms of trade being 1 lock for 2 keys. If they work cooperatively for 20 hours each per day, the most they can earn together is $1,000.

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    © All Rights Reserved
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    6 просмотров7 страниц

    Trade Economics

    Загружено:

    BolWol
    Leo can produce 1 lock in 3 hours or 2 keys in 2 hours. Kate can produce 1 lock in 2 hours or 4 keys in 4 hours. Kate has a comparative advantage in key production because she can produce more keys in the same amount of time. For mutually beneficial trade, Leo should specialize in lock production while Kate specializes in key production, with a possible terms of trade being 1 lock for 2 keys. If they work cooperatively for 20 hours each per day, the most they can earn together is $1,000.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 7

    Economics

    Trade

    Dept. of Economics @ NCKU


    Weng, Ming-Hung
    Locksmiths Across street
    Each pair of key/lock
    Hours needed can be sold for $100. If
    for each unit Leo can work 20 hours a
    day, he alone can earn
    lock key at most
    1. $200
    Leo 3 2 2. $300
    3. $400
    Kate 2 4 4. $500
    Locksmiths Across street
    Kates opportunity cost
    Hours needed for a lock is
    for each unit 1. 2/4 keys
    2. 2 keys
    lock key 3. 2/4
    4. 2
    Leo 3 2

    Kate 2 4
    Locksmiths Across street
    Kate has a comparative
    Hours needed advantage in
    for each unit 1. locks
    2. keys
    lock key 3. Both
    4. none
    Leo 3 2

    Kate 2 4
    Locksmiths Across street
    Leo should
    Hours needed
    1. specialize in lock
    for each unit production
    2. specialize in key
    lock key production
    3. should produce
    Leo 3 2 both
    4. should not trade
    Kate 2 4 with Kate
    Locksmiths Across street
    Possible terms of trade
    Hours needed is one lock for __ keys
    for each unit 1. 1/4
    2. 1
    lock key 3. 2
    4. 3
    Leo 3 2

    Kate 2 4
    Locksmiths Across street
    Each pair of key/lock can
    Hours needed be sold for $100. If BOTH
    for each unit can work 20 hours a day,
    how much can the two
    lock key earn at most if they work
    cooperatively
    1. $600
    Leo 3 2 2. $800
    3. $900
    Kate 2 4 4. $1,000

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