ECON 1B03 Study Guide - Midterm Guide: Pencil, Opportunity Cost, Absolute Advantage
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ECON 1B03 Full Course Notes
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Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. Identify the choice that best completes the statement or answers the question. The following table reports production information for canada and the us for baseball bats and hockey sticks. Assume that time is the only input needed to produce bats and sticks. Quantity in 8 hours of: no. of hours to produce 100 units of What is the opportunity cost of a hockey stick in canada: refer to scenario 1. 4 baseball bats: 2. 5 baseball bats, 1600 baseball bats, 8000 baseball bats. 5 baseball bats: 4 baseball bats, 2000 baseball bats, refer to scenario 1. What is the opportunity cost of a hockey stick in the us: refer to scenario 1. At what price would canada be able to sell hockey sticks to the us: refer to scenario 1.
