A farm can produce 10,000 bushels of wheat per year with five workers and 13,000 bushels with six workers. What is the marginal product of the sixth worker for this farm?

a. 10,000 bushels

b. 3,000 bushels

c. 500 bushels

d. 23,000 bushels

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Anne Gillian DueroLv10

24 Oct 2020

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Assume that maximum feasible hourly production levels if all resources are utilized in the United States are either 8 yards of fabric or 4 bushels of wheat. Maximum feasible production levels, if all resources are utilized in Japan, are either 3 yards of fabric or 6 bushels of wheat. Based on this information

A. the United States will benefit from trading but Japan will not.

B. both nations will gain from specialization and? trade, with the United States exporting wheat and Japan exporting fabric.

C. beneficial trade is absolutely impossible between the two countries.

D. both nations will gain from specialization and trade, with the United States exporting fabric and Japan exporting wheat.

goldeagle411

U.S.

Wheat - 4 bushels/hour

Cloth - 2 yards/hour

U.K.

Wheat - 1 bushels/hour

Cloth - 3 yards/hour

4. The above table shows you the productivities of wheat and cloths for U.S. and U.K. workers. Given these information, answer the following questions: (a) Suppose U.S. and U.K. are open to trade according to comparative advantage. When one unit of wheat is traded, what is the range of mutually agreeable/beneficial trade in terms of cloth? (b) What is the dollar price of wheat and cloth in the U.S. if the wage rate is $6? (c) What is the dollar price of wheat and cloth in the U.K. if the wage rate is Â£1 and the exchange rate between dollars and pounds is $5 for Â£2? (d) How would U.S. and U.K. trade according to prices of wheat and cloth rather than the comparative advantage? Show all work.

carminemouse898

Suppose that corn currently costs $4.00 per bushel and that wheat currently costs $3.00 per bushel. Also assume that the price elasticity of corn is 0.15, while the price elasticity of wheat is 0.20. For the following questions about elasticities, simply use the percentage changes that are provided rather than attempting to calculate those percentage changes yourself using the midpoint formula.

Instructions: In parts a and b, round your answers to 2 decimal places. In part c, round your answers to 1 decimal place.

a. If the price of corn fell by 25 percent to $3.00 per bushel, by what percentage would the quantity demanded of corn increase? percentage?

What if the price of corn fell by 50 percent to $2.00 per bushel? Percentage?

b. To what value would the price of wheat have to fall to induce consumers to increase their purchases of wheat by 5 percent? $ per bushel.

c. If the government imposes a per-bushel tax on corn of $0.40 so that the price of corn rises by 10 percent to $4.40 per bushel, by what percentage would the quantity demanded of corn decrease? Percentage?

If the initial quantity demanded is 10 billion bushels per year, by how many bushels would the quantity demanded decrease in response to this tax? Million bushels.