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Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For I

4vir4ik [10]

Answer:

Lowa should produce corn; Nebraska should produce Wheat

Explanation:

Two states: Iowa and Nebraska

Same two goods are produced by both of them: Corn and wheat

For lowa,

Opportunity cost of producing wheat = 3 bushels of corn

Opportunity cost of producing corn = (1 ÷ 3) bushels of wheat

For Nebraska,

Opportunity cost of producing wheat = (1 ÷ 3) bushels of corn

Opportunity cost of producing corn = 3 bushels of wheat

According to the concept of comparative advantage, a country is exporting the commodity in which it has a comparative advantage and a country has a comparative advantage in producing a commodity if the opportunity cost of producing that commodity is lower than the other country.

In our case, lowa should producing and exporting corn because the opportunity cost of producing corn is lower than the Nebraska and on the other hand, Nebraska should producing and exporting wheat because the opportunity cost of producing wheat is lower than the lowa.

7 0

4 years ago

"A" represents the new quantity demanded, while "B"

Flura [38]

Answer:

1) Excess supply

2) fall

Explanation:

8 0

3 years ago

Read 2 more answers

The accounting records for Portland Products report the following manufacturing costs for the past year. Direct materials $ 390,

Novay_Z [31]

Answer:

Results are below.

Explanation:

First, we need to calculate the unitary costs:

Direct materials= 390,000/180,000= $2.17

Direct labor= 261,000/180,000= $1.45

Variable overhead= 235,000/180,000= $1.31

Now, we determine the new costs:

Direct materials= 2.17*1.2= $2.604

Direct labor= 1.45*1.04= $1.508

Fixed overhead= 851,000*1.1= $936,100

Total cost for 144,000 units:

Total cost= 144,000*(2,604 + 1,508 + 1.31) + 936,100

Total cost= 144,000*5.422 + 936,100

Total cost= $1,716,868

Finally, the unitary cos for both years:

Last year= 2.17 + 1.45 + 1.31= $4.93

This year= $5.422

7 0

3 years ago

Assume that Verizon Communications, Inc. reports the following selected balance sheet and income statement information for 2012

GalinKa [24]

Answer:

TIE 6.26238

Explanation:

Times Interest Earned:

$\frac{EBIT}{Interest \: Expense} = 6.26238$

EBIT = earnings before Interest and Taxes

$\frac{13,652}{2,180} = 6.26238$

4 0

3 years ago

Net income $ 15,500 Cash dividends paid to stockholders 3,600 Cash proceeds from sale of land 3,800 Cash proceeds from bank loan

lozanna [386]

Answer: 3500

Explanation:

The company would report net cash provided by (used in) financing activities based on the following:

Cash proceeds from bank loan 9,800

Less: Cash dividends paid to stockholders 3,600

Less: Cash payment (principal) on bank loan 2,700

Cash flow on financing activity will now be:

= (9800 - 3600 - 2700)

= 9800 - 6300

= 3500

Therefore, the The company would report net cash provided by (used in) financing activities of 3500

5 0

3 years ago