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Viktor [21]
3 years ago
11

Assume Ireland and Mali can both produce grain and dates, and that the only limited resource is the farming labor force, meaning

that land, water, and all other resources are plentiful in both countries. Each farmer in Ireland can produce 10t of grain or 5t of dates in a season. Each farmer in Mali can also produce 10t of grain or 25t of dates.
Required:
a. Which country has the absolute advantage in producing dates?
b. Which country has the absolute advantage in producing grain?
c. Which country has the competitive advantage in producing dates?
d. Which country has the comparative advantage in producing grain?
Business
1 answer:
likoan [24]3 years ago
7 0

Answer:

a. Which country has the absolute advantage in producing dates?

Mali

b. Which country has the absolute advantage in producing grain?

None

c. Which country has the competitive advantage in producing dates?

Mali

d. Which country has the comparative advantage in producing grain?

Ireland

Explanation:

Opportunity cost of producing dates:

Ireland = 10 / 5 = 2 tons of grains

Mali = 10 / 25 = 0.4 tons of grains

Opportunity cost of producing grains:

Ireland = 5 / 10 = 0.5 tons of dates

Mali = 25 / 10 = 2.5 tons of dates

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Answer:

Coed Scents

1. The alternatives for Coed Scents are to reduce cost of internal production or to renegotiate the external purchase price.

2. Relevant costs                                            Internal                External

                                               Total Cost Unit   Cost

Direct materials                          $2,000,000   $20.00

Direct labor                                      350,000        3.50

Variable manufacturing overhead  150,000         1.50

Total cost                                   $2,500,000   $25.00   $2,500,000 $25.00

3. No alternative is more cost-effective.  However, Coed Scents can reduce cost of internal production (materials, labor, and variable overhead).

4. Internal production becomes more cost-effective with this additional costs from outsourced production.  

The cost-effectiveness amounts to $350,000.

Explanation:

a) Data and Calculations:

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Purchase price of outside supplier = $25

                                                  Total Cost Unit   Cost

Direct materials                          $2,000,000  $ 20.00

Direct labor                                      350,000        3.50

Variable manufacturing overhead  150,000         1.50

Variable marketing overhead        250,000        2.50

Fixed plant overhead                     300,000        3.00

Total                                          $3,050,000    $30.50

Relevant costs                                            Internal                External

                                               Total Cost Unit   Cost

Direct materials                          $2,000,000   $20.00

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Variable manufacturing overhead  150,000         1.50

Total cost                                   $2,500,000   $25.00   $2,500,000 $25.00

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I hope you find this information useful and interesting! Good luck!

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