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Pages:
1 page/≈275 words
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Level:
APA
Subject:
Mathematics & Economics
Type:
Coursework
Language:
English (U.S.)
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Topic:

Opputunity Cost: Labor Hours Required To Produce One Unit (Coursework Sample)

Instructions:

simple answers required. Please complete as much as can be completed in 1 page.

source..
Content:

Example A:
Labor Hours Required to Produce One Unit
WineCoffee
Bolivia6 hrs. 12 hrs.
Chile3 hrs. 15 hrs.
1 Which country has an absolute advantage in wine?
Chile
2 Which country has an absolute advantage in coffee?
Bolivia
3 What is the opportunity cost of wine in Bolivia?
Number of labor hours in Bolivia = 6
Number of labor hours in Chile = 3
Chosen option is Bolivia
Opportunity cost of producing wine in Bolivia = 3 hours / 6 hours
Opportunity cost = 1/2 hour.
This means that for every hour spent producing wine in Bolivia, a half-hour is sacrificed.
4 What is the opportunity cost of wine in Chile?
Number of labor hours in Bolivia = 6
Number of labor hours in Chile = 3
Chosen option is Chile
Opportunity cost of producing wine in Chile = 6 hours / 3 hours
Opportunity cost = 2 hours.
This means that for every hour spent in Chile, 2 hours are spent in Bolivia or are saved.
5 What is the opportunity cost of coffee in Bolivia?
Number of labor hours in Bolivia = 12
Number

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