ECON 200 Midterm: Econ 200A Midterm 1A Key Web
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ECON 200 Full Course Notes
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Econ 200a midterm key may 2015 by m. knox: (15 points) The table to the left contains information about the corn market. 24,000 and they will spend *24,000 = ,000. Scheme 2: costs ,000 - ,000 = ,000. Econ 200a midterm key may 2015 by m. knox: (14 points) denmark and belize can both produce clocks and hats. The table below shows production and consumption under autarky and production if both countries decide to specialize and prepare for trade according to their relative comparative advantages. 400: (3 points) what is the opportunity cost for producing clocks (in terms of hats) in. Opp cost of hats= 200 clocks/300 hats = 2/3 hat per clock: (4 points) calculate the total gains from trade in hat and clock production. Total gains in clocks = 1200 1050 = 150. Total gains in hats = 400 300 = 100.
