03 Jun Question Fall2014 Econ 471 Problem Set #4
Question
Fall2014 Econ 471
Problem Set #4
COVER PAGE TO PROBLEM SET #4
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While you are permitted to work together as a group, you must write out the answers on your own (preferably in a separate room) without any help from those in the group. Problem sets with similar answers in any question will receive a grade of zero.
I have not received any help and I have not provided help to other students in writing up the answers to this problem set.
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Unless your handwriting is clear and impeccable, you must turn in typed answers to the problem sets. Hard copies of your answers will be handed in the beginning of class onTuesday, Nov 18. No late problem sets will be accepted.
1. The following table provides data on the Labor hours per unit of production of two goods, cell phones and TVs in the two countries, U.S. and Brazil.
Country
Cell Phones
TV
Opportunity cost of producing one TV
U.S.
5
10
Brazil
12
12
a. Complete the last column of the table above.
b. Compared to Brazil, the US is more efficient in producing both goods. Why does it still benefit the U.S. to trade with Brazil?
c. Pick a feasible terms of trade and show and explain how the U.S. can benefit from trading with Brazil at the chosen terms of trade.
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