In Narnia, One Binky Can Be Produced with Two Workers

question 114

Essay

In Narnia, one binky can be produced with two workers and one sippy cup can be produced with 0.25 workers. In Bedrock, one binky can be produced with one worker and one sippy cup can be produced with 0.50 workers.
a. What is the opportunity cost of producing one sippy cup in Narnia and in Bedrock?
b. Which country has the comparative advantage in sippy cups?
c. Suppose that each country has 100 workers and completely specializes in its comparative advantage. How many units of output of sippy cups and binkys will each country produce?
d. Before trade, Narnia produces 25 binkys and 200 sippy cups, and Bedrock produces 50 binkys and 100 sippy cups. Show how specialization and free trade can make each country better off than it was before the trade situation.

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Definitions:

Actual Results

The real, achieved outcomes of activities, such as financial performance, compared against planned or projected outcomes.

Customers Served

The number of individual clients or customers that a business or service has provided for over a certain period of time.

Total Expenses

Total expenses encompass all costs and expenditures that a business incurs during a specific period, including cost of goods sold, operating expenses, and taxes.

Activity Variance

The difference between budgeted and actual activity levels, impacting costs and operational efficiency.