Essay 1

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Question 2 C:
For the US the opportunity cost of producing cars is 5 tons of grain each year. The opportunity cost for gain is 2 cars per year. The opportunity cost of cars for Japan is roughly 2.5 tons of grain and the opportunity cost for grain is 2 cars per year.
Question 2 D&E:
Neither country has an absolute advantage in producing cars, although the opportunity cost is lower for Japan to produce cars because of production limitations on grain. Neither Country has a comparative advantage on producing cars, the US has an advantage on producing grain.
Question 2 F:
Japan Produces 2 cars and 2.5 tons of grain annually. The US produces 2 cars and 5 tons of grain annually.
Question 2 G:
If trade were considered by the countries then they could barter for the necessary resources to produce whatever they deemed fit. If Japan can produce more raw materials for grain than it could process then it could trade it to the US for resources to make cars.
Question 4A

The Equilibrium Quantity and price would be 81 pizzas at $6.00.
Question 4B
If the equilibrium price were exceeded then only a decrease in supply or increase in demand would shift the market toward Equilibrium
Question 4C
If the price point were below the equilibrium price then a decrease in demand or increase in supply would drive the market toward equilibrium.

Question 2 C:
For the US the opportunity cost of producing cars is 5 tons of grain each year. The opportunity cost for gain is 2 cars per year. The opportunity cost of cars for Japan is roughly 2.5 tons of grain and the opportunity cost for grain is 2 cars per year.
Question 2 D&E:
Neither country has an absolute advantage in producing cars, although the opportunity cost is lower for Japan to produce cars because of production limitations on grain. Neither Country has a comparative advantage on producing cars, the US has an advantage on producing grain.
Question 2 F:
Japan Produces 2 cars and 2.5 tons of grain annually. The US produces 2 cars and 5 tons of grain annually.
Question 2 G:
If trade were considered by the countries then they could barter for the necessary resources to produce whatever they deemed fit. If Japan can produce more raw materials for grain than it could process then it could trade it to the US for resources to make cars.
Question 4A

The Equilibrium Quantity and price would be 81 pizzas at $6.00.
Question 4B
If the equilibrium price were exceeded then only a decrease in supply or increase in demand would shift the market toward Equilibrium
Question 4C
If the price point were below the equilibrium price then a decrease in demand or increase in supply would drive the market toward equilibrium.

Question 2 C:
For the US the opportunity cost of producing cars is 5 tons of grain each year. The opportunity cost for gain is 2 cars per year. The opportunity cost of cars for Japan is roughly 2.5 tons of grain and the opportunity cost for grain is 2 cars per year.
Question 2 D&E:
Neither country has an absolute advantage in producing cars, although the opportunity cost is lower for Japan to produce cars because of production limitations on grain. Neither Country has a comparative advantage on producing cars, the US has an advantage on producing grain.
Question 2 F:
Japan Produces 2 cars and 2.5 tons of grain annually. The US produces 2 cars and 5 tons of grain annually.
Question 2 G:
If trade were considered by the countries then they could barter for the necessary resources to produce whatever they deemed fit. If Japan can produce more raw materials for grain than it could process then it could trade it to the US for resources to make cars.
Question 4A

The Equilibrium Quantity and price would be 81 pizzas at $6.00.
Question 4B
If the equilibrium price were exceeded then only a decrease in supply or increase in demand would shift the market toward Equilibrium
Question 4C
If the price point were
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