Question

Need help with an Microecon question, which includes a bit of math lol. I've attached a file.

Answer 1

strange question let me look it over a little more

Answer 2

im sorry im not sure what it is asking

Answer 3

is this question exactly as you recieved it?

Answer 4

yea it is

Answer 5

maybe if i had context as to what you were studying

Answer 6

what is the name of the chapter you are on

Answer 7

gains from intgernational trade

Answer 8

international*

Answer 9

\[\begin{array}{}\hline~&cloth&wine&\\\hline~italy&22&16&amount~made~per~hour\\\hline~spain&5&7&\\\hline~&&&\\\hline~italy&11000&8000&amount~after~500~hours\\\hline~spain&2500&3500&\\\hline~&&&\\\hline~italy&9900&800&amount~after~consumption\\\hline~spain&800&2380&\\\hline~&&&\\\hline~italy&1100&7200&amount~consumed~in~500hours\\\hline~spain&1700&1120&\\\hline~&&&\\\hline~italy&2.2&14.4&amount~consumed~per~hour\\\hline~spain&3.4&2.24&\\\hline~&&&\\\hline~italy&9100&1600&amount~after~trade\\\hline~spain&1600&1580&\\\hline~&&&\\\hline~italy&19.8&1.6&net~gain~per~hour\\\hline~spain&1.6&4.76&\\\hline~\end{array}\]

Answer 10

so now the question asks how many units of additional cloths can Italy consume

Answer 11

assuming italy and trade 800units of their stuff every 500 hours?

Answer 12

i'm not sure bout the 500 hours, i assume its just a figure of how much they can produce in 500 hours

Answer 13

but with trade, its a 1:1 ratio, so 500 units of cloth from Italy for 500 units of Spain's wine

Answer 14

here is the problem, if spain ONLY makes wine, and gives ALL of it to italy, then italy would never get enough

Answer 15

oh wait, i meant 800

Answer 16

from trade, its 800

Answer 17

part of the question says that each country now specializes in their craft

Answer 18

that means spain is specializing in wine, and if spain is only making wine and italy is not making any wine, there is not enough wine to go around

Answer 19

well spain doesnt really give all of it, because in 500 hours they can produce 2380 wine and are trading 800 of their wine for Italy's 800 cloth

Answer 20

you seem to understand a part of this question that i don't.

Answer 21

yes, i still have no idea how to answer this question LOL

Answer 22

what does it mean when it asks "italy will be able to consume the same amount of wine and \(\underline{~~~}\) additional units of cloth

Answer 23

i can do plenty of math, it is the wording that confuses me

Answer 24

so in 500 hours italy produces 800 wine and they trade 800 of their cloth for 800 additional wine
so italy will be able to consume the same amount of wine is just the 800 wine they get from trade which they are able to consume.

does that make sense? lol

Answer 25

800 wine from trade = 800 wine they can already produce in 500 hours

Answer 26

and the part that stumps me is how any additional units of cloth italy can gain from trade

Answer 27

sorry hold on

Answer 28

okay, to me "consume the same amount they make" doesn't make sense

Answer 29

what make sense is if you say italy is getting from the trade the same amount that they are making

Answer 30

maybe the answer to the question is this
after they trade
italy will have 9100 cloth they didn't use, and 1600 wine
spain will have 1600 cloth and 1580 wine they aren't using

Answer 31

oh, so you're saying that they consume the same amount they make and basically they'll still have 800 left over because of trade?

Answer 32

what you just said kinda makes sense

Answer 33

look at the end of the 500 hours italy has 800 wine and gets 800

Answer 34

if they have 1600 wine now what are they going to do with it? drink it all right now?

Answer 35

it says italy will be able to consume the same amount of wine so...that means that

Answer 36

the same amount of wine as what

Answer 37

consume the same amount as they are getting

Answer 38

as in italy wanted to keep the 800 they finaly made?

Answer 39

so instead of drinking THEIR OWN 800 they are instead drinking THE 800 THEY ARE GETTING?

Answer 40

ok, so 1600 units of wine and how many additional units of cloth?

Answer 41

i dont know about you but i think that part of the question is to throw us off...

Answer 42

9100 units left

Answer 43

after everything is done italy has 9100 units of cloth

Answer 44

in another 500 hours italy will have another 9100
so 18200 after 1000 hours?

Answer 45

yes

Answer 46

but is that the answer they are looking for?

Answer 47

\[\begin{array}{}\hline italy&9100&1600&amount~after~trade\\\hline spain&1600&1580&\\\hline\end{array}\]

Answer 48

the question is, how many additional units of cloth can Italy have after trade.

Answer 49

the weird thing is, italy traded their cloth away, so they dont have "additional" cloths after trade right?

Answer 50

okay the answer to "how many additional units of cloth can Italy have after trade" is 1900

Answer 51

they did however, gained additional units of wine after trade

Answer 52

i mean 9100

Answer 53

well the 9100 is UNUSED right, because during the 500 hours italy had been using some cloth and this 9100 is what is left

Answer 54

ok, whatever, i'll put that as the answer and ask my prof tomorrow

Answer 55

yea that's true

Answer 56

when you ask your prof can you message me? im curious as to what the question means

Answer 57

sure,np man.
Thx for going through this with me LOL.

Answer 58

XD super strange question sorry i couldn't really help

Answer 59

all good, cya

Answer 60

bye