What is data visualization?

6. Consider a professor writing a book. The professor writes books and collects data faster than anyone else in his university, but he still has to pay students to collect data in the library. Is this wise? Explain why.

7. scones and sweaters are made in England and Scotland. Suppose a British worker can produce 5 0 scones or/kloc-0 sweaters per hour. Suppose a Scottish worker can produce 4 0 scones or 2 sweaters per hour.

1.a. Which country has an absolute advantage in producing every commodity? Which country has a comparative advantage?

1.B. If England and Scotland decide to trade, what goods will Scotland use to trade with England? Explain why.

1. C. If a Scottish worker can only produce 1 sweater a day, can Scotland still benefit from trade? Can Britain still benefit from trade? Explain why.

8. The following table describes the production possibilities of two cities in Bassebalia:

The number of red socks produced by a worker per hour is the number of white socks produced by a worker per hour.

Boston 3 3 Chicago 2 1

1.a. What's the price of a pair of white socks (in red socks) when there is no trade in Boston? What's the price in Chicago?

1.B. Which city has an absolute advantage in producing socks of every color? Which city has an advantage in producing socks of various colors?

1.C. If these two cities trade with each other, which color socks will each city export?