Open Word and answer the following questions. Save the document and print it when you are done. 1. Explain why the endowment of wood affects the price of machinery used in producing rifles in the 19th...

Open Word and answer the following questions. Save the document and print it when you are done.

1. Explain why the endowment of wood affects the price of machinery used in producing rifles in the 19th century.

2. What could have caused the British to switch to mass production techniques before 1854? Give a concrete example.

3. Ames and Rosenberg include additional differences between America and Britain, such as the fact that the British consumer liked fancier gunstocks:

American machine processes could not produce guns of the kind favoured by English civilians. The Blanchard lathe produced stocks of a standard size, whereas English buyers did not want standard gunstocks. The English methods were suited to catering to the idiosyncratic needs of individual users. (p. 836) How would this information change the comparison of the isoquant–isocost graph in the two countries?