3. The nation of Routarou is able to produce turnips and potatoes in combinationsrepresented by the data in the following table. Each number represents thousands ofbushels.AвDETurnips100907040Potatoes10203040Plot this data on a production possibilities graph and explain why the data shows thatRoutarou experiences increasing opportunity costs. 1. Janica and Jency live in the beach town of Santa Monica. They own a small businessin which they make wristbands and pot holders and sell them to people on the beach.As shown in the table on the following page, Janica can make 15 wristbands per hourbut only 3 pot holders. Jency is a bit slower and can make only 12 wristbands or 2 potholders in an hourWristband (output per hr) Pot Holders (output per hr)Janica153.Jency122a. For Janica and for Jency, what is the opportunity cost of pot holder? Who has acomparative advantage in the production of pot holders? Explain your answer.b. Who has a comparative advantage in the production of wristbands? Explain youranswer.c. If Janica devoted half of her time (10 out of 20 hours) to wristbands and half of hertime to pot holders, how many of each would she produce in a week? If Jency did thesame, how many of each would she produce? How many wristbands and pot holderswould be produced in total?2. Explain how each of the following situations would affect a nation's productionpossibilities curve.a. A technological innovation allows the nation to more efficiently convert solar energyinto electricity.b. A prolonged recession increases the number of unemployed workers in the nation.c. A category 5 hurricane destroys over 40 percent of the nation's productive capacity.d. The quality of education in the nation's colleges and universities improves greatly.

The production possibility graph of the nation of Routarou as per given details:-

3. The nation of Routarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. A в D E Turnips 100 90 70 40 Potatoes 10 20 30 40 Plot this data on a production possibilities graph and explain why the data shows that Routarou experiences increasing opportunity costs.

3. The nation of Routarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. A в D E Turnips 100 90 70 40 Potatoes 10 20 30 40 Plot this data on a production possibilities graph and explain why the data shows that Routarou experiences increasing opportunity costs.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. The nation of Routarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. A C D E Turnips 100 90 70 40 Potatoes 10 20 30 40 Plot this data on a production possibilities graph and explain why the data shows that Routarou experiences increasing opportunity costs.