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5. Comparative and absolute advantage Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of th land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Lorenzo 40 8 Neha 28 7 On the following graph, use the blue line (circle symbol) to plot Lorenzo's production possibilities curve (PPC), and use the purple line (diamond symbol) to plot Neha's PPC.

5. Comparative and absolute advantage Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of th land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Lorenzo 40 8 Neha 28 7 On the following graph, use the blue line (circle symbol) to plot Lorenzo's production possibilities curve (PPC), and use the purple line (diamond symbol) to plot Neha's PPC.

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter19: International Trade
Section: Chapter Questions
Problem 1.3P
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5. Comparative and absolute advantage Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Lorenzo 40 8 Neha 28 On the following graph, use the blue line (circle symbol) to plot Lorenzo's production possibilities curve (PPC), and use the purple line (diamond symbol) to plot Neha's PPC.
Transcribed Image Text:5. Comparative and absolute advantage Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Lorenzo 40 8 Neha 28 On the following graph, use the blue line (circle symbol) to plot Lorenzo's production possibilities curve (PPC), and use the purple line (diamond symbol) to plot Neha's PPC.
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