Give the correct answer and take like Table 3-11Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate.FaldaVarick11. Refer to Table 3-11. Assume that Falda and Varick each has 1 hour available. If each person divides histime equally between the production of wheat and cloth, then total production isC.d.a. 4 bushels of wheat and 7.5 yards of cloth.b.7 bushels of wheat and 13.5 yards of cloth.8 bushels of wheat and 15 yards of cloth.14 bushels of wheat and 27 yards of cloth.a.b.12. Refer to Table 3-11. Falda has an absolute advantage in the production ofwheat.C.d.Quantity Produced in 1 HourBushels of Wheat Yards of Cloth1215a.b.13. Refer to Table 3-11. Varick has an absolute advantage in the production ofwheat.cloth.C. both goods.d. neither good.a.b.86cloth.both goods.neither good.14. Refer to Table 3-11. Falda has a comparative advantage in the production ofwheat.cloth.C. both goods.d. neither good.a.b.C.d.15. Refer to Table 3-11. Varick has a comparative advantage in the production ofwheat.cloth.both goods.neither good.

The term O.C. describes the value of the next best alternative forgone when a decision is made. It…

Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate. Quantity Produced in 1 Hour Bushels of Wheat Yards of Cloth 8 12 6 15 Falda Varick 1. Refer to Table 3-11. Assume that Falda and Varick each has 1 hour available. If each person divides hi time equally between the production of wheat and cloth, then total production is a. b. C. d. 4 bushels of wheat and 7.5 yards of cloth. 7 bushels of wheat and 13.5 yards of cloth. 8 bushels of wheat and 15 yards of cloth. 14 bushels of wheat and 27 yards of cloth.

Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate. Quantity Produced in 1 Hour Bushels of Wheat Yards of Cloth 8 12 6 15 Falda Varick 1. Refer to Table 3-11. Assume that Falda and Varick each has 1 hour available. If each person divides hi time equally between the production of wheat and cloth, then total production is a. b. C. d. 4 bushels of wheat and 7.5 yards of cloth. 7 bushels of wheat and 13.5 yards of cloth. 8 bushels of wheat and 15 yards of cloth. 14 bushels of wheat and 27 yards of cloth.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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