Assume that the farmer and the rancher can switch between producing meat and producingpotatoes at a constant rate.Labor Hours Needed Pounds Producedto Make 1 Pound ofin 24 HoursMeatPotatoesMeat PotatoesFarmer82312Rancher68.4The farmer should specialize in the production ofO a. both goods and the rancher should specialize in the production of neither good.O b. potatoes and the rancher should specialize in the production of meat.O. neither good and the rancher should specialize in the production of both goods.O d. meat and the rancher should specialize in the production of potatoes. If your tuition is $2,000 this semester, your books cost $400, you can only work 10 rather than 40hours per week during the 15 weeks you are taking classes and you make $12 per hour, and yourroom and board is $4,000 this semester, then your opportunity cost of attending college thissemester isO a. $7,800.O b. $11,800.O. $2,760.O d. $2,400.

Comparative advantage arises when the individual can produces good at lower opportunity cost than…

Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed Pounds Produced to Make 1 Pound of in 24 Hours Meat Potatoes Meat Potatoes Farmer 8 3 12 Rancher 6 4 The farmer should specialize in the production of O a. both goods and the rancher should specialize in the production of neither good. O b. potatoes and the rancher should specialize in the production of meat. Oc. neither good and the rancher should specialize in the production of both goods. O d. meat and the rancher should specialize in the production of potatoes.

Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed Pounds Produced to Make 1 Pound of in 24 Hours Meat Potatoes Meat Potatoes Farmer 8 3 12 Rancher 6 4 The farmer should specialize in the production of O a. both goods and the rancher should specialize in the production of neither good. O b. potatoes and the rancher should specialize in the production of meat. Oc. neither good and the rancher should specialize in the production of both goods. O d. meat and the rancher should specialize in the production of potatoes.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 2SCQ: Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that...

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