Eric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Eric RYE (Bushels) Ginny 120 108 On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. 96 84 72 60 48 36 ++ 24 12 Corn Rye (Bushels per acre) (Bushels per acre) 20 0 + 0 28 60 120 180 4 Because Eric has a 7 240 300 360 420 480 CORN (Bushels) Eric's opportunity cost of producing 1 bushel of rye is bushels of corn. 540 600 Eric's PPF Ginny's PPF has a comparative advantage in the production of corn. bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Ginny, (?) has a comparative advantage in the production of rye, and

Eric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Eric RYE (Bushels) Ginny 120 108 On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. 96 84 72 60 48 36 ++ 24 12 Corn Rye (Bushels per acre) (Bushels per acre) 20 0 + 0 28 60 120 180 4 Because Eric has a 7 240 300 360 420 480 CORN (Bushels) Eric's opportunity cost of producing 1 bushel of rye is bushels of corn. 540 600 Eric's PPF Ginny's PPF has a comparative advantage in the production of corn. bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Ginny, (?) has a comparative advantage in the production of rye, and

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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A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
Tim and Alyssa are farmers. Each one owns a 20-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) Tim 20 4 Alyssa 28 7 On the following graph, use the blue line (circle symbol) to plot Tim's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Alyssa's PPF. ______ has an absolute advantage in the production of alfalfa, and_____ has an absolute advantage in the production of barley. Tim's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa, whereas Alyssa's opportunity cost of producing 1 bushel of barley is_____bushels of alfalfa. Because Tim has a _____ opportunity cost of producing barley than Alyssa,…
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5. Opportunity cost and production possibilities Raphael is a skilled toy maker who is able to produce both trucks and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Trucks) (Kites) (Trucks) (Kites) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Raphael's initial production possibilities frontier (PPF). ( attached image) Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is( 1, 3, 16, 19 kites) per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is ( 1,6,10, or 16 kites) per day. From the previous analysis, you can determine that as…
Only typed answer and please don't use chatgpt 10) Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20, then the most economically efficient technique for producing 100 sweaters is A) A. B) B. C) C. D) D.
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could someone draw a graph on paper please? a. Using one of the graphing tools described in the directions, plot the Production Possibilities Curve for Teavana. b. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 47 Jade Citrus Mint Tea and 35 Spiced Apple Cider. Label this point F. What term best describes this point? c. Find the combination of Jade Citrus Mint Tea and Spiced Apple Cider of 16 Jade Citrus Mint Tea and 20 Spiced Apple Cider. Label this point G. What term best describes this point?
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Complete the following table and illustrate by graph following variables (TFC, TVC, TC, MC) Q TFC TVC TC MC ATFC ATVC ATC 0 20 0 1 35 2 38 3 40 4 55
Janica and Jency live in the beach town of Santa Monica. They own a small business in 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 hour but only 3 pot holders. Jency is a bit slower and can make only 12 wristbands or 2 pot holders in an hour. Wristband (output per hr) Pot Holders (output per hr) Janica 15 3 Jency 12 2 If Janica devoted half of her time (10 out of 20 hours) to wristbands and half of her time to pot holders, how many of each would she produce in a week? If Jency did the same, how many of each would she produce? How many wristbands and pot holders would be produced in total? Please answer with explanation.