Larry and Megan are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer canproduce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of theland and alfalfa on the rest.BarleyAlfalfa(Bushels per acre) (Bushels per acre)Larry123Megan186On the following graph, use the blue line (circle symbol) to plot Larry's production possibilities frontier (PPF), and use the purple line (diamondsymbol) to plot Megan's PPF.120108Larry's PPF968472Megan's PPF4836241260120180240300380420480540600BARLEY (Bushels)ALFALFA (Bushels) has an absolute advantage in the production of barley, andhas an absolute advantage in the production of alfalfa.Larry's opportunity cost of producing 1 bushel of alfalfa isbushels of barley, whereas Megan's opportunity cost of producing 1 bushel ofalfalfa isbushels of barley. Because Larry has aopportunity cost of producing alfalfa than Megan,has acomparative advantage in the production of alfalfa, andhas a comparative advantage in the production of barley.

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Larry and Megan are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Larry 12 3 Megan 18 6 On the following graph, use the blue line (circle symbol) to plot Larry's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Megan's PPF. 120 108 Larry's PPF 96 84 72 Megan's PPF 60 48 36 24 12 60 120 180 240 300 300 420 480 540 600 BARLEY (Bushels) ALFALFA (Bushels)

Larry and Megan are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Larry 12 3 Megan 18 6 On the following graph, use the blue line (circle symbol) to plot Larry's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Megan's PPF. 120 108 Larry's PPF 96 84 72 Megan's PPF 60 48 36 24 12 60 120 180 240 300 300 420 480 540 600 BARLEY (Bushels) ALFALFA (Bushels)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter32: The Land Market And Natural Resources

Section: Chapter Questions

Problem 8E

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