Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hourdevoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units.(a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficientor inefficient. [State all that applies.]Select one or more:O attainableunattainableO efficientO inefficient (b) Person 2, can produce 3 units of Good B or 4 units of Good A per hour(i) Who has the absoluteadvantage in the productionChoose...of Good B?Choose..(ii) Who has the absoluteadvantage in the productionPerson 1 produce more than Person 2 using less resourcesof Good A?Person 1 produce more than Person 2 using same resourcesPerson 2 produce more than Person 1 using same resourcesPerson 2 produce more than Person 1 using less resourcesPerson 1 produce with lower opportunity costPerson 2 produce more than Person 1 using more resourcesPerson 2 produce with lower opportunity costNeither they both produce same quantityPerson 1 produce more than Person 2 using more resources

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Description: Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hourdevoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units.(a) State whether 9 units of Good B and 12 units of Good A are attainab

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Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: O attainable O unattainable O efficient

Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies.] Select one or more: O attainable O unattainable O efficient

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 21CTQ: It is clear that productive inefficiency is a waste since resources are used in a way that produces...

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Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. a) State whether 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies) b) Person 2, can produce3 units of Good B or 4 units of Good A per hour who has the absolute advantage in the production of Good B? c) who has the absolute advantage in the production of Good A? d) Calculate the opportunity cost for Good B for Person 2 e) Calculate the opportunity cost for Good A for person 1 f) who has the comparative advantage in the production of Good B? g) who has the comparative advantage in the production of Good A?
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A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25 and a slice of bread at $40. Assuming that the ice cream will be located aling the vertical axis, and bread slice along the horizontal axis, what is the opportunity cost of bread in terms of the ice cream? (How many units of ice cream will be given up to gain a slice of bread?) Answer in absolute value.
person 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted to good B yeilds 2units . whereas each hour devoted to good A produces 4 units. state whether 9 units of good B and 12 units of good A are unattainable, efficient, or inefficient.(state all that applies) select one or more attainable inefficient efficient unattainable
A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25 and a slice of bread at $40. Assuming that the ice cream will be located aling the vertical axis, and bread slice along the horizontal axis, what is the opportunity cost of ice cream in terms of the bread? (How many slice of bread will be given up to gain a unit of ice cream?) Answer in absolute value.
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