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

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

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 1SCQ: Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers...

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Consider an economy with two people, Li and Carlo, and two commodities, clothing and food. Currently, Li and Carlo would both be willing to give up 0.5 articles of clothing for one piece of food. Further, the workers in town can, in a given day, produce either 10 pieces of clothing or 50 pieces of food. Is the allocation of resources in this economy Pareto efficient? If not, should there be more clothing or more food? (Let the MRS=MUfood/MUclothing=the value of food in terms of clothing=how much clothing we would trade for 1 more food)
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 State weather 9 units of Goods B and 12 units of Goods A are attainable ,unattainable, efficient or inefficient. State all that applies
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