Need help with these questions Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted toGood 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:M attainableOunattainableO efficientinefficient(b) Person 2, can produce 3-units of Good B or 4 units of Good A per hour(1) Who has the absolute advantage in theNeither they both produce same quantityproduction of Good B?(i1) Who has the absolute advantage in theproduction of Good A?Neither they both produce same quantity

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Description: Need help with these questions Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted toGood B yields 2 units whereas each hour devoted to Good A produces 4 units.(a) State whether 9 units of Good B and 1

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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: V attainable Ounattainable Oefficient V inefficient (b) Person 2, can produce 3·units of Good B or 4 units of Good A per hour (1) Who has the absolute advantage in the production of Good B? Neither they both produce same quantity (ii) Who has the absolute advantage in the Neither they both produce same quantity production of Good A?

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: V attainable Ounattainable Oefficient V inefficient (b) Person 2, can produce 3·units of Good B or 4 units of Good A per hour (1) Who has the absolute advantage in the production of Good B? Neither they both produce same quantity (ii) Who has the absolute advantage in the Neither they both produce same quantity production of Good A?

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 9RQ: Explain why individuals make Choices that are directly on the budget constraint, rather than inside...

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Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.
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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 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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