At the end of the day, after we trade, how many fish and water will we each have? Idk how to calculate this And I should concentrate all of my effortson purifying water.Fish/Water Output ComparisonTabitha's Production PossibilitiesRhondaHours Required for 1 UnitTotal Possible Units in 12 HoursLet's do that and then we can split our goodsat the end of the day. I will fish all day andgive you half of the fish that I catch.Fish1.58.Water26.Rhonda's Production PossibilitiesTabithaHours Required for 1 UnitTotal Possible Units in 12 HoursSounds like a good plan. I will purifywater all day and give you half of thebottles.Fish34Water1.58RhondaDAY 3At the end of the day after we trade, howmany fish and water will we each have?TabithaWe will each have 3 fish and 3 bottles of water.We will each have 4 fish and 4 bottles of water.

Rhonda Tabitha's Production Possibilities Hours Required for 1 Unit d then we can split our goods e day. I will fish all day and the fish that I catch. Fish 1.5 Water 2 Rhonda's Production Possibilities Hours Required for 1 Unit plan. Iwill purify ve you half of the Fish 3 Water 1.5 Rhonda DAY e day after we trade, how water will we each have?

Rhonda Tabitha's Production Possibilities Hours Required for 1 Unit d then we can split our goods e day. I will fish all day and the fish that I catch. Fish 1.5 Water 2 Rhonda's Production Possibilities Hours Required for 1 Unit plan. Iwill purify ve you half of the Fish 3 Water 1.5 Rhonda DAY e day after we trade, how water will we each have?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 2SCQ: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce...

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Similar questions

What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?
What does a production possibilities frontier illustrate?
Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount ham the residents can consume in a month?
Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting toproduce at point A and that most members of society likemeat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than onedescription.a. Inefficient production of meat and fishb. Productive efficiencyc. An inefficient mix of outputd. Technological advances in the productionof meat and fishe. The law of increasing opportunity costf. An impossible combination of meat and fish
Below is the production possibilities table for consumer goods (washing machine) andcapital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a. Show these data graphically.b. If the economy is at point B, what is the cost of one more washing machine?What is the cost of one more tractor?c. Explain how the production possibilities frontier reflects the law ofincreasing opportunity costs.
. Diego and Darnell are roommates. They spend mostof their time studying (of course), but they leavesome time for their favorite activities: making pizzaand brewing root beer. Diego takes 4 hours to brewa gallon of root beer and 2 hours to make a pizza.Darnell takes 6 hours to brew a gallon of root beerand 4 hours to make a pizza.a. What is each roommate’s opportunity cost ofmaking a pizza? Who has the absolute advantagein making pizza? Who has the comparativeadvantage in making pizza?b. If Diego and Darnell trade foods with each other,who will trade away pizza in exchange for rootbeer?c. The price of pizza can be expressed in terms ofgallons of root beer. What is the highest price atwhich pizza can be traded that would make bothroommates better off? What is the lowest price?Explain.
1. Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks like, which if it used all its resources, can produce either 300 units of national security or 140 units of health care, or some combination of the two. 2. Explain what the opportunity cost is and calculate it for this example (assume constant opportunity cost).
3. Opportunity Cost Poornima and Valerie are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Poornima takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza. Valerie takes 8 hours to brew a gallon of root beer and 4 hours to make a pizza. Poornima's opportunity cost of brewing a gallon of root beer is__________ , and Valerie's opportunity cost of brewing a gallon of root beer is_________ . ________ has an absolute advantage in brewing root beer and__________ has a comparative advantage in brewing root beer. If Poornima and Valerie trade foods with each other,________ will trade away pizza in exchange for root beer. The price of pizza can be expressed in terms of gallons of root beer. The highest price at which pizza can be traded that would make both roommates better off is___________ of root beer, and the lowest price…
Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.
1.a Explain the economic link between scarcity, choice and opportunity cost. 1.b Suppose there are two countries (South Africa and Chile) producing two products(Capital goods and consumer goods) with production possibilities per person inSouth Africa lower than in Chile. Use the PPF to substantiate how the future growthof the two countries will change if South Africa devoted a lot of its resources toproducing capital goods today.
1. Below is the production possibilities table for consumer goods (washing machine) and capital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a) Show these data graphically. b) If the economy is at point B, what is the cost of one more washing machine? What is the cost of one more tractor? c)Explain how the production possibilities frontier reflects the law of increasing opportunity costs.