Everything is correct beside the blank boxes. **Economic Analysis of Worker Specialization**An economy has two workers, Bella and Edward. Each worker is capable of picking a certain number of apples and bananas per day. Specifically, Bella can pick either 30 apples or 120 bananas per day, while Bill can pick either 40 apples or 40 bananas per day. Both Bella and Edward work 200 days per year.### Opportunity Cost Analysis:- **Bella's opportunity cost of picking one more apple is 4 bananas.**- **Edward's opportunity cost of picking one more apple is 1 banana.**### Comparative and Absolute Advantage:**Edward** has a comparative advantage in apple picking.**Edward** has an absolute advantage in apple picking.### Maximum Number of Fruits Picked:b. Assuming that only one fruit is picked in this economy, then the maximum number of each type of fruit that can be picked annually is:- **14,000 apples**- **or** (bananas need to be calculated based on the constraints given)### Specialization and Maximum Output:c. If each worker fully specializes according to his or her comparative advantage, the maximum number of apples that can be picked annually is **8,000**, and the maximum number of bananas needs to be stated based on the second worker's specialization outcome.### Explanation:- **Bella specializes in banana picking:** Since Bella can pick 120 bananas daily and works 200 days a year, her production amounts to 24,000 bananas annually.- **Edward specializes in apple picking:** Because Edward can pick 40 apples daily over 200 days a year, his production totals 8,000 apples annually.Thus, the detailed analysis and calculations illustrate the differences in opportunity costs, comparative advantages, and the maximum potential outputs based on specialization in this model economy.

A) Bella can pick 30 apples or 120 bananas. So, Bella's opportunity cost of 30 apples is 120…

1 An economy has two workers, Bella and Edward. Per day of work, Bella can pick 30 apples or 120 bananas, and Bill can pick 40 apples or 40 bananas. Bella and Edward each work 200 days per year. a. Bella's opportunity cost of picking one more apple is 4 bananas Edward's opportunity cost of picking one more apple is 1 banana . Edward has a comparative advantage in apple picking. ok Edward has an absolute advantage in apple picking. I t b. Assuming that only one fruit is picked in this economy, then the maximum number of each type of fruit that can be picked annually is either 14,000 apples or bananas. 1 nces c. If each worker fully specializes according to his or her comparative advantage, the maximum number of apples that can be picked annually is 8,000, and the maximum number of bananas is

1 An economy has two workers, Bella and Edward. Per day of work, Bella can pick 30 apples or 120 bananas, and Bill can pick 40 apples or 40 bananas. Bella and Edward each work 200 days per year. a. Bella's opportunity cost of picking one more apple is 4 bananas Edward's opportunity cost of picking one more apple is 1 banana . Edward has a comparative advantage in apple picking. ok Edward has an absolute advantage in apple picking. I t b. Assuming that only one fruit is picked in this economy, then the maximum number of each type of fruit that can be picked annually is either 14,000 apples or bananas. 1 nces c. If each worker fully specializes according to his or her comparative advantage, the maximum number of apples that can be picked annually is 8,000, and the maximum number of bananas is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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