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1. Refer to Scenario 3-1. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer. 2. Refer to Scenario 3-1. What is Greg's opportunity cost of producing cake? Explain how you derived your answer. 3. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing ice cream? Explain how you derived your answer. 4. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing cake? Explain how you derived your answer. 5. Refer to Scenario 3-1. Which if any good(s) does Greg have an absolute advantage producing? 6. Refer to Scenario 3-1. Which if any good(s) does Catherine have an absolute advantage producing? 7. Refer to Scenario 3-1. Is it possible for Greg and Catherine to gain from trade? Defend your answer.

1. Refer to Scenario 3-1. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer. 2. Refer to Scenario 3-1. What is Greg's opportunity cost of producing cake? Explain how you derived your answer. 3. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing ice cream? Explain how you derived your answer. 4. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing cake? Explain how you derived your answer. 5. Refer to Scenario 3-1. Which if any good(s) does Greg have an absolute advantage producing? 6. Refer to Scenario 3-1. Which if any good(s) does Catherine have an absolute advantage producing? 7. Refer to Scenario 3-1. Is it possible for Greg and Catherine to gain from trade? Defend your answer.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please answer questions number 1, 2, and 5.
1. Refer to Scenario 3-1. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer. 2. Refer to Scenario 3-1. What is Greg's opportunity cost of producing cake? Explain how you derived your answer. 3. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing ice cream? Explain how you derived your answer. 4. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing cake? Explain how you derived 5. Refer to Scenario 3-1. Which if any good(s) does Greg have an absolute advantage producing? 6. Refer to Scenario 3-1. Which if any good(s) does Catherine have an absolute advantage producing? 7. Refer to Scenario 3-1. Is it possible for Greg and Catherine to gain from trade? Defend your answer. your answer.
Transcribed Image Text:1. Refer to Scenario 3-1. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer. 2. Refer to Scenario 3-1. What is Greg's opportunity cost of producing cake? Explain how you derived your answer. 3. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing ice cream? Explain how you derived your answer. 4. Refer to Scenario 3-1. What is Catherine's opportunity cost of producing cake? Explain how you derived 5. Refer to Scenario 3-1. Which if any good(s) does Greg have an absolute advantage producing? 6. Refer to Scenario 3-1. Which if any good(s) does Catherine have an absolute advantage producing? 7. Refer to Scenario 3-1. Is it possible for Greg and Catherine to gain from trade? Defend your answer. your answer.
Scenario 3-1 The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time. Greg's Production Possibilities Catherine's Production Possibilities ↑ quarts 11 10 9 8 Ice Cream 11 10 9 1 2 3 4 5 6 7 8 Cake 9 10 Ice Cream quarts 1 2 3 4 5 6 7 8 9 10 Cake
Transcribed Image Text:Scenario 3-1 The production possibilities frontiers below show how much Greg and Catherine can each produce in 8 hours of time. Greg's Production Possibilities Catherine's Production Possibilities ↑ quarts 11 10 9 8 Ice Cream 11 10 9 1 2 3 4 5 6 7 8 Cake 9 10 Ice Cream quarts 1 2 3 4 5 6 7 8 9 10 Cake
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