2. The table below lists the labor hours required to produce one unit of guns (G) and one unit of butter (B) in the U and Mexico respectively. Also given is the total number of labor hours available in each country. Hint: It takes 3 hours to produce one unit of guns (G) in the US and it takes 8 hours to produce one unit of guns (G) in Mexico. Use your work to answer T/F questions 4-8 in Canvas Quiz - QZI. country hours required per unit of guns (G) 3 hours required per unit of butter (B) 8 total hours available 300 240 US Mexico 2 Draw a straight-line PPF for each country with G on vertical axis and B on horizontal axis (2 separate graphs). Clearly label the slope of each PPF and briefly interpret each slope in terms of opportunity cost.

2. The table below lists the labor hours required to produce one unit of guns (G) and one unit of butter (B) in the U and Mexico respectively. Also given is the total number of labor hours available in each country. Hint: It takes 3 hours to produce one unit of guns (G) in the US and it takes 8 hours to produce one unit of guns (G) in Mexico. Use your work to answer T/F questions 4-8 in Canvas Quiz - QZI. country hours required per unit of guns (G) 3 hours required per unit of butter (B) 8 total hours available 300 240 US Mexico 2 Draw a straight-line PPF for each country with G on vertical axis and B on horizontal axis (2 separate graphs). Clearly label the slope of each PPF and briefly interpret each slope in terms of opportunity cost.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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