4. Kristen and Anna live in the beach town of Santa Monica.They own a small business in which they make wristbandsand pot holders and sell them to people on the beach. Asshown in the table on the following page, Kristen can make15 wristbands per hour but only 3 pot holders. Anna is a bitslower and can make only 12 wristbands or 2 pot holders inan hour.OUTPUT PER HOURWRISTBANDSPOT HOLDERSKristen15Anna122a. For Kristen and for Anna, what is the opportunity cost of apot holder? Who has a comparative advantage in the pro-duction of pot holders? Explain your answer.b. Who has a comparative advantage in the production ofwristbands? Explain your answer.c. Assume that Kristen works 20 hours per week in the busi-ness. Assuming Kristen is in business on her own, graph the

The next best alternative is frequently referred to as opportunity cost. It's also known as the…

4. Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristband- and pot holders and sell them to people on the beach. As shown in the table on the following page, Kristen can mak 15 wristbands per hour but only 3 pot holders. Anna is a E slower and can make only 12 wristbands or 2 pot holders i an hour. OUTPUT PER HOUR WRISTBANDS POT HOLDERS risten 15 mna 12 a. For Kristen and for Anna, what is the opportunity cost of a pot holder? Who has a comparative advantage in the pro- duction of pot holders? Explain your answer. b. Who has a comparative advantage in the production of wristbands? Explain your answer. . Assume that Kristen works 20 hours per week in the busi- ness. Assuming Kristen is in business on her own, graph the

4. Kristen and Anna live in the beach town of Santa Monica. They own a small business in which they make wristband- and pot holders and sell them to people on the beach. As shown in the table on the following page, Kristen can mak 15 wristbands per hour but only 3 pot holders. Anna is a E slower and can make only 12 wristbands or 2 pot holders i an hour. OUTPUT PER HOUR WRISTBANDS POT HOLDERS risten 15 mna 12 a. For Kristen and for Anna, what is the opportunity cost of a pot holder? Who has a comparative advantage in the pro- duction of pot holders? Explain your answer. b. Who has a comparative advantage in the production of wristbands? Explain your answer. . Assume that Kristen works 20 hours per week in the busi- ness. Assuming Kristen is in business on her own, graph the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The line graph below shows the number of times Jensen logged onto MyOpenMath each week of the semester. 8- -2 Week Number How many times did Jensen log on during week 4?
2. Inputs and outputs Latasha's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Latasha's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Latasha signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Latasha's kitchen cannot fit more than three ovens, Latasha cannot change the number of ovens she uses in her production of pizzas in the short run. However, Latasha's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Latasha lets them know how many workers she needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Latasha's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor (Pizzas) Number of Workers…
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