4. Problems and Applications Q4 An economy consists of three workers: Rajiv, Yakov, and Charles. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Rajiv can either mow 2 lawns or wash 1 car; Yakov can either mow 1 lawn or wash 1 car; and Charles can either mow 1 lawn or wash 2 cars. For each of the scenarios listed in the following table, determine how many lawns will be mowed and how many cars will be washed per day and enter these values into the corresponding row. Scenario All three spend all their time mowing lawns. (A) All three spend all their time washing cars(B) All three spend half their time on each activity. (C) Rajiv spends half his time on each activity, while Yakov only washes cars and Charles only mows lawns. (D) Lawns Mowed Cars Washed In the following table, identify the opportunity cost of washing cars for each worker. Worker Opportunity Cost of Washing Cars Rajiv Yakov Charles

4. Problems and Applications Q4 An economy consists of three workers: Rajiv, Yakov, and Charles. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour, Rajiv can either mow 2 lawns or wash 1 car; Yakov can either mow 1 lawn or wash 1 car; and Charles can either mow 1 lawn or wash 2 cars. For each of the scenarios listed in the following table, determine how many lawns will be mowed and how many cars will be washed per day and enter these values into the corresponding row. Scenario All three spend all their time mowing lawns. (A) All three spend all their time washing cars(B) All three spend half their time on each activity. (C) Rajiv spends half his time on each activity, while Yakov only washes cars and Charles only mows lawns. (D) Lawns Mowed Cars Washed In the following table, identify the opportunity cost of washing cars for each worker. Worker Opportunity Cost of Washing Cars Rajiv Yakov Charles

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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