Alice and Bob each produce haircuts and landscaping services. Alice can provide 4 haircuts in one hour. Bob can provide 2 haircuts in one hour. It takes Alice 2 hours to landscape an acre of property. It takes Bob 1 hour to landscape an acre of property. Assume Alice and Bob both work a standard 8 hour day. Which of the following correctly expresses the equation for Bob's PPF (use the variable H for the quantity of haircuts and L for the quantity of landscaping).- none of the other choices are correct- \( H = 32 - 8L \)- \( 2H + L = 16 \)- \( H = 16 - 2L \)

Answered: Alice and Bob each produce haircuts and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Alice and Bob each produce haircuts and landscaping services. Alice can provide 4 haircuts in one hour. Bob can provide 2 haircuts in one hour. It takes Alice 2 hours to landscape an acre of property. It takes Bob 1 hour to landscape an acre of property. Assume Alice and Bob both work a standard 8 hour day. Which of the following correctly expresses the equation for Bob's PPF (use the variable H for the quantity of haircuts and L for the quantity of landscaping).

- none of the other choices are correct
- \( H = 32 - 8L \)
- \( 2H + L = 16 \)
- \( H = 16 - 2L \)

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Step 1: Define key term:

A production possibility frontier (PPF) is a graphical representation that shows the maximum potential output of two goods or services that an economy can achieve, given its level of technology and inputs. It illustrates the trade-offs between different choices and the opportunity cost of allocating resources to one activity over another.

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