Angela is a farmer who works on Bruno's land. The diagram illustrates Angelaand Bruno's combined feasible frontier, Angela's biological survival constraintand Angela's reservation indifference curve. Which of the followingstatements about the decision made on Angela's free time and bushels ofgrain is incorrect?Angela's biologicalsurvival constraintAngela's reservationindifference curve12-4.5.Feasible frontier:Angela and Brunocombined13 1624Angela's hours of free timeBushels of grain Angela's hours of free time6.Technically feasiblEconomically feasi(joint surplus)4.513 1624Angela's hours of free timeSelect one:If Angela can take or leave the allocation Bruno offers, Bruno gets 4.5bushels of grain.О а.O b. If Angela can take or leave the allocation Bruno offers, she will notagree to any allocation below her reservation indifference curve.O c. If Bruno can enforce any allocation he wants, he will choose one thatgives him 6 bushels of grain.d. Total production of grain is lower if both parties bargain whencompared to the case where Angela has no bargaining power.O e. If Bruno can enforce any allocation he wants, he will choose one thatmaximises the total output.What Bruno gets

Answered: Angela is a farmer who works on Bruno's…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Sean and Yvette are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Sean 40 8 Yvette 28 7 On the following graph, use the blue line (circle symbol) to plot Sean's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Yvette's PPF.
X 10:32 = X Figure 2-3 Tomatoes Graph A B Strawberries A Graph A Graph B C) Graph C Blackboard Tomatoes Assignment Refer to Figure 2-3. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation. Which of the graphs in Figure 2-3 represent his production possibilities frontier? Graph B Questions Filter (20) ◄ Save and Close Strawberries D either Graph A or Graph B Tomatoes Last saved 10:20:10 PM Graph C Submit Strawberries
From the previous analysis, you can determine that as Musashi increases his production of tea towels, his opportunity cost of producing one more tea towel decreases increases remains constant
Matt and Lin are two producers and consumers for lamps and beds. Each of them works 40 hours in a week. Hours required for Matt to produce one unit of lamps or beds are 1 hours or 10 hours, respectively. Hours required for Lin to produce one unit of lamps or beds are 2 hours or 8 hours, respectively. Assuming their PPFs are straight lines. Calculate the correct options that complete the following statements on Matt's PPF. A) If Matt produces only lamps, they can produce ? unit(s) of lamps. If Matt produces only beds, they can produce ? unit(s) of beds B) Calculate the correct options that complete the following statements on Lin's PPF. If Lin produces only lamps, they can produce unit(s) of lamps. If Lin produces only beds, they can produce unit(s) of beds. C) What is the marginal opportunity cost of producing an extra unit of lamps for Matt? An extra unit of lamps costs unit(s) of beds. D) What is the marginal opportunity cost of producing an extra unit of lamps for Lin?…
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The prairie dog has always been considered a problem for Canadian cattle ranchers. They dig holes that cattle and horses can step in, and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas, prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle. Draw a production possibilities frontier demonstrating a rancher’s production option between cattle production and prairie dog production, showing increasing opportunity cost and what would happen in each of the following situations (using a separate graph for each situation). The government grants new leases to ranchers, giving them 10,000 new hectares of grassland each for grazing. A drought destroys most of the available grass for grazing of cattle, but not prairie dogs since they also eat plant roots.
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None
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 must be true? check all that apply Bob has a lower opportunity cost in producing landscaping services Alice has a lower opportunity cost of producing haircuts if they spent the same number of hours cutting hair, Alice would be able to produce more than Bob if they spent the same number of hours landscaping, Bob would be able to landscape more property than Alice
X = X Choice A B с 8:32 D E A Blackboard C Assignment Ascots Produced 32 24 16 8 Save and Close 0 Bowties Produced 0 6 12 Refer to Table 2-2. Assume Nadia's Neckwear only produces ascots and bowties. A combination of 8 ascots and 18 bowties would appear Questions Filter (20) ◄ 18 24 ☎ on Nadia's production possibilities frontier. B inside Nadia's production possibilities frontier. outside Nadia's production possibilities frontier. D at the horizontal intercept of Nadia's production possibilities frontier. Submit O

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