Angela's biological survival constraint 12 Feasible frontier. Angela and Bruno combined 2.5 24 Angela's hours of free time The diagram shows that: Select one or more: O a. If Angela works 24 hours a day she can still survive. O b. There is a technically feasible allocation where Angela does not work. O c. A new technology that produced more grain would give a larger technically feasible set. O d. If Angela needed less grain to survive the technically feasible set would be smaller. Bushels of grain

Angela's biological survival constraint 12 Feasible frontier. Angela and Bruno combined 2.5 24 Angela's hours of free time The diagram shows that: Select one or more: O a. If Angela works 24 hours a day she can still survive. O b. There is a technically feasible allocation where Angela does not work. O c. A new technology that produced more grain would give a larger technically feasible set. O d. If Angela needed less grain to survive the technically feasible set would be smaller. Bushels of grain

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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11. Angela works farmland owned by Bruno. The diagram below illustrates their joint feasible frontier. Angela's indifference curves are all assumed to have an identical slope, for any given amount of free time, and at point D the slope of Angela's indifference curve is identical to the slope of the feasible frontier at point C. Angela's reservation indifference curve, IC, 12 8. IC2 F: Feasible frontier: Angela and Bruno combined 16 20 24 Angela's hours of free time a) Assume that Angela's reservation option is point F. Use the framework above and a test for Pareto efficiency to establish that point F is not Pareto-efficient while points on the line CD are. b) How might Angela and Bruno achieve a Pareto-efficient outcome? Show diagrammatically where this will be on the diagram. Bushels of grain
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