(b)(c)Explain how you found the individual points of production.Explain how you found the individual points of consumption. 1. PPF and CPFJosel's PPF is defined by QoselFJosel and Kayla can produce food and luxury goods.Kayla12-3Qosel and Kayla's PPF is defined by Qa12 - 3Q Kayla Suppose that Josel and Kayla trade with each other (i.e., no outsidemerchants). Kayla and Josel agree to trade under the following conditions: 1) the termsof trade are 1 unit of food in exchange for 1 unit of luxury goods; 2) each specializesaccording to his/her comparative advantage; and 3) Kayla consumes 3 units of thegood she produces.(a)=Sketch on two different graphs (one for Josel and one for Kayla) theindividual PPFs, the individual CPFs, and indicate the individual points of pro-duction and the individual points of consumption. Clearly label your graphs (i.e.,indicate values for slopes, intercepts, points of production, and points of consump-tion).

Opportunity costs address the potential advantages a private, financial backer, or business passes…

Answered: (b) (c) Explain how you found the…

(b) (c) Explain how you found the individual points of production. Explain how you found the individual points of consumption.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

(b)
(c)
Explain how you found the individual points of production.
Explain how you found the individual points of consumption.

1. PPF and CPF
Josel's PPF is defined by Qosel
F
Josel and Kayla can produce food and luxury goods.
Kayla
12-3Qosel and Kayla's PPF is defined by Qa
12 - 3Q Kayla Suppose that Josel and Kayla trade with each other (i.e., no outside
merchants). Kayla and Josel agree to trade under the following conditions: 1) the terms
of trade are 1 unit of food in exchange for 1 unit of luxury goods; 2) each specializes
according to his/her comparative advantage; and 3) Kayla consumes 3 units of the
good she produces.
(a)
=
Sketch on two different graphs (one for Josel and one for Kayla) the
individual PPFs, the individual CPFs, and indicate the individual points of pro-
duction and the individual points of consumption. Clearly label your graphs (i.e.,
indicate values for slopes, intercepts, points of production, and points of consump-
tion).

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