Note: The answer should be typed. Answer parts d and e. Mountain Mack and Big Lake Bob spend their time carving fishing lures and duck decoys. The table below shows their production.possibilities schedules, which describe various combinations of fishing lures and duck decoys they each can carve efficiently in aweek.Production Possibilities SchedulesMountain MackBig Lake BobFishing Lures Duck Decoys Fishing Lures Duck Decoys848121620302520151085040302010@O 15 fishing lures and 10 duck decoys10 fishing lures and 15 duck decoysO 30 fishing lures and 20 duck decoysO 50 fishing lures and 26 duck decoysa. If Mountain Mack splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishinglures and duck decoys could he carve?O 50 fishing lures and 26 duck decoys13 fishing lures and 25 duck decoysO 26 fishing lures and 50 duck decoysO 25 fishing lures and 13 duck decoys@611b. If Big Lake Bob splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing luresand duck decoys could he carve?O 40 fishing lures and 23 duck decoys23 fishing lures and 40 duck decoysO 26 fishing lures and 50 duck decoysO 50 fishing lures and 26 duck decoys162126c. Combined, how many fishing lures and duck decoys could Mountain Mack and Big Lake Bob carve If each one split his weekbetween the two products?Ⓒ20 fishing lures and 50 duck decoysO 25 fishing lures and 30 duck decoysO 50 fishing lures and 20 duck decoysO 30 fishing lures and 25 duck decoysd. Who has the comparative advantage in carving fishing lures? In carving duck decoys?Fishing lures: [[Click to select)Duck decoys: (Click to select)e. If both Mountain Mack and Big Lake Bob choose to specialize in the product in which he has a comparative advantage, how many ofeach product could they produce together?

Comparative advantage is referred to as the benefit recorded by a country or individual from trade.…

d. Who has the comparative advantage in carving fishing lures? in carving duck decoys? Fishing lures: [Click to select Duck decoys: [[Click to select) e. If both Mountain Mack and Big Lake Bob choose to specialize in the product in which he has a comparative advantage, how many of each product could they produce together? © 20 fishing lures and 50 duck decoys O 25 fishing lures and 30 duck decoys O 50 fishing lures and 20 duck decoys O 30 fishing lures and 25 duck decoys

d. Who has the comparative advantage in carving fishing lures? in carving duck decoys? Fishing lures: [Click to select Duck decoys: [[Click to select) e. If both Mountain Mack and Big Lake Bob choose to specialize in the product in which he has a comparative advantage, how many of each product could they produce together? © 20 fishing lures and 50 duck decoys O 25 fishing lures and 30 duck decoys O 50 fishing lures and 20 duck decoys O 30 fishing lures and 25 duck decoys

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Note: The answer should be typed.

Answer parts d and e.

Mountain Mack and Big Lake Bob spend their time carving fishing lures and duck decoys. The table below shows their production.
possibilities schedules, which describe various combinations of fishing lures and duck decoys they each can carve efficiently in a
week.
Production Possibilities Schedules
Mountain Mack
Big Lake Bob
Fishing Lures Duck Decoys Fishing Lures Duck Decoys
8
4
8
12
16
20
30
25
20
15
10
8
50
40
30
20
10
@
O 15 fishing lures and 10 duck decoys
10 fishing lures and 15 duck decoys
O 30 fishing lures and 20 duck decoys
O 50 fishing lures and 26 duck decoys
a. If Mountain Mack splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing
lures and duck decoys could he carve?
O 50 fishing lures and 26 duck decoys
13 fishing lures and 25 duck decoys
O 26 fishing lures and 50 duck decoys
O 25 fishing lures and 13 duck decoys
@
6
11
b. If Big Lake Bob splits his week evenly between carving fishing lures and duck decoys, what is the maximum number of fishing lures
and duck decoys could he carve?
O 40 fishing lures and 23 duck decoys
23 fishing lures and 40 duck decoys
O 26 fishing lures and 50 duck decoys
O 50 fishing lures and 26 duck decoys
16
21
26
c. Combined, how many fishing lures and duck decoys could Mountain Mack and Big Lake Bob carve If each one split his week
between the two products?
Ⓒ20 fishing lures and 50 duck decoys
O 25 fishing lures and 30 duck decoys
O 50 fishing lures and 20 duck decoys
O 30 fishing lures and 25 duck decoys
d. Who has the comparative advantage in carving fishing lures? In carving duck decoys?
Fishing lures: [[Click to select)
Duck decoys: (Click to select)
e. If both Mountain Mack and Big Lake Bob choose to specialize in the product in which he has a comparative advantage, how many of
each product could they produce together?

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