estion 20 of 20 > Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient is readily available to them, and the only scarce resource is the cooks' time. Vincent can bake 10 cakes or make 5 pizzas in an hour. Jean can bake 12 cakes or make 8 pizzas in an hour. Please answer the four questions. 1. Which cook has the absolute advantage in baking 2. Which cook has the absolute advantage in making cakes? pizzas? ONeither O Vincent O Jean O Jean O Vincent O Neither 3. Which cook has the comparative advantage in baking 4. Which cook has the comparative advantage in making cakes? pizzas? Unit 7- Chapter 1..xlsx 0 Unit 7-Chapter 1...xlsx Topic 2 (2).docx Topic 2 (1).docx Show all 11:10 PM 73 F EENG 12/8/2021 ins prt sc f12 delete COLI dn 6d 6J 144 I14 backspace unu lock of enter H. pause T shift pua alt ctrl

estion 20 of 20 > Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient is readily available to them, and the only scarce resource is the cooks' time. Vincent can bake 10 cakes or make 5 pizzas in an hour. Jean can bake 12 cakes or make 8 pizzas in an hour. Please answer the four questions. 1. Which cook has the absolute advantage in baking 2. Which cook has the absolute advantage in making cakes? pizzas? ONeither O Vincent O Jean O Jean O Vincent O Neither 3. Which cook has the comparative advantage in baking 4. Which cook has the comparative advantage in making cakes? pizzas? Unit 7- Chapter 1..xlsx 0 Unit 7-Chapter 1...xlsx Topic 2 (2).docx Topic 2 (1).docx Show all 11:10 PM 73 F EENG 12/8/2021 ins prt sc f12 delete COLI dn 6d 6J 144 I14 backspace unu lock of enter H. pause T shift pua alt ctrl

Name: estion 20 of 20 >Vincent and Jean are two cooks who work in a village
Uploaded: 2022-12-02T21:52:30.000Z
Channel: Bartleby
Description: estion 20 of 20 >Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient isreadily available to them, and the only scarce resource is the cooks' time.Vincent can bake 10 cakes or make

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

One type of systematic error arises because people tend to think of benefits in percentage terms rather than in absolute dollar amounts. As an example, Samir is willing to drive 20 minutes out of his way to save $4 on a grocery item that costs $10 at a local market. But he is unwilling to drive 20 minutes out of his way to save $10 on a laptop that costs $400 at a local store. In percentage terms, how big is the savings on the grocery item? On the laptop? In absolute terms, how big is the savings on the grocery item? On the laptop? If Samir is willing to sacrifice 20 minutes of his time to save $4 in one case, shouldn't he also be willing to sacrifice 20 minutes of his time to save $10?
3. Sunk costs and decision making Charles has plans to go to a play and already has a $50 nonrefundable, nonexchangeable, and nontransferable ticket. Now Dina, whom Charles has wanted to date for a long time, asks him to a party. Charles would prefer to go to the party with Dina and forgo the play, but he doesn't want to waste the $50 he spent on the play ticket. From the perspective of an economist, if Charles decides to go to the party with Dina, what has he just done? O Correctly ignored a sunk cost O Made a choice that was not optimal O Incorrectly allowed a sunk cost to influence his decision
We have two individuals, A and B, who works 40 hours per week each. They each consume food and clothing. It takes each person 10 hours to set up the production of food, and thereafter it takes 1 hour per production of 1 unit of food. How many units of food can each person produce in 1 week?
F Velma, a book editor for a local publishing company, and Daphne, an opera singer in a local opera company, share a townhouse in Miami. Velma enjoys reading and editing books at home, and Daphne enjoys rehearsing her arias at home. Daphne is willing to pay Velma $200 per week if she will find another place to read and edit books. Velma offers Daphne $240 per week to find someplace se to rehearse if Daphne has the right to rehearse in her home, explain why the townhouse will be free of arta rehearsals. If Veima has the right to read and edit books in her home, explain why the townhouse will be free of aria rehearsals. If Daphne has the right to rehearse her arias, A. she has to leam to enjoy silence. OB. she will only accept a payment more than $240 from Velma to stop rehearsing at home. OC. she will be willing to accept some payment less than $200 from Velma to stop rehearsing at home. OD. she will be willing to accept some payment between $200 and $240 from Velma to stop rehearsing…
Paul, Ringo, and George have a business where they visit people's homes to mow lawns and wash cars. Paul can wash 6 cars or mow 3 lawns in one hour. Ringo can wash 3 cars or mow 3 lawns in one hour. George can wash 3 cars or mow 6 lawns in one hour. They each work 6 hours per day. If two of them wash cars and one mows lawns then at most they can wash cars and mow lawns. Enter whole numbers.
Kim and Abby are sisters who share a room. Their room can easily get messy, and their parents are always telling them to clean it up. Here are the costs and benefits to both Kim and Abby, of taking time to clean their room: If both Kim and Abby clean, they each spend two hours and get a clean room. If Kim decides not to clean and Abby does all the cleaning, then Abby spends 10 hours cleaning (Kim spends 0) but Abby is exhausted. The same would occur for Kim if Abby decided not to clean - Kim spends 10 hours and becomes exhausted. If both girls decide not to clean, they both have a dirty room. a. What is the best outcome for Kim and Abby? What is the worst outcome? (It may help you to construct a prisoner's dilemma table) b. Unfortunately, we know that the optimal outcome will most likely not happen, and that the worst outcome will probably be chosen instead. Explain what it is about Kim's and Abby's reasoning that will lead them both to choose the worst outcome.
Problem 3 (a) Suppose that when Jane is presented with the following two menus, her choices from them are as below 2 • When presented with the menu {6 units of apples, 5 units of bananas}, Jane chooses 6 units of apples. • When presented with the menu {7 units of oranges, 5 units of bananas}, Jane chooses 5 units of bananas. Suppose that Jane is then presented with the menu {7 units of oranges, 6 units of apples} What must Jane's choice be from this menu so that her behavior conforms to the axioms of rational choice? Explain. (b) Suppose that Frederick choices from the following menus are as follows • For any e > 0³, out of the menu {(4 + ɛ apples and 3 bananas), (5 oranges and 3 bananas)}, Frederick chooses (4 + ε apples and 3 bananas). • Out of the menu {(4 apples and 3 bananas), (5 oranges and 3 bananas)}, Fred- erick chooses (5 oranges and 3 bananas) What axiom of rational choice does Frederick's behavior evidently violate? Discuss.
14
Janelle loves sashimi. Her first piece of sashimi usually gives her a marginal benefit of $5. Each additional piece yields a marginal benefit that declines by $0.25 per piece. If her favorite sushi bar charges $2.75 per piece of sashimi, how many pieces should she eat? [1]
According to the accompanying table, Kate has the absolute advantage in making Time to Make a Pie Time to Make a Cake 60 minutes 80 minutes Kate Julia Multiple Choice O cakes. ples 60 minutes 50 minutes neither pies nor cakes. both pies and cakes.
Krisha can pick 4 pounds of coffee beans in an hour or gather 2 pounds of nuts. Tom can pick 2 pounds of coffee beans in an hour or gather 4 pounds of nuts. Each works 6 hours per day. Together, what is the maximum number of pounds of coffee beans the two can pick in a day? What is the maximum number of pounds of nuts the two can gather in a day? Maximum amount of coffee beans pounds per day Maximum amount of nuts pounds per day Now suppose Krisha and Tom were gathering the maximum number of pounds of nuts when they decided that they would like to begin picking 8 pounds of coffee beans per day. Who would pick the coffee beans? How many pounds of nuts would they still be able to gather? Would it be possible for Krisha and Tom in total to gather 26 pounds of nuts and pick 20 pounds of coffee beans each day? If so, how much of each good should each person pick? The combination of 30 pounds of coffee beans and 12 pounds of nuts per day is show Krisha and Tom's combined daily PPC.
3. Suppose that you and your roommate Pat are planning a Valentine’s Day party at your apartment. Before you have the party you have to clean your apartment and earn $100 for food and drinks. Suppose that, working alone, either you or Pat could clean the apartment in two days. Working together you could both clean the apartment in one day. You can make $25 a day working at the dining hall, and Pat can make $50 a day as a video game instructor. According to the principle of comparative advantage, what is the most efficient way of throwing the party? Explain. How could you make an arrangement that benefits both of you?