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Eric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Eric RYE (Bushels) Ginny 120 108 On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. 96 84 72 60 48 36 ++ 24 12 Corn Rye (Bushels per acre) (Bushels per acre) 20 0 + 0 28 60 120 180 4 Because Eric has a 7 240 300 360 420 480 CORN (Bushels) Eric's opportunity cost of producing 1 bushel of rye is bushels of corn. 540 600 Eric's PPF Ginny's PPF has a comparative advantage in the production of corn. bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Ginny, (?) has a comparative advantage in the production of rye, and

Eric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Eric RYE (Bushels) Ginny 120 108 On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. 96 84 72 60 48 36 ++ 24 12 Corn Rye (Bushels per acre) (Bushels per acre) 20 0 + 0 28 60 120 180 4 Because Eric has a 7 240 300 360 420 480 CORN (Bushels) Eric's opportunity cost of producing 1 bushel of rye is bushels of corn. 540 600 Eric's PPF Ginny's PPF has a comparative advantage in the production of corn. bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Ginny, (?) has a comparative advantage in the production of rye, and

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Eric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Eric Ginny RYE (Bushels) 120 108 On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. 96 84 72 60 48 36 24 12 0 Corn Rye (Bushels per acre) (Bushels per acre) 20 0 60 120 28 Because Eric has a 4 180 7 240 300 360 420 480 CORN (Bushels) Eric's opportunity cost of producing 1 bushel of rye is bushels of corn. 540 600 O Eric's PPF has a comparative advantage in the production of corn. Ginny's PPF opportunity cost of producing rye than Ginny, bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is (?) has a comparative advantage in the production of rye, and
Transcribed Image Text:Eric and Ginny are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Eric Ginny RYE (Bushels) 120 108 On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. 96 84 72 60 48 36 24 12 0 Corn Rye (Bushels per acre) (Bushels per acre) 20 0 60 120 28 Because Eric has a 4 180 7 240 300 360 420 480 CORN (Bushels) Eric's opportunity cost of producing 1 bushel of rye is bushels of corn. 540 600 O Eric's PPF has a comparative advantage in the production of corn. Ginny's PPF opportunity cost of producing rye than Ginny, bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is (?) has a comparative advantage in the production of rye, and
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