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Eric and Ginny are farmers. Each one owns a 20-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) 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. 200 180 160 140 120 100 80 60 Corn Rye (Bushels per acre) (Bushels per acre) 30 10 28 7 40 Eric's PPF Ginny's PPF ?

Eric and Ginny are farmers. Each one owns a 20-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) 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. 200 180 160 140 120 100 80 60 Corn Rye (Bushels per acre) (Bushels per acre) 30 10 28 7 40 Eric's PPF Ginny's PPF ?

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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P.nilesh

mparative hd absolute avantage Eric and Ginny are farmers. Each one owns a 20-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. RYE (Bushels) Eric Ginny 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. 200 180 160 140 120 100 80 60 Corn (Bushels per acre) 30 28 40 Rye (Bushels per acre) 10 7 Eric's PPF Ginny's PPF (?)
Transcribed Image Text:mparative hd absolute avantage Eric and Ginny are farmers. Each one owns a 20-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. RYE (Bushels) Eric Ginny 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. 200 180 160 140 120 100 80 60 Corn (Bushels per acre) 30 28 40 Rye (Bushels per acre) 10 7 Eric's PPF Ginny's PPF (?)
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. RYE (Bushels) 200 180 160 140 120 100 80 60 40 20 0 0 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and Eric's PPF Ginny's PPF (?) has an absolute advantage in the production of rye. Eric's opportunity cost of producing 1 bushel of rye is bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is bushels of corn. Because Eric has a opportunity cost of producing rye than Ginny, has a comparative advantage in the production of rye, and has a comparative advantage in the production of corn. Grade It Now Save & Continue
Transcribed Image Text: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. RYE (Bushels) 200 180 160 140 120 100 80 60 40 20 0 0 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and Eric's PPF Ginny's PPF (?) has an absolute advantage in the production of rye. Eric's opportunity cost of producing 1 bushel of rye is bushels of corn, whereas Ginny's opportunity cost of producing 1 bushel of rye is bushels of corn. Because Eric has a opportunity cost of producing rye than Ginny, has a comparative advantage in the production of rye, and has a comparative advantage in the production of corn. Grade It Now Save & Continue
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