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has an absolute advantage in the production of alfalfa, and Sean's opportunity cost of producing 1 bushel of barley is barley is bushels of alfalfa. Because Sean has a comparative advantage in the production of barley, and has an absolute advantage in the production of barley. bushels of alfalfa, whereas Yvette's opportunity cost of producing 1 bushel of opportunity cost of producing barley than Yvette, has a ▼has comparative advantage in the production of alfalfa.

has an absolute advantage in the production of alfalfa, and Sean's opportunity cost of producing 1 bushel of barley is barley is bushels of alfalfa. Because Sean has a comparative advantage in the production of barley, and has an absolute advantage in the production of barley. bushels of alfalfa, whereas Yvette's opportunity cost of producing 1 bushel of opportunity cost of producing barley than Yvette, has a ▼has comparative advantage in the production of alfalfa.

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains Rrom Trade
Section: Chapter Questions
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1. Comparative and absolute advantage Sean and Yvette are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Sean Yvette BARLEY (Bushels) 200 On the following graph, use the blue line (circle symbol) to plot Sean's production possibilities curve (PPC) and use the purple line (diamond symbol) to plot Yvette's PPC. Then, use the graph to answer the questions that follow. 180 160 140 120 100 80 60 40 20 D Alfalfa (Bushels per acre) 0 100 30 28 200 Barley (Bushels per acre) 10 7 300 400 500 600 700 800 900 1000 ALFALFA (Bushels) O Sean's PPC Yvette's PPC ?
Transcribed Image Text:1. Comparative and absolute advantage Sean and Yvette are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Sean Yvette BARLEY (Bushels) 200 On the following graph, use the blue line (circle symbol) to plot Sean's production possibilities curve (PPC) and use the purple line (diamond symbol) to plot Yvette's PPC. Then, use the graph to answer the questions that follow. 180 160 140 120 100 80 60 40 20 D Alfalfa (Bushels per acre) 0 100 30 28 200 Barley (Bushels per acre) 10 7 300 400 500 600 700 800 900 1000 ALFALFA (Bushels) O Sean's PPC Yvette's PPC ?
has an absolute advantage in the production of alfalfa, and Sean's opportunity cost of producing 1 bushel of barley is barley is bushels of alfalfa. Because Sean has a comparative advantage in the production of barley, and has an absolute advantage in the production of barley. bushels of alfalfa, whereas Yvette's opportunity cost of producing 1 bushel of opportunity cost of producing barley than Yvette, has a has a comparative advantage in the production of alfalfa.
Transcribed Image Text:has an absolute advantage in the production of alfalfa, and Sean's opportunity cost of producing 1 bushel of barley is barley is bushels of alfalfa. Because Sean has a comparative advantage in the production of barley, and has an absolute advantage in the production of barley. bushels of alfalfa, whereas Yvette's opportunity cost of producing 1 bushel of opportunity cost of producing barley than Yvette, has a has a comparative advantage in the production of alfalfa.
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