Larry and Megan are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer canproduce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of theland and alfalfa on the rest.BarleyAlfalfa(Bushels per acre) (Bushels per acre)Larry123Megan186On the following graph, use the blue line (circle symbol) to plot Larry's production possibilities frontier (PPF), and use the purple line (diamondsymbol) to plot Megan's PPF.120108Larry's PPF968472Megan's PPF4836241260120180240300380420480540600BARLEY (Bushels)ALFALFA (Bushels) has an absolute advantage in the production of barley, andhas an absolute advantage in the production of alfalfa.Larry's opportunity cost of producing 1 bushel of alfalfa isbushels of barley, whereas Megan's opportunity cost of producing 1 bushel ofalfalfa isbushels of barley. Because Larry has aopportunity cost of producing alfalfa than Megan,has acomparative advantage in the production of alfalfa, andhas a comparative advantage in the production of barley.

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Answered: Larry and Megan are farmers. Each one…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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