Hey, I need your help. Thanks:) 2. Comparative and absolute advantageDavid and Morgan are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of squash and maize each farmer canproduce per year on a given acre. Each farmer chooses whether to devote all acres to producing squash or maize or to produce squash on some of theland and maize on the rest.DavidMorganMAIZE (Pounds)180162On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamondsymbol) to plot Morgan's PPF.14412610890725436180Squash(Pounds per acre)2818+ +0Maize(Pounds per acre)76+90 180 270 380 450 540 630 720 810 900SQUASH (Pounds)David's PPFDavid's opportunity cost producing 1 pound of maize ispounds of squash. Because David has acomparative advantage in the production of maize, andmaize isMorgan's PPFhas an absolute advantage in the production of squash, and?has an absolute advantage in the production of maize.pounds squash, whe as Morgan's opportunity cost of producing 1 pound ofopportunity cost of producing maize than Morgan,has ahas a comparative advantage in the production of squash.

Given,Squash(Pounds per acre)Maize(Pounds per acre)David287Morgan186

has an absolute advantage in the production of squash, and David's opportunity cost of producing 1 pound of maize is maize is pounds of squash. Because David has a comparative advantage in the production of maize, and has an absolute advantage in the production of maize. pounds of squash, whereas Morgan's opportunity cost of producing 1 pound of opportunity cost of producing maize than Morgan, has a has a comparative advantage in the production of squash.

has an absolute advantage in the production of squash, and David's opportunity cost of producing 1 pound of maize is maize is pounds of squash. Because David has a comparative advantage in the production of maize, and has an absolute advantage in the production of maize. pounds of squash, whereas Morgan's opportunity cost of producing 1 pound of opportunity cost of producing maize than Morgan, has a has a comparative advantage in the production of squash.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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