Josel has 60 acres of land. It takes 1 acre to grow 1 bushel of corn and 4 acres to grow 1 bushel of wheat. Outside merchants buy and sell corn and wheat at prices Pc = $2 and Pw = $6, respectively. The PPF is defined by O A. Qc60-4Qw OB. Qc60-Qw Qu = 15-¹0c
Josel has 60 acres of land. It takes 1 acre to grow 1 bushel of corn and 4 acres to grow 1 bushel of wheat. Outside merchants buy and sell corn and wheat at prices Pc = $2 and Pw = $6, respectively. The PPF is defined by O A. Qc60-4Qw OB. Qc60-Qw Qu = 15-¹0c
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Josel has 60 acres of land. It takes 1 acre to grow 1 bushel of corn and 4 acres to grow 1 bushel
of wheat. Outside merchants buy and sell corn and wheat at prices Pc = $2 and Pw = $6,
respectively. The PPF is defined by
O A. Qc60-4Qw
O B. Qc = 60-1Qw
O C. Qw = 15-1Qc
O D. Statements A and C are correct.
O E. None of the above.
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Josel has 60 acres of land. It takes 1 acre to grow 1 bushel of corn and 4 acres to grow 1 bushel
of wheat. Outside merchants buy and sell corn and wheat at prices Pc = $2 and Pw = $6,
respectively. The CPF is defined by
O A. Cc = 120-3Cw
O B. Cw=
20-¹Cc
O C. Cc = 60-3Cw
O D. Cw=20-3Cc
O E. None of the above.
Save Answer
Josel has 60 acres of land. It takes 1 acre to grow 1 bushel of corn and 4 acres to grow 1 bushel
of wheat. Outside merchants buy and sell corn and wheat at prices Pc = $2 and Pw = $6,
respectively. Suppose that Josel wants to consume an equal amount of corn and wheat. Then,
after trading with the merchants,
O A. Josel sells 45 bushels of corn and consumes 15 bushels of wheat.
O B. Josel consumes 15 bushels of corn.
O C. Josel sells 5 bushels of wheat.
O D. Statements A and B are correct.
O E. None of the above.
Save Answer
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