Hi can you please answer this question thank you Suppose that Kayla and Josel trade only with each other, and agree to the following terms oftrade: 2 units of food in exchange for 3 units of luxury goods. What is Josel's value-maximizingpoint of production?A. 4 units of food and 6 units of luxury goods.B. 8 units of food and O units of luxury goods.C. O units of food and 12 units of luxury goods.O D. 6 units of food and 4 units of luxury goods.O E. None of the above.Save AnswerSuppose that Kayla and Josel trade only with each other, and agree to the following terms oftrade: 5 units of food in exchange for 3 units of luxury goods. Additionally, Kayla consumes asmany units of luxury goods as she can. What is Kayla's point of consumption?O A. O units of food and 10 units of luxury goods.O B. 8 units of food and O units of luxury goods.O C. 5 units of food and 4 units of luxury goods.O D. 4 units of food and 5 units of luxury goods.O E. None of the above.Save AnswerSuppose that Kayla and Josel trade only with each other, and agree to the following terms oftrade: 5 units of food in exchange for 3 units of luxury goods. Additionally, Kayla consumes asmany units of luxury goods as she can. What is Josel's point of consumption?O A. 5 units of food and 7 units of luxury goods.O B. 10 units of food and 4 units of luxury goods.C. O units of food and 12 units of luxury goods.D. 6 units of food and 4 units of luxury goods.O E. None of the above. Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour toproduce 1 unit of food and 2 hours to produce 1 unit of luxury goods. Josel has 20 hours; for thefirst 8 hours of producing food, it takes him 2 hours to produce 1 unit of food. Then, beyond 8hours, Josel is less productive and it takes him 4 hours to produce 1 additional unit of food. Ittakes Josel 2 hours to produce 1 unit of luxury goods no matter how many hours are allocatedinto the production of luxury goods.

Comparative advantage is the trade theory given by Ricardo, as per the theory each country should…

Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1 unit of food and 2 hours to produce 1 unit of luxury goods. Josel has 20 hours; for the first 8 hours of producing food, it takes him 2 hours to produce 1 unit of food. Then, beyond 8 hours, Josel is less productive and it takes him 4 hours to produce 1 additional unit of food. It takes Josel 2 hours to produce 1 unit of luxury goods no matter how many hours are allocated into the production of luxury goods.

Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1 unit of food and 2 hours to produce 1 unit of luxury goods. Josel has 20 hours; for the first 8 hours of producing food, it takes him 2 hours to produce 1 unit of food. Then, beyond 8 hours, Josel is less productive and it takes him 4 hours to produce 1 additional unit of food. It takes Josel 2 hours to produce 1 unit of luxury goods no matter how many hours are allocated into the production of luxury goods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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