Kenji and Lucia are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce peryear on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on therest.KenjiLucia120On the following graph, use the blue line (circle symbol) to plot Kenji's production possibilities curve (PPF), and use the purple line (diamond symbol)to plot Lucia's PPF.1069072සිය403024120Corn(Bushels per acre)12150Rye(Bushels per acre)3500 120 180 240 300 350 420 480 540 600CORN (Bushels)-oKenji's PPFLucia's PPF(?)has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye.bushels of corn, whereas Lucia's opportunity cost of producing 1 bushel of rye isopportunity cost of producing rye than Lucia, has a comparative advantage in thehas a comparative advantage in the production of corn.Kenji's opportunity cost of producing 1 bushel of rye isbushels of corn. Because Kenji has aproduction of rye, and

The production of corn and Rye for the producer Kenji and Lucia is provided below.…

Kenji and Lucia are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing com or rye or to produce corn on some of the land and rye on the rest. Kenji Lucia 120 106 On the following graph, use the blue line (circle symbol) to plot Kenji's production possibilities curve (PPF), and use the purple line (diamond symbol) to plot Lucia's PPF. 00 84 72 60 48 36 24 Corn (Bushels per acre) 12 15 0 Rye (Bushels per acre) 5 + 0 00 120 100 240 300 300 420 480 540 600 CORN (Bushels) 10 Ken's PPF Lucia's PPF (?) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Kenji's opportunity cost of producing 1 bushel of rye is bushels of corn. Because Kenji has a production of rye, and bushels of corn, whereas Lucia's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Lucia, has a comparative advantage in the has a comparative advantage in the production of corn.

Kenji and Lucia are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing com or rye or to produce corn on some of the land and rye on the rest. Kenji Lucia 120 106 On the following graph, use the blue line (circle symbol) to plot Kenji's production possibilities curve (PPF), and use the purple line (diamond symbol) to plot Lucia's PPF. 00 84 72 60 48 36 24 Corn (Bushels per acre) 12 15 0 Rye (Bushels per acre) 5 + 0 00 120 100 240 300 300 420 480 540 600 CORN (Bushels) 10 Ken's PPF Lucia's PPF (?) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Kenji's opportunity cost of producing 1 bushel of rye is bushels of corn. Because Kenji has a production of rye, and bushels of corn, whereas Lucia's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Lucia, has a comparative advantage in the has a comparative advantage in the production of corn.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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