Labour hours needed to make 1 kilogram: Meat Kilograms produced in 12 hours: Potatoes 12 Potatoes Meat Farmer 4 1 3 Rancher 4 6 3 2 28. Refer to the above table. What does each producer have an absolute advantage in? The farmer has an absolute advantage in meat, and the rancher has an absolute advantage in potatoes. а. b. The farmer has an absolute advantage in neither, and the rancher has an absolute advantage in meat. The farmer has an absolute advantage in potatoes good, and the rancher has an absolute advantage in both goods. C. The farmer has an absolute advantage in potatoes, and the rancher has an absolute
Labour hours needed to make 1 kilogram: Meat Kilograms produced in 12 hours: Potatoes 12 Potatoes Meat Farmer 4 1 3 Rancher 4 6 3 2 28. Refer to the above table. What does each producer have an absolute advantage in? The farmer has an absolute advantage in meat, and the rancher has an absolute advantage in potatoes. а. b. The farmer has an absolute advantage in neither, and the rancher has an absolute advantage in meat. The farmer has an absolute advantage in potatoes good, and the rancher has an absolute advantage in both goods. C. The farmer has an absolute advantage in potatoes, and the rancher has an absolute
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Need help with micro multiple choice question
![Labour hours needed to make 1 kilogram:
Kilogram s produced in 12 hours:
Meat
Meat
Potatoes
Potatoes
Famer
4
1
3
12
Rancher
4
6
3
2
28.
Refer to the above table. What does each producer have an absolute advantage in?
The farmer has an absolute advantage in meat, and the rancher has an absolute
advantage in potatoes.
а.
b.
The farmer has an absolute advantage in neither, and the rancher has an absolute
advantage in meat.
The farmer has an absolute advantage in potatoes good, and the rancher has an
absolute advantage in both goods.
C.
d.
The farmer has an absolute advantage in potatoes, and the rancher has an absolute
advantage in neither good.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5fe56ea1-3b82-455c-8235-08c9a512af5c%2F697fae0f-30ee-438e-8a4c-244d04ca88d5%2Ffrtsk76_processed.png&w=3840&q=75)
Transcribed Image Text:Labour hours needed to make 1 kilogram:
Kilogram s produced in 12 hours:
Meat
Meat
Potatoes
Potatoes
Famer
4
1
3
12
Rancher
4
6
3
2
28.
Refer to the above table. What does each producer have an absolute advantage in?
The farmer has an absolute advantage in meat, and the rancher has an absolute
advantage in potatoes.
а.
b.
The farmer has an absolute advantage in neither, and the rancher has an absolute
advantage in meat.
The farmer has an absolute advantage in potatoes good, and the rancher has an
absolute advantage in both goods.
C.
d.
The farmer has an absolute advantage in potatoes, and the rancher has an absolute
advantage in neither good.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education