Loc and Ashima are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of maize and squash each farmer canproduce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of theland and squash on the rest.LocSQUASH (Pounds)AshimaOn the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond symbol)to plot Ashima's PPF.12010896847260483624120Maize(Pounds per acre)1236060 120Squash(Pounds per acre)49180++++240 300 360 420 480 540 600MAIZE (Pounds)has an absolute advantage in the production of maize, andLoc's opportunity cost of producing 1 pound of squash issquash ispounds of maize. Because Loc has acomparative advantage in the production of squash, andLoc's PPFAshima's PPF?has an absolute advantage in the production of squash.pounds of maize, whereas Ashima's opportunity cost of producing 1 pound ofopportunity cost of producing squash than Ashima,has ahas a comparative advantage in the production of maize.

A production possibility frontier (PPF) is a graphical representation showing the potential output…

Loc and Ashima are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Loc SQUASH (Pounds) Ashima On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ashima's PPF. 120 108 96 84 72 60 48 36 24 12 Maize Squash (Pounds per acre) (Pounds per acre) 12 4 36 0 0 60 120 9 180 240 300 360 420 480 540 600 MAIZE (Pounds) has an absolute advantage in the production of maize, and Loc's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Loc has a comparative advantage in the production of squash, and Loc's PPF Ashima's PPF (?) has an absolute advantage in the production of squash. pounds of maize, whereas Ashima's opportunity cost of producing 1 pound of opportunity cost of producing squash than Ashima, has a has a comparative advantage in the production of maize.

Loc and Ashima are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Loc SQUASH (Pounds) Ashima On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ashima's PPF. 120 108 96 84 72 60 48 36 24 12 Maize Squash (Pounds per acre) (Pounds per acre) 12 4 36 0 0 60 120 9 180 240 300 360 420 480 540 600 MAIZE (Pounds) has an absolute advantage in the production of maize, and Loc's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Loc has a comparative advantage in the production of squash, and Loc's PPF Ashima's PPF (?) has an absolute advantage in the production of squash. pounds of maize, whereas Ashima's opportunity cost of producing 1 pound of opportunity cost of producing squash than Ashima, has a has a comparative advantage in the production of maize.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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We have two individuals, A and B, who works 40 hours per week each. They each consume food and clothing. It takes each person 10 hours to set up the production of food, and thereafter it takes 1 hour per production of 1 unit of food. How many units of food can each person produce in 1 week?
c. Suppose a small country produces only food and clothing. An earthquake destroys many of the clothing factories, but the ability to produce food is unaffected. Use the 3-point-curve drawing tool to draw a new production possibilities boundary on the graph on the right, labeled c, reflecting the change in the clothing factories. Properly label this line. Place end points one on horizontal and one on vertical axes. Carefully follow the instructions above, and only draw the required objects. Tonnes of Clothing Per Year PPBO Tonnes of Food Per Year
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