Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Loc and Ashima are farmers. Each one owns a 16-acre plot of land. The following table shows the amount of watermelon and zucchini each farmer canproduce per year on a given acre. Each farmer chooses whether to devote all acres to producing watermelon or zucchini or to produce watermelon onsome of the land and zucchini on the rest.LocZUCCHINI (Pounds)Ashima160144On the followin graph, use the blue line (circle symbto plot Ashima's PPF.128112968064604832160Watermelon(Pounds per acre)508Zucchini(Pounds per acre)54plot Loc's production possibilities frontier (PPF), and the purple line (diamond symbol)80 160 240 320 400 480 560 640 720 800WATERMELON (Pounds)OLoc's opportunity cost of producing 1 pound of zucchini isof zucchini ispounds of watermelon. Because Loc has aa comparative advantage in the production of zucchini, andLoc's PPFAshima's PPFAshima has an absolute advantage in the production of watermelon, andhas an absolute advantage in the production of zucchini.pounds of watermelon, whereas Ashima's opportunity cost of producing 1 poundopportunity cost of producing zucchini than Ashima,has a comparative advantage in the production of watermelon.has

Absolute advantage refers to the ability to produce more goods using same resources or same quantity…

Loc and Ashima are farmers. Each one owns a 16-acre plot of land. The following table shows the amount of watermelon and zucchini each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing watermelon or zucchini or to produce watermelon on some of the land and zucchini on the rest. Loc ZUCCHINI (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. 160 144 128 112 96 80 48 32 16 0 Watermelon (Pounds per acre) 5 8 0 Zucchini (Pounds per acre) 5 4 80 160 240 320 400 480 560 640 720 800 WATERMELON (Pounds) Loc's PPF Loc's opportunity cost of producing 1 pound of zucchini is of zucchini is pounds of watermelon. Because Loc has a a comparative advantage in the production of zucchini, and Ashima's PPF Ashima has an absolute advantage in the production of watermelon, and has an absolute advantage in the production of zucchini. pounds of watermelon, whereas Ashima's opportunity cost of producing 1 pound opportunity cost of producing zucchini than Ashima, has has a comparative advantage in the production of watermelon.

Loc and Ashima are farmers. Each one owns a 16-acre plot of land. The following table shows the amount of watermelon and zucchini each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing watermelon or zucchini or to produce watermelon on some of the land and zucchini on the rest. Loc ZUCCHINI (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. 160 144 128 112 96 80 48 32 16 0 Watermelon (Pounds per acre) 5 8 0 Zucchini (Pounds per acre) 5 4 80 160 240 320 400 480 560 640 720 800 WATERMELON (Pounds) Loc's PPF Loc's opportunity cost of producing 1 pound of zucchini is of zucchini is pounds of watermelon. Because Loc has a a comparative advantage in the production of zucchini, and Ashima's PPF Ashima has an absolute advantage in the production of watermelon, and has an absolute advantage in the production of zucchini. pounds of watermelon, whereas Ashima's opportunity cost of producing 1 pound opportunity cost of producing zucchini than Ashima, has has a comparative advantage in the production of watermelon.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter18: Pricing The Factors Of Production

Section: Chapter Questions

Problem 4TY

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