Lorenzo and Neha are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Lorenzo 40 8 Neha 28 7 On the following graph, use the blue line (circle symbol) to plot Lorenzo's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Neha's PPF.
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- 7. After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $100,000 worth her art each year. She found a studio that she can rent for $2,000 per month and know that materials will cost her $20,000 per year. She now earns $90,000 per year. If her calculations are correct, Jean's annual economic profits from the venture will be. a) $80,000 b) $56,000 c) $10,000 d) -$34,000Sean and Yvette are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Sean 40 8 Yvette 28 7 On the following graph, use the blue line (circle symbol) to plot Sean's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Yvette's PPF.16. How prices allocate resources Suppose that there are three beachfront parcels of land available for sale in Asilomar and six people who would each like to purchase one parcel. Assume that the parcels are essentially identical and that the minimum selling price of each is $595,000. The following table states each person's willingness and ability to purchase a parcel. Willingness and Ability to Purchase (Dollars) Person Ana 530,000 Kevin 750,000 Maria 660,000 Rajiv 620,000 Simone 570,000 Yakov 540,000 Which of these people will buy one of the three beachfront parcels? Check all that apply. O Ana O Kevin O Maria O Rajiv O Simone O Yakov Assume that the three beachfront parcels are sold to the people that you indicated in the previous section. Suppose that a few days after the last of those beachfront parcels is sold, another essentially identical beachfront parcel becomes available for sale at a minimum price of $582,500. This fourth parcel - be sold, because will purchase it from the…
- Antonio and Caroline are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Antonio 40 8 Caroline 28 7 ___________has an absolute advantage in the production of alfalfa, and __________ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is ____ bushels of alfalfa, whereas Caroline's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa. Because Antonio has a ______ opportunity cost of producing barley than Caroline,________ has a comparative advantage in the production of barley and_______ has a comparative advantage in the production of alfalfa.David and Morgan are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per yea on a given acre. Each farmer chooses whether to devote a acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. David Morgan 180 162 On the following graph, use the blue line (circle symbol) to p David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. 144 126 100 90 72 54 36 18 0 David Zucchini (Pounds per acre) 12 18 0 Morgan Watermelon (Pounds per acre) 6 90 180 270 360 450 540 630 720 810 900 ZUCCHINI (Pounds) -O David's PPF Morgan's PPF has an absolute advantage in the production of zucchin has an absolute advantage in the production of watermelon. ? is David's opportunity cost of producing 1 pound of waterme pounds of zucchini, whereas Morgan's opportunity cost of producing 1 pound of watermelon is pounds…2. Comparative and absolute advantage David and Morgan are farmers. Each one owns an 18-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. David Morgan WATERMELON (Pounds) 180 162 On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. 144 126 108 90 72 54 36 1.8 0 Zucchini (Pounds per acre) 28 0 zucchini. 18 90 180 Watermelon (Pounds per acre) 7 6 270 360 450 540 630 720 810 900 ZUCCHINI (Pounds) David's opportunity cost of producing 1 pound of watermelon is pound of watermelon is David's PPF Morgan's PPF has an absolute advantage in the production of zucchini, and has an absolute advantage in the production of watermelon. pounds of…
- 8. Ann and Barbara are computer programmers in Nashville who are planning to move to Seattle. Each owns a house that has been appraised for $100,000. Ann's house is one of hundreds of highly similar houses in large well-known suburban development, and Barbara's is a one of a kind house built from her architects design. Who will benefit more by hiring a realtor to assist in selling her house?(Ch 03) Homework Consider two neighboring island countries called Dolorium and Bellissima. They each have 4 million labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Corn Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Dolorium 5 20 Bellissima 8 16 Initially, suppose Bellissima uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce jeans, while Dolorium uses 3 million hours of labor per week to produce corn and 1 million hours per week to produce jeans. Consequently, Dolorium produces 15 million bushels of corn and 20 million pairs of jeans, and Bellissima produces 8 million bushels of corn and 48 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of corn and…Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Manuel's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Manuel's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Manuel's physics course gives him some advice. "Based on past experience," the teaching assistant says, "working on 25 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? O 1 hour working on problems, 3 hours reading O 2 hours working on problems, 2 hours reading O 3 hours…
- Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 18 dozen eggs or collect 6 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? (Click to select) ✓ dozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.315553/quizzes/3862261/take Course Placement CT CT2Learn Assume that our world consists of only two countries: the United States (US) and the Rest of the World (ROW). Both of these countries produce airplanes and computers. The amounts of each good produced during an hour in each country are provided in the table below. US Airplanes 5 Computers 15 In computers? P In-Text Citations ▸ Study.com G Google in the US? ROW 1. Based on this table, who has the absolute advantage in airplanes? in the ROW? 4 10 1. What is the opportunity cost of 1 airplane: computers per airplane Q Search computers per airplane What is the opportunity cost of 1 computer in the US? airplanes per computer PRE - ParentVUE SAM SAM y! Infor W @=Travel Time Each Way Price of a Dress Store (Minutes) (Dollars per dress) Local Department Store 15 100 Across Town 30 86 Neighboring City 60 63 Juanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Price of a Dress Total Cost Opportunity Cost of Time (Dollars) (Dollars per dress) (Dollars) Store 100 Local Department Store 86 Across Town 63 Neighboring City 10:57 PM 36 F Clear 2/27/2022