Matt and Lin are two producers and consumers for lamps and beds. Each of them works 40 hours in a week. Hours required for Matt to produce one unit of lamps or beds are 1 hours or 10 hours, respectively. Hours required for Lin to produce one unit of lamps or beds are 2 hours or 8 hours, respectively. Assuming their PPFs are straight lines. Calculate the correct options that complete the following statements on Matt's PPF. A) If Matt produces only lamps, they can produce ? unit(s) of lamps. If Matt produces only beds, they can produce ? unit(s) of beds B) Calculate the correct options that complete the following statements on Lin's PPF. If Lin produces only lamps, they can produce unit(s) of lamps. If Lin produces only beds, they can produce unit(s) of beds. C) What is the marginal opportunity cost of producing an extra unit of lamps for Matt? An extra unit of lamps costs unit(s) of beds.
Matt and Lin are two producers and consumers for lamps and beds. Each of them works 40 hours in a week. Hours required for Matt to produce one unit of lamps or beds are 1 hours or 10 hours, respectively. Hours required for Lin to produce one unit of lamps or beds are 2 hours or 8 hours, respectively. Assuming their PPFs are straight lines.
Calculate the correct options that complete the following statements on Matt's
- A) If Matt produces only lamps, they can produce ? unit(s) of lamps.
- If Matt produces only beds, they can produce ? unit(s) of beds
B)
Calculate the correct options that complete the following statements on Lin's PPF.
- If Lin produces only lamps, they can produce unit(s) of lamps.
- If Lin produces only beds, they can produce unit(s) of beds.
C)
What is the marginal
- An extra unit of lamps costs unit(s) of beds.
D)
What is the marginal opportunity cost of producing an extra unit of lamps for Lin?
- An extra unit of lamps costs unit(s) of beds.
E) Does Matt or Linn have the
F) Does Matt of Linn have the comparative advantage in bed production?
G) Who has the
H) Who has the absolute advantage in bed production?
I) How many beds can linn make in a week?
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