On the following graph, use the blue line (circle symbol) to plot Felix's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Janet's PPF. 160 144 Felix's PPF 128 112 96 Janet's PPF 80 64 48 32 16 80 160 240 320 400 480 560 640 720 800 ALFALFA (Bushels) has an absolute advantage in the production of alfalfa, and has an absolute advantage in the production of barley. Felix's opportunity cost of producing 1 bushel of barley is |bushels of alfalfa, whereas Janet's opportunity cost of producing 1 bushel of barley is bushels of alfalfa. Because Felix has a opportunity cost of producing barley than Janet, has a comparative advantage in the production of barley, and has a comparative advantage in the production of alfalfa. BARLEY (Bushels)

On the following graph, use the blue line (circle symbol) to plot Felix's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Janet's PPF. 160 144 Felix's PPF 128 112 96 Janet's PPF 80 64 48 32 16 80 160 240 320 400 480 560 640 720 800 ALFALFA (Bushels) has an absolute advantage in the production of alfalfa, and has an absolute advantage in the production of barley. Felix's opportunity cost of producing 1 bushel of barley is |bushels of alfalfa, whereas Janet's opportunity cost of producing 1 bushel of barley is bushels of alfalfa. Because Felix has a opportunity cost of producing barley than Janet, has a comparative advantage in the production of barley, and has a comparative advantage in the production of alfalfa. BARLEY (Bushels)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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