On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye Nick 12 3 Rosa 15 5 (ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye. Nick's opportunity cost of producing 1 bushel of rye is__________ bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a comparative advantage in the production of rye, and (ROSA OR NICK) has a comparative advantage in the production of cor
On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye Nick 12 3 Rosa 15 5 (ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye. Nick's opportunity cost of producing 1 bushel of rye is__________ bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a comparative advantage in the production of rye, and (ROSA OR NICK) has a comparative advantage in the production of cor
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF ), and use the purple line (diamond symbol) to plot Rosa's PPF.
Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest.
|
|
Corn
|
Rye
|
|---|---|---|
| Nick | 12 | 3 |
| Rosa | 15 | 5 |
(ROSA OR NICK) has an absolute advantage in the production of corn, and (ROSA OR NICK) has an absolute advantage in the production of rye.
Nick's opportunity cost of producing 1 bushel of rye is__________
bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has acomparative advantage in the production of rye, and (ROSA OR NICK) has a comparative advantage in the production of corn.
bushels of corn, whereas Rosa's opportunity cost of producing 1 bushel of rye is_________ bushels of corn. Because Nick has a(HIGHER OR LOWER) opportunity cost of producing rye than Rosa, (NICK OR ROSA) has a
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On the following oraph, use the blue line (circle symbol0 to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbo0
to plot Rosa's PPF.
120
Nicks PPF
Rosa's PPF
24
12
e 0 20 180 24o 300 0 420 40
140 600
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