Answered: On the following graph, use the blue…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

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 a comparative advantage in the production of rye, and (ROSA OR NICK) has a comparative advantage in the production of corn.

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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.
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Nicks PPF
Rosa's PPF
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