Pat and Kris are roommates. making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Kris takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. What is each roommate’s opportunity cost of making a pizza? Who has the absolute advantage in making pizza? Who has the comparative advantage in making pizza?

Pat and Kris are roommates. making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Kris takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza. What is each roommate’s opportunity cost of making a pizza? Who has the absolute advantage in making pizza? Who has the comparative advantage in making pizza?

Name: Pat and Kris are roommates. making pizza and brewingroot beer. Pat ta
Uploaded: 2022-12-02T21:52:30.000Z
Channel: Bartleby
Description: Pat and Kris are roommates. making pizza and brewingroot beer. Pat takes 4 hours to brew a gallon of rootbeer and 2 hours to make a pizza. Kris takes 6 hoursto brew a gallon of root beer and 4 hours to make apizza.What is each roommate’s opportunity

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter3: The Market And Price System

Section: Chapter Questions

Problem 14E

See similar textbooks

Related questions

Q: can produce 6 pies or 30cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1 hour. On the…

A: Elif can produce 6 pies or 30 cakes in an hour. Ahmet can produce 10 pies or 20 cakes in an hour.…

Q: Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1 hour. a)…

A: Given: Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1…

Q: Deborah and Janet are roommates. They spend most of their time studying (of course), but they leave…

A: Two roommates, Deborah and Janet, making pizza and brewing root beer as their favorite activities.…

Q: Assume that Natalie and Grace have a garden behind their house and can each pick mushrooms and…

A: Hi, Since you have asked multiple sub-parts, I could provide answer only for first three sub-parts.…

Q: Amy and Deborah are roommates. They spend most of their time studying (of course), but they leave…

A: Absolute advantage is an economic concept that refers to the ability of a country, individual, or…

Q: Jake and Jill spend their time picking apples and strawberries. The quantities they can pick in an…

A: Comparative advantage in when an economic entity is able to produce a particular good or service at…

Q: 1. Assume you are stranded on an island with another person. The table below gives the maximum…

A: An economy has an absolute advantage if the economy can produce more goods in comparison to the…

Q: Suppose there are two bakers in town: Sarah and Amy. Sarah can bake 4 loaves of bread or 8 pies in…

A: In microeconomic theory, opportunity cost is the loss of the benefit that could have been enjoyed if…

Q: Consider a simple exchange economy with two people: Bob and Jake. Bob and Jake both have 10 hours of…

A: Since resources are scarce, there always exists tradeoff. Opportunity cost refers to decrease in…

Q: Suppose you and a friend are stranded on an island and must gather firewood and catch fish to…

A: An opportunity cost is a potential benefit that someone loses out on when selecting a particular…

Q: Suppose Amber and Jade can spend their days making croissants or writing poems. Their output per…

A: Answer: A mutually beneficial trade will occur if both individuals specialize in the production of…

Q: Carmen and Dennis live on a desolate island. They spend their days fishing or climbing trees to…

A: Opportunity cost, absolute advantage, and comparative advantage: Opportunity cost signifies all the…

Q: Hector and Albert are bakers who can make either cakes or pies. Below is a graph showing their…

A: Comparative advantage is characterized as an economy's ability to generate goods and services at a…

Q: Diego and Darnell are roommates. They spend most of their time studying (of course), but they leave…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

Q: In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an…

A: Given production possibility schedule Bread produced in 8 hours Butter Andy 8 loaves 24 Kg…

Q: Nettie can produce either 8 cupcakes or 4 hamburgers. Becky can produce either 4 cupcakes or 8…

A: Comparative advantage is an economic principle that an economy or individual can benefit from the…

Q: On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities…

A: Given Each farmer have 12-acre plot of land. Corn (bushels per acre) Rye (bushelsper acre)…

Q: Randy and Frank are both landscapers. Randy can mow 12 lawns per day or prune 15 trees. Frank can…

A: Absolute advantage means that those who can produce a certain good more at the given time will have…

Q: Diego and Kris are roommates. They spend most of their time studying, but they leave some time for…

A: Trade refers to the situation that includes the movement of goods and services. The trade aspects…

Q: Suppose that Cassie can produce 10 pounds of tuna per hour or 20 pounds of apple per hour, and…

A: here in this situation:- Cassie can produce 10 pounds of tuna per hour or 20 pounds of apple per…

Q: pose Susan and Tom were picking the maximum number of pounds of coffee when they decided that they…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: Kenji and Lucia are farmers. Each one owns a 12-acre plot of land. The following table shows the…

A: The production of corn and Rye for the producer Kenji and Lucia is provided below.…

Q: The table shows Frigidia's production possibilities. Fish (pounds per month) 300 200 100 0 Draw the…

A: The PPF depicts the trade-offs that occur when allocating resources between the production of 2…

Q: Suppose that Karen, Sue, and Peter all work 12 hours a day. In an hour, Karen can make one widget or…

A: Resource allocation refers to how individuals distribute and utilize their limited resources,…

Question

Practice Pack

OFFON

Pat and Kris are roommates. making pizza and brewing

root beer. Pat takes 4 hours to brew a gallon of root

beer and 2 hours to make a pizza. Kris takes 6 hours

to brew a gallon of root beer and 4 hours to make a

pizza.

What is each roommate’s opportunity cost of

making a pizza? Who has the absolute advantage

in making pizza? Who has the comparative

advantage in making pizza?

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

Includes step-by-step video

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step 5

Step 6

Trending now

This is a popular solution!

Learn your way

Includes step-by-step video

Step by step

Solved in 6 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good B
Diego and Darnell are roommates. They spend much of their time studying, but they have some time for the favorite activiies which is making pizza or brewing root beer. Diego takes 4 hours to brew one gallon of root beer and 2 hours to make one pizza. Darnell takes 6 hours to brew one gallon of root beer and 4 hours to make one pizza. a. Put to gether a production opportunities chart for Diego and Darnell in brewing one gallon of root beer and in making one pizza. Who has the absolute advantage in each type of production? b. Then use the chart to make another chart with opportunies cost for Diego and for Darnell of brewing one gallon of root beer (in terms of how many pizza's each of them would not being making. Who has the comparative advantage in each type of production. c. Use your opportunities cost chart to determine who should trade pizza in exchange for root beer? d. The price of pizza can be expressed in terms of gallons of root beer (not being made). Can you determine how much…
Eleanor and her little brother Josh are responsible for two chores on their family’s farm, gathering eggs and collecting milk. Eleanor can gather 10 dozen eggs or collect 5 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? b. If the siblings were to specialized, which should collect the milk? c. If the siblings were to specialize, how many dozens of eggs would the family have per week? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
define the terms of trade?what is principle of comparetive advantage
Table 1 Minnie Hats Umbrellas Mickey 50 40 10 5 Table 1 shows the output per week of two people, Minnie and Mickey. They can either devote their time to making hats or making umbrellas. 1) Refer to Table 1. Which of the following statements is true? A) Mickey has an absolute advantage in making both products. B) Minnie has an absolute advantage in making both products. C) Minnie has an absolute advantage in making hats and Mickey in making umbrellas. D) Minnie has an absolute advantage in making umbrellas and Mickey in making hats. 2) Refer to Table 1. What is Minnie's opportunity cost of making a hat? A) 1/5 of an umbrella B) 1/4 of an umbrella C) 4 umbrellas D) 10 umbrellas 3) Refer to Table 1. What is Mickey's opportunity cost of making a hat? A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas 4) Refer to Table 1. Which of the following statements is true? A) Minnie has a comparative advantage in making both products. B) Mickey has a comparative advantage in…
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.
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? Eleanor c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs. www v
Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.
Jill and Jack both have two pails that can be used to carry water down from a hill. Each makes only one trip down the hill, and each pail of water can be sold for $5. Carrying the pails of water down requires considerable effort. Both Jill and Jack would be willing to pay $4 each to avoid carrying one pail down the hill, and an additional $4 to avoid carrying a second pail down the hill. a. If Jack and Jill each must decide whether to carry one or two pails of water down from the top of the hill, how many pails will each child choose to carry? 2 pail(s) b. Jill and Jack's parents are worried that the two children don't cooperate enough with one another. Suppose they make Jill and Jack share equally their revenues from selling the water. Given that both are self-interested, construct the payoff matrix for the decisions Jill and Jack face regarding the number of pails of water each should carry. Instructions: In the payoff matrix below, enter the payoffs for each child for each possible…
last question
Jill and Jack both have two pails that can be used to carry water down from a hill. Each makes only one trip down the hill, and each pail of water can be sold for $4. Carrying the pails of water down requires considerable effort. Both Jill and Jack would be willing to pay $2 each to avoid carrying one pail down the hill, and an additional $3 to avoid carrying a second pail down the hill.a. If Jack and Jill each must decide whether to carry one or two pails of water down from the top of the hill, how many pails will each child choose to carry? ___ pail(s)b. Jill and Jack’s parents are worried that the two children don’t cooperate enough with one another. Suppose they make Jill and Jack share equally their revenues from selling the water. Given that both are self-interested, construct the payoff matrix for the decisions Jill and Jack face regarding the number of pails of water each should carry. Carry 1 pail Jack Carry 2 pails…
u work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies increases by 4%, the quantity of flopsicles sold increases by 1% and the quantity of mookies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the…