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ENGR.ECONOMIC ANALYSIS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour
devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units.
(a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient
or inefficient. [State all that applies.]
Select one or more:
O attainable
unattainable
O efficient
O inefficient

(b) Person 2, can produce 3 units of Good B or 4 units of Good A per hour
(i) Who has the absolute
advantage in the production
Choose...
of Good B?
Choose..
(ii) Who has the absolute
advantage in the production
Person 1 produce more than Person 2 using less resources
of Good A?
Person 1 produce more than Person 2 using same resources
Person 2 produce more than Person 1 using same resources
Person 2 produce more than Person 1 using less resources
Person 1 produce with lower opportunity cost
Person 2 produce more than Person 1 using more resources
Person 2 produce with lower opportunity cost
Neither they both produce same quantity
Person 1 produce more than Person 2 using more resources

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