Question 3 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 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies)b) Person 2, can produce3 units of Good B or 4 units of Good A per hourwho has the absolute advantage in the production of Good B?c) who has the absolute advantage in the production of Good A?d) Calculate the opportunity cost for Good B for Person 2e) Calculate the opportunity cost for Good A for person 1f) who has the comparative advantage in the production of Good B?g) who has the comparative advantage in the production of Good A?

Name: Question 3 Person 1 can allocate her 8-hour day between the production
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Description: Question 3 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 9units of Good B and 12 units of Good A are

Person 1 can produce two goods, i.e., A and B Person 1 can produce 4 units of good A per hour Person…

Answered: Person 1 can allocate her 8-hour day…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 3

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 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies)
b) Person 2, can produce3 units of Good B or 4 units of Good A per hour

who has the absolute advantage in the production of Good B?