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Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Pounds produced in 40 hours: Potatoes Meat Potatoes Farmer 8 2 5 20 Rancher 4 5 10

Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Pounds produced in 40 hours: Potatoes Meat Potatoes Farmer 8 2 5 20 Rancher 4 5 10

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 7SCQ: Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that...
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7. Table 3-1 Labor Hours Needed to Make 1 Pound of: Pounds produced in 40 hours: Meat Potatoes Meat Potatoes 20 Farmer Rancher 8. 2 4 5 10 8 a) Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher is O a. 5 hours of labor. b. 4 hours of labor. O c5/4 pounds of meat. O d. 4/5 pound of meat. b) Refer to Table 2-3. The farmer and the rancher both could benefit if the famer were to specialize in O a. meat and the rancher were to specialize in potatoes. b. potatoes and the rancher were to specialize in meat. c. neither good and the rancher were to specialize in both goods. O d. none of the above; they cannot both benefit by specialization and trade.
Transcribed Image Text:7. Table 3-1 Labor Hours Needed to Make 1 Pound of: Pounds produced in 40 hours: Meat Potatoes Meat Potatoes 20 Farmer Rancher 8. 2 4 5 10 8 a) Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher is O a. 5 hours of labor. b. 4 hours of labor. O c5/4 pounds of meat. O d. 4/5 pound of meat. b) Refer to Table 2-3. The farmer and the rancher both could benefit if the famer were to specialize in O a. meat and the rancher were to specialize in potatoes. b. potatoes and the rancher were to specialize in meat. c. neither good and the rancher were to specialize in both goods. O d. none of the above; they cannot both benefit by specialization and trade.
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