The economy consists of two people-Ragnar and Lagertha. Each has 10 hours in a day to allocate between producing swords or fishing. In one hour Lagertha can produce 10 fish or 2 swords. In one hour, Ragnar can produce 9 fish or 4 swords. Suppose they produce jointly and assume efficient production. If the economy is producing 110 fish, how many swords is it producing? Enter a number only.
The economy consists of two people-Ragnar and Lagertha. Each has 10 hours in a day to allocate between producing swords or fishing. In one hour Lagertha can produce 10 fish or 2 swords. In one hour, Ragnar can produce 9 fish or 4 swords. Suppose they produce jointly and assume efficient production. If the economy is producing 110 fish, how many swords is it producing? Enter a number only.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The economy consists of two people-Ragnar and Lagertha. Each has 10 hours in a day to allocate
between producing swords or fishing. In one hour Lagertha can produce 10 fish or 2 swords. In one
hour, Ragnar can produce 9 fish or 4 swords. Suppose they produce jointly and assume efficient
production. If the economy is producing 110 fish, how many swords is it producing? Enter a number
only.
35
er
35.56 margin of error +/-0.1
Ragnar has the Comparative Advantage in fish production so he produces only fish. To get
more fish than the maximum that Ragnar can produce, Lagertha needs to split her time
between fish and sword production. The number of swords produced in the economy is the
number of swords Lagertha produces with the time she has left over after producing the
required amount of fish
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