The figure below shows Angela and Bruno's feasible frontier, Angela's biological survival constraint, and her reservation indifference curve. The total amount of grain produced is 9 bushels if Angela works for 8 hours, and 10 bushels if she works for 11 hours. Angela's biological survival constraint Angela's reservation indifference curve 12 9. Feasible frontier Angela and Bruno combined 13 16 24 Angela's hours of free time 6. Technically feasible Economically feasible (joint surplun) 4.5 13 16 24 Angela's hours of free time From this information, we can conclude that: O Under Bruno's best voluntary exchange outcome, he can claim an economic rent of 5 out of the total surplus of 6. O Bruno can increase his share by 2 bushels if he could coerce Angela to work 11 hours, compared to under the voluntary exchange outcome. O Under voluntary exchange, Angela will choose not to work if she is offered 2 bushels of grain for 16 hours of free time. O Bruno can devise a take-it-or-leave-it offer under voluntary exchange such that he is just as well off as the best outcome under coercion. What Bruno gets Bushels of grain 2.

The figure below shows Angela and Bruno's feasible frontier, Angela's biological survival constraint, and her reservation indifference curve. The total amount of grain produced is 9 bushels if Angela works for 8 hours, and 10 bushels if she works for 11 hours. Angela's biological survival constraint Angela's reservation indifference curve 12 9. Feasible frontier Angela and Bruno combined 13 16 24 Angela's hours of free time 6. Technically feasible Economically feasible (joint surplun) 4.5 13 16 24 Angela's hours of free time From this information, we can conclude that: O Under Bruno's best voluntary exchange outcome, he can claim an economic rent of 5 out of the total surplus of 6. O Bruno can increase his share by 2 bushels if he could coerce Angela to work 11 hours, compared to under the voluntary exchange outcome. O Under voluntary exchange, Angela will choose not to work if she is offered 2 bushels of grain for 16 hours of free time. O Bruno can devise a take-it-or-leave-it offer under voluntary exchange such that he is just as well off as the best outcome under coercion. What Bruno gets Bushels of grain 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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