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The first fill in the blank options are (Frances or dmitri) The second fill in the blank (Frances or dmitri) The third and fourth fill in the blanks you enter a number The fifth fill in the blank option is (higher or lower) the 6th fill in the blank is ( dmitri or Frances) and the final fill in the blank is (dmitri or Frances)

The first fill in the blank options are (Frances or dmitri) The second fill in the blank (Frances or dmitri) The third and fourth fill in the blanks you enter a number The fifth fill in the blank option is (higher or lower) the 6th fill in the blank is ( dmitri or Frances) and the final fill in the blank is (dmitri or Frances)

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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The first fill in the blank options are (Frances or dmitri) The second fill in the blank (Frances or dmitri) The third and fourth fill in the blanks you enter a number The fifth fill in the blank option is (higher or lower) the 6th fill in the blank is ( dmitri or Frances) and the final fill in the blank is (dmitri or Frances)
2. Comparative and absolute advantage Dmitri and Frances are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Dmitri 40 Frances 28 On the following graph, use the blue line (circle symbol) to plot Dmitri's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Frances's PPF. (?) 120 108 Dmitri's PPF Frances's PPF 12 120 180 240 300 360 420 480 540 G00 BARLEY (Bushels) ALFALFA(Bushels)
Transcribed Image Text:2. Comparative and absolute advantage Dmitri and Frances are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of barley and alfalfa each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing barley or alfalfa or to produce barley on some of the land and alfalfa on the rest. Barley Alfalfa (Bushels per acre) (Bushels per acre) Dmitri 40 Frances 28 On the following graph, use the blue line (circle symbol) to plot Dmitri's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Frances's PPF. (?) 120 108 Dmitri's PPF Frances's PPF 12 120 180 240 300 360 420 480 540 G00 BARLEY (Bushels) ALFALFA(Bushels)
Barley Alfalfa (Bushels per acre) (Bushels per acre) Dmitri 40 8. Frances 28 On the following graph, use the blue line (circle symbol) to plot Dmitri's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Frances's PPF. 120 108 96 Dmitri's PPF 84 72 Frances's PPF 60 48 36 24 12 60 120 180 240 300 360 420 480 540 600 BARLEY (Bushels) - has an absolute advantage in the production of barley, and v has an absolute advantage in the production of alfalfa. Dmitri's opportunity cost of producing 1 bushel of alfalfa is bushels of barley, whereas Frances's opportunity cost of producing 1 bushel of alfalfa is bushels of barley. Because Dmitri has a V opportunity cost of producing alfalfa than Frances, has a comparative advantage in the production of barley. v has a comparative advantage in the production of alfalfa, and ALFALFA(Bushels)
Transcribed Image Text:Barley Alfalfa (Bushels per acre) (Bushels per acre) Dmitri 40 8. Frances 28 On the following graph, use the blue line (circle symbol) to plot Dmitri's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Frances's PPF. 120 108 96 Dmitri's PPF 84 72 Frances's PPF 60 48 36 24 12 60 120 180 240 300 360 420 480 540 600 BARLEY (Bushels) - has an absolute advantage in the production of barley, and v has an absolute advantage in the production of alfalfa. Dmitri's opportunity cost of producing 1 bushel of alfalfa is bushels of barley, whereas Frances's opportunity cost of producing 1 bushel of alfalfa is bushels of barley. Because Dmitri has a V opportunity cost of producing alfalfa than Frances, has a comparative advantage in the production of barley. v has a comparative advantage in the production of alfalfa, and ALFALFA(Bushels)
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