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
14th Edition
ISBN:9780190931919
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Chapter1: Making Economics Decisions
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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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