The table below shows Lanark's production possibilities. Wheat Cars A 0 20 B 15 19 C 26 17 D 34 13 E 37 7 F 38 0 a. If Lanark is producing 15 cars, it can produce approximately wheat. b. If Lanark is currently producing combination C, the cost of 8 more wheat is [ c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 0.10. (Click to select) (Click to select)

The table below shows Lanark's production possibilities. Wheat Cars A 0 20 B 15 19 C 26 17 D 34 13 E 37 7 F 38 0 a. If Lanark is producing 15 cars, it can produce approximately wheat. b. If Lanark is currently producing combination C, the cost of 8 more wheat is [ c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 0.10. (Click to select) (Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Eddie Guitars 32 28 24 20 16 12 8 4 0 Tubas 0 1 2 3 4 5 6 7 8 Dave Guitars 25 20 15 10 5 0 Tubas 0 1 2 3 4 5 35 30 25 20 15 10 5 0 30 25 20 15 10 5 0 0 0 2 1 2 4 3 6 4 8 5 10 6 Eddie and Dave both produce guitars and tubas. They produce a given amount of each per month as seen in the tables above. Given the production possibilities curves of each individual above, answer the following: Who has the comparative advantage in the production of tubas? Eddie, because his opportunity cost of producing a tuba is 0.75 guitars tubas compared to Dave's opportunity cost of producing a tuba guitar of 0.25 guitars Dave, because his opportunity cost of producing a tubas is 5 guitars compared to Eddie's opportunity cost of producing a tuba of 4 guitars Dave, because he is able to produce a lower number of tubas compared to Eddie Dave, because he is able to produce a lower number of guitars compared to Eddie Eddie, because his opportunity cost of producing a tuba is 4 guitars compared to Dave's…
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