Timmy and Tommy both work at Nook's Cranny, a general store, where they spend all of their time doing one of two tasks: developing crafting projects and placing orders. The graph below shows their production possibilities frontiers for a day of work. Assume they operate efficiently all the time. Use this information for the following 2 problems. Cning P 3 19 34) 4 2 AN 13 13 30% S 31 m N 6 1 2 3 4 5 6 7 8 9 10 11 12 13 10 11 12 13 14 15 16 17 18 19 20 Onder Placement 1. (General Ideas) Their boss, Mr. Nook, has asked them to create exactly 9 Crafting Projects. Assuming Timmy and Tommy work together, how many Order Placements will get done? a. 11 b. 14 c. 17 d. 20 2. (General Ideas) Tommy learned a new computer operating system, and can now do more Order Placements than he could before. Everything else stays the same. What is the minimum number of achievable Order Placements that would cause a change in Tommy's comparative advantage? a. 12 b. 14 c. 16 d. 18

Timmy and Tommy both work at Nook's Cranny, a general store, where they spend all of their time doing one of two tasks: developing crafting projects and placing orders. The graph below shows their production possibilities frontiers for a day of work. Assume they operate efficiently all the time. Use this information for the following 2 problems. Cning P 3 19 34) 4 2 AN 13 13 30% S 31 m N 6 1 2 3 4 5 6 7 8 9 10 11 12 13 10 11 12 13 14 15 16 17 18 19 20 Onder Placement 1. (General Ideas) Their boss, Mr. Nook, has asked them to create exactly 9 Crafting Projects. Assuming Timmy and Tommy work together, how many Order Placements will get done? a. 11 b. 14 c. 17 d. 20 2. (General Ideas) Tommy learned a new computer operating system, and can now do more Order Placements than he could before. Everything else stays the same. What is the minimum number of achievable Order Placements that would cause a change in Tommy's comparative advantage? a. 12 b. 14 c. 16 d. 18

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Inefficient production is represented by which point(s)?
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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 guitars? Eddie, because he is able to produce a greater number of guitars compared to Dave Dave, because his opportunity cost of producing a guitar is 5 tubas compared to Eddie's opportunity cost of producing a guitar of 4 tubas Eddie, because his opportunity cost of producing a guitar is 0.25 tubas compared to Dave's opportunity cost of producing a guitar of 0.20 tubas Dave, because he is able to produce a lower number of guitars compared to Eddie Dave, because he is able to produce a greater number of guitars compared to Eddie Dave, because his…
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