MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 2.1, Problem 7Q
To determine

Person St and Person Sa are better off specializing in their baking activities using the production possibility curve.

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Ramon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers. Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth. a. Ramon’s opportunity cost of completing an essay question:   _____graphing questions b. Ramon’s opportunity cost of completing a graphing question:   _________essay questions c. Sammy’s opportunity cost of completing an essay question:   _________graphing questions d. Sammy’s opportunity cost of completing a graphing question:   _________essay questions e. If the two want to specialize in working on…
In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an eight-hour day, Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. At what price will trade happen?
Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and consumed; rice and beans.  The production opportunity cost for Casey is 4.00kg of rice for every kilogram of beans.  Rick has a production opportunity cost of 2.00 kg of rice for every kilogram of beans.  Casey eventually realizes that, through trade, both individuals can be better off. Rick is willing to trade.  What price can be settled between these two parties such that both individuals can enjoy more rice and beans?
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