lons 2. Comparative and absolute advantage ccess Tips Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the ress Tips rest. OR YOU Corn Rye (Bushels per acre) (Bushels per acre) Nick 12 6. Rosa 15 On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. ack 120 108 Nick's PPF 96 84 Rosa's PPF 72 60 48 36 24 12 480 540 600 60 120 180 240 300 360 420 CORN (Bushels) RYE (Bushels)

lons 2. Comparative and absolute advantage ccess Tips Nick and Rosa are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the ress Tips rest. OR YOU Corn Rye (Bushels per acre) (Bushels per acre) Nick 12 6. Rosa 15 On the following graph, use the blue line (circle symbol) to plot Nick's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Rosa's PPF. ack 120 108 Nick's PPF 96 84 Rosa's PPF 72 60 48 36 24 12 480 540 600 60 120 180 240 300 360 420 CORN (Bushels) RYE (Bushels)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 2SCQ: Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that...

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Tim and Alyssa are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Tim 20 4 Alyssa 28 7 On the following graph, use the blue line (circle symbol) to plot Tim's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Alyssa's PPF. ______ has an absolute advantage in the production of alfalfa, and_____ has an absolute advantage in the production of barley. Tim's opportunity cost of producing 1 bushel of barley is______ bushels of alfalfa, whereas Alyssa's opportunity cost of producing 1 bushel of barley is_____bushels of alfalfa. Because Tim has a _____ opportunity cost of producing barley than Alyssa,…
Eric and Ginny are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of alfalfa and barley each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing alfalfa or barley or to produce alfalfa on some of the land and barley on the rest. Alfalfa Barley (Bushels per acre) (Bushels per acre) Eric 20 4 Ginny 28 On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. 200 180 Eric's PPF 160 140 120 Ginny's PPF 100 80 60 40 BARLEY (Bushels)
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2. Comparative and absolute advantage Gilberto and Juanita are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of rye and corn each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing rye or corn or to produce rye on some of the land and com on the rest. Rye Corn (Bushels per acre) (Bushels per acre) Gilberto 12 Juanita 18 On the following graph, use the blue line (circle symbol) to plot Gilberto's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Juanita's PPF. 120 108 Gilberto's PPF 96 84 72 Juanita's PPF 60 48 36 24 12 60 120 180 240 300 360 420 480 540 600 RYE (Bushels) - has an absolute advantage in the production of rye, and v has an absolute advantage in the production of corn. Gilberto's opportunity cost of producing 1 bushel of corn is bushels of rye, whereas Juanita's opportunity cost of producing 1 bushel of corn is bushels of rye. Because…