has an absolute advantage in the production of maize, and Loc's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Loc has a comparative advantage in the production of squash, and has an absolute advantage in the production of squash. pounds of maize, whereas Ashima's opportunity cost of producing 1 pound of opportunity cost of producing squash than Ashima, ▼ has a has a comparative advantage in the production of maize.
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- What is absolute advantage? What is comparative advantage?Could a nation be producing in a way that is allocatively efficient, but productively inefficient?2. Comparative and absolute advantage Larry and Megan are farmers. Each one owns a 20-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 rest. Corn Rye (Bushels per acre) (Bushels per acre) Larry 40 8 Megan 28 7 On the following graph, use the blue line (circle symbol) to plot Larry's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Megan's PPF. (?) 200 180 160 140 120 100 80 60 40 20 0 has an absolute advantage in the production of rye. bushels of corn, whereas Megan's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Megan, has a comparative has a comparative advantage in the production of corn. RYE (Bushels) 0 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of…
- 2. Comparative and absolute advantage Loc and Ashima are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of zucchini and watermelon each farme produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini or some of the land and watermelon on the rest. Loc Ashima Zucchini (Pounds per acre) 10 18 Watermelon (Pounds per acre) 5 6 On the following graph, use the blue line (circle symbol) to plot Loc's production possibilities frontier (PPF), and use the purple line (diamond sym to plot Ashima's PPF. (?)5. Comparative and absolute advantage Kevin and Maria are farmers. Each one owns a 20-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 rest. Corn Rye (Bushels per acre) (Bushels per acre) Kevin 40 Maria 28 7 On the following graph, use the blue line (circle symbol) to plot Kevin's production possibilities curve (PPF), and use the purple line (diamond symbol) to plot Maria's PPF. 200 180 Kevin's PPF 160 140 * 120 Maria's PPF2. Comparative and absolute advantage Sam and Teresa are farmers. Each one owns a 20-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 rest. Corn Rye (Bushels per acre) (Bushels per acre) Sam 40 8 Тeresa 28 7 On the following graph, use the blue line (circle symbol) to plot Sam's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Teresa's PPF. 200 180 Sam's PPF 160 140 Teresa's PPF 120 100 80 60 40 20 100 200 300 400 500 600 700 B00 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Sam's opportunity cost of producing 1 bushel of rye is bushels of corn, whereas Teresa's opportunity cost of producing 1 bushel of rye is v opportunity cost of producing rye than Teresa, v has…
- 2. Comparative and absolute advantage David and Morgan are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. David Morgan Zucchini (Pounds per acre) 10 18 Watermelon (Pounds per acre) 5 6 On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF.2. Comparative and absolute advantage Elijah and Aneesha are farmers. Each one owns a 16-acre plot of land. The following table shows the amount of squash and maize each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing squash or maize or to produce squash on some of the land and maize on the rest. Elijah Aneesha MAIZE (Pounds) On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. 160 144 128 112 96 80 64 48 32 16 0 Squash (Pounds per acre) 8 28 0 Maize (Pounds per acre) 8 7 80 160 240 320 400 480 560 640 720 800 SQUASH (Pounds) Elijah's PPF Elijah's opportunity cost of producing 1 pound of maize is maize is pounds of squash. Because Elijah has a comparative advantage in the production of maize, and Aneesha's PPF has an absolute advantage in the production of squash, and ? has an absolute advantage in the…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…
- 2. Comparative and absolute advantage Felix and Janet are farmers. Each one owns a 20-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 corn on the rest. Rye Corn (Bushels per acre) (Bushels per acre) Felix 40 8 Janet 28 7 On the following graph, use the blue line (circle symbol) to plot Felix's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Janet's PPF. (?) 200 180 160 140 120 100 80 60 40 20 0 0 100 200 300 400 500 600 700 800 900 1000 RYE (Bushels) Felix has an absolute advantage in the production of rye, and Felix has an absolute advantage in the production of corn. Felix's opportunity cost of producing 1 bushel of corn is bushels of rye, whereas Janet's opportunity cost of producing 1 bushel of corn is bushels of rye. Because Felix has a higher…Comparative and absolute advantage Antonio and Caroline 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) Antonio 40 8 Caroline 28 7 On the following graph, use the blue line (circle symbol) to plot Antonio's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Caroline's PPF. Antonio's PPFCaroline's PPF01002003004005006007008009001000200180160140120100806040200BARLEY (Bushels)ALFALFA (Bushels) _______ has an absolute advantage in the production of alfalfa, and ______ has an absolute advantage in the production of barley. Antonio's opportunity cost of producing 1 bushel of barley is…QUESTION 1 Pis Tim Pies Dave 10 The graphs above depict loe Cream loe Cream the amounts of ice cream and pies that Tim and Dave can make in a given weekend. Use this to answer the questions that follow. Suppose that currently Dave is producing 3 units of pies and 2 units of ice cream, while Tim is producing 5 units of pies and 3 units of ice cream. If they instead specialize based upon the principle of comparative advantage, what would be the change in the total number of pies and ice cream produced? O a. +5 pies and +3 ice cream O b. +2 pies and +1 ice cream O c. +2 pies and no change in ice cream O d. +1 pie and +2 ice cream QUESTION 2