Elijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of maize and squash each farmer canproduce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of theland and squash on the rest.ElijahAneeshaSQUASH (Pounds)140On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamondsymbol) to plot Aneesha's PPF.1261129884704228140Maize(Pounds per acre)10180Squash(Pounds per acre)670 140 210 280 350 420 490 560 630MAIZE (Pounds)700Elijah's opportunity cost of producing 1 pound of squash issquash ispounds of maize. Because Elijah has acomparative advantage in the production of squash, andElijah's PPFAneesha's PPF(?)Aneesha has an absolute advantage in the production of maize, and Aneesha has an absolute advantage in the production of squash.2 pounds of maize, whereas Aneesha's opportunity cost of producing 1 pound of▼ opportunity cost of producing squash than Aneesha,has ahas a comparative advantage in the production of maize.

Comparative advantage occurs when a country or an individual can produce the good at a lower…

Elijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Elijah Aneesha SQUASH (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. 140 126 112 98 84 70 56 42 28 14 0 + Maize (Pounds per acre) 10 18 0 Squash (Pounds per acre) 5 6 70 140 210 280 350 420 490 560 630 MAIZE (Pounds) 700 Elijah's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Elijah has a Elijah's PPF Aneesha's PPF (?) Aneesha has an absolute advantage in the production of maize, and Aneesha has an absolute advantage in the production of squash. 2 pounds of maize, whereas Aneesha's opportunity cost of producing 1 pound of opportunity cost of producing squash than Aneesha. has a

Elijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Elijah Aneesha SQUASH (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. 140 126 112 98 84 70 56 42 28 14 0 + Maize (Pounds per acre) 10 18 0 Squash (Pounds per acre) 5 6 70 140 210 280 350 420 490 560 630 MAIZE (Pounds) 700 Elijah's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Elijah has a Elijah's PPF Aneesha's PPF (?) Aneesha has an absolute advantage in the production of maize, and Aneesha has an absolute advantage in the production of squash. 2 pounds of maize, whereas Aneesha's opportunity cost of producing 1 pound of opportunity cost of producing squash than Aneesha. has a

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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