ASK YOUR TEACHER PRACTICE ANOTH Consider a simple economy consisting of three sectors: food, clothing, and shelter. The production of 1 unit of food requires the consumption of 0.4 unit of food, 0.2 unit of clothing, and 0.2 unit shelter. The production of 1 unit of clothing requires the consumption of 0.1 unit of food, 0.2 unit of clothing, and 0.3 unit of shelter. The production of 1 unit of shelter requires the consumption 0.3 unit of food, 0.1 unit of clothing, and 0.1 unit of shelter. Find the level of production for each sector in order to satisfy the demand for $120 million worth of food, $20 million worth of clothing and $230 million worth of shelter. (Round your answers to one decimal place.) food $ clothing $ shelter $ million million million

Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?

Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.

Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a round—trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.