Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1 unit of food and 2 hours to produce 1 unit of luxury goods. Josel has 20 hours; for the first 8 hours of producing food, it takes him 2 hours to produce 1 unit of food. Then, beyond 8 hours, Josel is less productive and it takes him 4 hours to produce 1 additional unit of food. It takes Josel 2 hours to produce 1 unit of luxury goods no matter how many hours are allocated into the production of luxury goods.
Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1 unit of food and 2 hours to produce 1 unit of luxury goods. Josel has 20 hours; for the first 8 hours of producing food, it takes him 2 hours to produce 1 unit of food. Then, beyond 8 hours, Josel is less productive and it takes him 4 hours to produce 1 additional unit of food. It takes Josel 2 hours to produce 1 unit of luxury goods no matter how many hours are allocated into the production of luxury goods.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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