RYE (Bushels)1801601401201008060402000 100 200 300 400 500 600 700 800 900 1000CORN (Bushels)has an absolute advantage in the production of corn, andBob's opportunity cost of producing 1 bushel of rye isbushels of corn. Because Bob has aproduction of rye, andhas a comparative advantageBob's PPFCho's PPFhas an absolute advantage in the production of rye.bushels of corn, whereas Cho's opportunity cost of producing 1 bushel of rye isopportunity cost of producing rye than Cho, has a comparative advantage in thein the production of corn. Bob and Cho 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 peryear 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 therest.CornRye(Bushels per acre)(Bushels per acre)Bob105Cho408On the following graph, use the blue line (circle symbol) to plot Bob's production possibilities frontier (PPF), and use the purple line (diamond symbol)to plot Cho's PPF.200Bob's PPF180160F30+F4HrF5MF71F8#F9CIF10

RYE (Bushels) 180 160 140 120 100 80 60 40 20 0 0 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and Bob's opportunity cost of producing 1 bushel of rye is bushels of corn. Because Bob has a production of rye, and has a comparative advantage Bob's PPF Cho's PPF has an absolute advantage in the production of rye. bushels of corn, whereas Cho's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Cho, has a comparative advantage in the in the production of corn.

RYE (Bushels) 180 160 140 120 100 80 60 40 20 0 0 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and Bob's opportunity cost of producing 1 bushel of rye is bushels of corn. Because Bob has a production of rye, and has a comparative advantage Bob's PPF Cho's PPF has an absolute advantage in the production of rye. bushels of corn, whereas Cho's opportunity cost of producing 1 bushel of rye is opportunity cost of producing rye than Cho, has a comparative advantage in the in the production of corn.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 4WNG

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